New York IT-195 Form, Allocation of Refund, is an attachment used with Form IT-201 or Form IT-203 when a taxpayer wants to direct deposit all or part of a New York State income tax refund into one, two, or three NYS 529 college savings accounts. Instead of receiving the full refund by check or regular bank deposit, the taxpayer can choose to allocate a specific whole-dollar amount to eligible NYS 529 savings accounts. This form collects the taxpayer’s name, Social Security number, contribution amount, routing number, plan code, and account number for each NYS 529 account receiving part of the refund. It is not a stand-alone tax return and should not be filed by itself. It simply tells New York how to divide the refund and where to send the selected contribution amounts. Only one Form IT-195 can be submitted with a return, so taxpayers should review each entry carefully before filing.
How To File New York IT-195 Form
Submit New York IT-195 with Form IT-201 if you are filing a New York resident income tax return. Submit it with Form IT-203 if you are filing a nonresident or part-year resident income tax return.
You should complete this form only if you want to deposit all or part of your refund into up to three NYS 529 college savings accounts. If you do not want to use your refund for NYS 529 account deposits, you do not need to complete this form.
Only one Form IT-195 may be filed with your return. Make sure the total amount on Line 4 is also entered on Form IT-201, Line 78a, or Form IT-203, Line 68a. The amounts should match exactly.
All contribution amounts must be entered in whole dollars only. Do not enter cents when listing the refund allocation amounts.
How To Complete New York IT-195 Form
Top Information Section
Name(s) As Shown On Return: Enter your name exactly as it appears on your Form IT-201 or Form IT-203. If you are filing a joint return, enter both names in the same order used on the return.
Your Social Security Number: Enter the Social Security number of the taxpayer listed first on the return. Make sure it matches the number shown on Form IT-201 or Form IT-203.
Note, Only One Form IT-195 Can Be Submitted With Your Return: Do not attach more than one Form IT-195 to the same tax return. If you want to allocate your refund to more than one NYS 529 account, use the spaces provided on this single form.
Part 1, NYS 529 Savings Account Direct Deposit Information
Complete Part 1 if you want all or part of your refund deposited directly into up to three NYS 529 college savings accounts.
First NYS 529 Account
Line 1a: Enter the amount of your refund that you want deposited into the first NYS 529 savings account. Use whole dollars only.
Line 1b: Enter the routing number for the first NYS 529 account. Check the number carefully because an incorrect routing number can delay or misdirect the deposit.
Line 1c: Enter the plan code for the first NYS 529 account. Use the plan code connected to the account that will receive the refund amount.
Line 1d: Enter the account number for the first NYS 529 account. Make sure the account number is complete and accurate.
Second NYS 529 Account
Line 2a: Enter the amount of your refund that you want deposited into the second NYS 529 savings account. Use this line only if you are allocating part of the refund to a second account.
Line 2b: Enter the routing number for the second NYS 529 account.
Line 2c: Enter the plan code for the second NYS 529 account.
Line 2d: Enter the account number for the second NYS 529 account.
Third NYS 529 Account
Line 3a: Enter the amount of your refund that you want deposited into the third NYS 529 savings account. Use this line only if you are allocating part of the refund to a third account.
Line 3b: Enter the routing number for the third NYS 529 account.
Line 3c: Enter the plan code for the third NYS 529 account.
Line 3d: Enter the account number for the third NYS 529 account.
Part 2, Total NYS 529 Contribution Allocation
Line 4: Add the amounts from Line 1a, Line 2a, and Line 3a. Enter the total on Line 4. Then enter the same total on Form IT-201, Line 78a, or Form IT-203, Line 68a, whichever return you are filing.
Final Review Before Filing
Before submitting New York IT-195, review every name, Social Security number, routing number, plan code, account number, and dollar amount. Check that each deposit amount is entered in whole dollars only. Confirm that Line 4 equals the total of Lines 1a, 2a, and 3a. Also make sure the Line 4 amount matches the NYS 529 contribution allocation amount reported on your main New York tax return. A correct Form IT-195 helps your refund allocation process smoothly and reduces the chance of deposit problems.