Let the tulip dry out and die down naturally; stop watering and fertilizing the plant.
Remove yellowing leaves only after the plant has completely wilted and dried out. Throw the leaves away.
Move the pot to a dry cool location, such as a basement or garage, and keep the bulb in the soil.
Check on the bulbs around September. Discard any bulbs that are soft or rotten.
Plant the tulips with the flat side down, 6 inches deep in a sunny location. Wait until the soil temperature is 60 degrees Fahrenheit, or check the U.S. Department of Agriculture plant hardiness zone for when you should plant the tulips. Depending upon your location you might plant tulips as soon as September or as late as January.
Pack the soil around the tulips and water the bulb until the soil is thoroughly wet but not saturated. Leave it alone until it blooms in the spring.