Form IT-230 Separate Tax on Lump-Sum Distributions - New York

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Form IT-230 Separate Tax on Lump-Sum Distributions - New York

What Is Form IT-230?

This is a legal form that was released by the New York State Department of Taxation and Finance - a government authority operating within New York. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Form IT-230?A: Form IT-230 is used to calculate and report the separate tax on lump-sum distributions in New York.

Q: What are lump-sum distributions?A: Lump-sum distributions are one-time payments from a retirement plan, such as a pension or IRA, that represent a significant portion of the total balance.

Q: Who needs to file Form IT-230?A: New York residents who received a lump-sum distribution from a retirement plan and are subject to the separate tax on such distributions need to file Form IT-230.

Q: What is the purpose of the separate tax on lump-sum distributions?A: The separate tax on lump-sum distributions in New York is designed to prevent taxpayers from receiving excessive tax benefits from a one-time distribution of retirement plan assets.

Q: How do you calculate the separate tax on lump-sum distributions?A: The calculation of the separate tax on lump-sum distributions is based on a formula provided by the New York State Department of Taxation and Finance. Form IT-230 includes instructions and a worksheet to help taxpayers determine the tax amount.

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Form Details:

  • The latest edition provided by the New York State Department of Taxation and Finance;
  • Easy to use and ready to print;
  • Quick to customize;
  • Compatible with most PDF-viewing applications;
  • Fill out the form in our online filing application.

Download a fillable version of Form IT-230 by clicking the link below{class="scroll_to"} or browse more documents and templates provided by the New York State Department of Taxation and Finance.

Download Form IT-230 Separate Tax on Lump-Sum Distributions - New York

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