Form IT-230 Separate Tax on Lump-Sum Distributions Tax Year 2024-2025

1. Click ‘Get Form’ to open it in the editor.
2. Begin by entering your name and identification number as shown on your return at the top of the form.
3. In Part 1, indicate whether you used federal Form 4972. If yes, proceed to complete the form; if no, you do not need to fill out this form.
4. For residents, complete all sections using information from federal Form 4972. Part-year residents should fill out Part 2 and Part 3 accordingly.
5. In Part 2, enter the capital gain amount from federal Form 4972 and calculate the New York State and New York City tax amounts based on provided percentages.
6. Continue to Part 3 if applicable, filling in lines related to taxable amounts and any exclusions as instructed.
7. Finally, review all entries for accuracy before saving or submitting your completed form through our platform.

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