Resident Credit Against Separate Tax on Lump-Sum Distributions
Who is eligible?
You are entitled to this nonrefundable credit if:
- you were a full-year or part-year resident individual of New York State, or a New York State resident estate or trust, or a part-year resident trust;
- the ordinary income portion of a lump-sum distribution you received (for example, from your employer's pension, stock bonus, or profit-sharing plan) was from a business, trade, profession, or occupation carried on in another state, a local government within another state, the District of Columbia, or a province of Canada; and
- the distribution was taxed by that other jurisdiction.
- see Form IT-112.1, New York State Resident Credit Against Separate Tax on Lump-Sum Distributions.