Form IT-119 Star Credit Advance Payment Reconciliation - New York

What Is Form IT-119?

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-119?
A: Form IT-119 is a tax form used in New York for the Star Credit Advance Payment Reconciliation.

Q: What is the Star Credit?
A: The Star Credit is a tax credit program in New York that provides a reduction in property taxes for eligible homeowners.

Q: What is the purpose of Form IT-119?
A: The purpose of Form IT-119 is to reconcile any advance payments received for the Star Credit with the actual credit amount for the tax year.

Q: Who needs to file Form IT-119?
A: Form IT-119 needs to be filed by homeowners in New York who have received advance payments for the Star Credit.

Q: When should Form IT-119 be filed?
A: Form IT-119 should be filed by April 1st of the year following the tax year for which the advance payments were received.

Q: Do I need to include any supporting documents with Form IT-119?
A: Yes, you need to include a copy of your property tax bill or proof of eligibility for the Star Credit with Form IT-119.

Q: Is there a penalty for not filing Form IT-119?
A: Yes, if you fail to file Form IT-119 by the deadline, you may lose your eligibility for the Star Credit.

Q: What happens after I file Form IT-119?
A: After you file Form IT-119, the Department of Taxation and Finance will review your reconciliation and adjust your Star Credit accordingly.