Use the New York Tax Form Calculator New York Tax Form 626: Recapture of Low-Income Housing Credit as a stand alone tax form calculator to quickly calculate specific amounts for your 2023 New York state tax return.
Recapture of Low-Income Housing Credit Part 2 Note: If recapture is passed through from a flow-through entity (partnership, New York S corporation, estate, or trust), skip lines 1 through 7 and go to line 8. 1 Enter total credits reported on Form DTF-624 in prior years for this building (see instructions) 1 2 Credits included on line 1 attributable to additions to qualified basis (see Line 2 Worksheet on back) 2 3 Credits subject to recapture (subtract line 2 from line 1) 3 4 Credit recapture percentage (see instructions) 4 5 Accelerated portion of credit (multiply line 3 by line 4) 5 6 Percentage decrease in qualified basis (see instructions) 6 7 Amount of accelerated portion recaptured (multiply line 5 by line 6; see instructions if prior recapture on building). IRC section 42(j)(5) partnerships, go to line 16. All other flow-through entities (except electing large partnerships), enter the result here and on the appropriate line of Form IT-204 or Form CT-34-SH, as applicable. Generally, flow-through entities other than electing large partnerships will stop here. (Note: An estate or trust enters on line 8 only its share of recapture amount attributable to the credit amount reported on its Form DTF-624.) 7 8 Enter recapture amount from flow-through entity 8 9 Enter unused portion of the accelerated amount from line 7 (see instructions) 9 10 Net recapture (subtract line 9 from line 7 or line 8; if less than zero, leave blank) 10 11 Enter interest on the line 10 recapture amount (see instructions). 11 12 Total amount subject to recapture (add lines 10 and 11) 12 13 Unused credits attributable to this building, reduced by the accelerated portion included on line 9 (see instructions) 13 14 Recapture tax (subtract line 13 from line 12; if zero or less, leave blank). Enter result here and on the appropriate line of the applicable form (see instructions). If more than one Form DTF-626 is filed, add the line 14 amounts and enter the total on the appropriate line of the applicable form. Electing large partnerships, see instructions 14 15 Carryover of the low-income housing credit attributable to this building (subtract line 12 from line 13; if zero or less, leave blank; see instructions) 15 Part 3 – Only IRC section 42(j)(5) partnerships need to complete lines 16 and 17 16 Enter interest on the line 7 recapture amount (see instructions) 16 17 Total recapture (add lines 7 and 16; see instructions) 17 Line 2 Worksheet (See line 2 instructions before completing.) a Enter the amount from Form DTF-625-ATT, line 10 a b Multiply line a by 2 b c Enter the amount from Form DTF-625-ATT, line 11 c d Subtract line c from line b d e Enter decimal amount figured in Form DTF-625-ATT-I, line 15, step 1 (if line 15 does not apply to you, enter 0) e f Multiply line d by line e f g Subtract line f from line d g h Divide Form DTF-625-ATT, line 17, by Form DTF-625-ATT, line 16; enter result here h i Multiply line g by line h; enter this amount on Part 2, line 2 (if more than one Line 2 Worksheet is completed, add the amounts on line i from all worksheets and enter the total on line 2) i Line 9 Worksheet j Total of unused carryover from previous tax year(s) included in this Form DTF-626, line 3 j k Credit recapture percentage from Form DTF-626, line 4 k l Accelerated portion of unused carryover attributable to this building (multiply line j by line k) l m Percentage decrease in qualified basis from Form DTF-626, line 6 m n Multiply line l by line m; also enter this amount on line 9 n