Accumulation distribution credit

You are entitled to this credit if you:

  • are the beneficiary of a trust,
  • receive an accumulation distribution from the trust, and
  • include the distribution in your New York State income.

An accumulation distribution occurs when a trust distributes income that it received in a prior year or years.

You can claim an accumulation distribution credit for the New York State and New York City income taxes paid by the trust in a prior year.

The accumulation distribution credit is not refundable, and cannot be carried forward to a future year.

For more information about this credit, see Form IT-201-ATT, Other Tax Credits and Taxes, and its instructions in Form IT-201-I.
Updated: December 11, 2013