2024-2025 Form

What is the Form IT 635 New York Youth Jobs Program Tax Credit Tax Year

The Form IT 635 is a tax credit application used in New York State, specifically designed for employers who hire eligible youth under the Youth Jobs Program. This program aims to encourage businesses to provide job opportunities for young individuals, helping them gain valuable work experience while reducing the financial burden on employers. The tax credit allows businesses to receive a credit against their New York State income tax liability for hiring qualified youth during the specified tax year.

Eligibility Criteria for the Form IT 635

To qualify for the credit, employers must meet specific criteria. Eligible youth must be between the ages of 16 and 24 and must be residents of New York State. Additionally, the youth must be hired for a minimum period, typically at least six months, and work a certain number of hours per week. Employers must also demonstrate that the job created is a new position and not a replacement for an existing employee. Compliance with these criteria is essential for successfully claiming the tax credit.

Steps to Complete the Form IT 635

Completing the Form IT 635 involves several key steps:

• Gather necessary information about the youth employees, including their names, Social Security numbers, and employment start dates.
• Calculate the total number of eligible youth hired during the tax year.
• Determine the amount of the tax credit based on the wages paid to the eligible youth.
• Fill out the form accurately, ensuring all required fields are completed.
• Attach any supporting documentation, such as payroll records or proof of residency for the youth employees.

How to Obtain the Form IT 635

The Form IT 635 can be obtained through the New York State Department of Taxation and Finance website. It is available for download in PDF format, allowing employers to print and complete it manually. Additionally, the form may be accessible through various tax preparation software that supports New York State tax filings. Employers should ensure they have the most current version of the form to comply with any updates or changes in the tax credit program.

Form Submission Methods

Employers can submit the completed Form IT 635 through various methods. The form can be filed electronically if using compatible tax preparation software. Alternatively, employers may choose to mail the completed form to the appropriate address provided by the New York State Department of Taxation and Finance. In-person submissions may also be possible at designated tax offices, depending on local regulations and procedures.

Filing Deadlines and Important Dates

It is crucial for employers to be aware of the filing deadlines associated with the Form IT 635. Typically, the form must be submitted by the due date of the employer's income tax return for the year in which the youth were hired. Employers should keep track of these dates to ensure they do not miss out on claiming the tax credit. Checking the New York State Department of Taxation and Finance website for any updates on deadlines is advisable.