Instructions for Form IT-272 Claim for College Tuition Credit or Itemized Deduction - New York

Form IT-272 Claim for College Tuition Credit or Itemized Deduction - New York

This document contains official instructions for Form IT-272 , Claim for College Tuition Credit or Itemized Deduction - a form released and collected by the New York State Department of Taxation and Finance. An up-to-date fillable Form IT-272 is available for download through this link.

FAQ

Q: What is Form IT-272?
A: Form IT-272 is a form used to claim a college tuition credit or itemized deduction in the state of New York.

Q: Who can use Form IT-272?
A: Form IT-272 can be used by New York taxpayers who paid qualified college tuition expenses for themselves, their spouse, or their dependents.

Q: What is the purpose of Form IT-272?
A: The purpose of Form IT-272 is to calculate the college tuition credit or itemized deduction that a taxpayer may be eligible for.

Q: What expenses qualify for the college tuition credit or deduction?
A: Qualified college tuition expenses include tuition paid for undergraduate or graduate courses at eligible educational institutions.

Q: How much is the college tuition credit or deduction?
A: The amount of the credit or deduction depends on the taxpayer's income and the amount of qualified tuition expenses. Refer to the instructions on the form for specific calculations.

Q: When is Form IT-272 due?
A: Form IT-272 is due on the same date as the taxpayer's New York state income tax return, which is typically April 15th.

Q: Is there a limit on income to claim the college tuition credit or deduction?
A: Yes, there is an income limit to claim the college tuition credit or deduction. Refer to the instructions on Form IT-272 for the specific income threshold.

Q: Can I claim both the college tuition credit and deduction?
A: No, you can only claim either the college tuition credit or the itemized deduction, not both.

Q: What documentation do I need to submit with Form IT-272?
A: Taxpayers should keep records of tuition payments and any other relevant documentation to support their claim. These records should be retained but do not need to be submitted with the form.