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How to use or fill out the IT-272 online
The IT-272 form, also known as the claim for college tuition credit or itemized deduction, is a critical document for full-year New York State residents who have paid qualifying college tuition expenses. This guide provides a step-by-step approach to help users complete the form accurately and efficiently.
Follow the steps to effectively fill out the IT-272 form.
- Click ‘Get Form’ button to obtain the form and open it in the editor.
- In Part 1, enter the total qualified college tuition expenses paid for each eligible student. If claiming for more than three students, provide a statement with the necessary details.
- For Lines D and E, enter the Employer Identification Number (EIN) and name of the college or university attended. You can find the EIN on Form 1098-T or reach out to the institution.
- Proceed to Line G, where you will list the qualified college tuition expenses. Ensure that these expenses are related directly to undergraduate enrollment; otherwise, they do not qualify.
- At Line H, enter the lesser of $10,000 or the amount of the qualified college tuition expenses listed on Line G for each student.
- If applicable, complete Part 4 to elect for the college tuition itemized deduction, using the provided worksheets to calculate your potential benefits.
- Finally, ensure that you save your changes and download or print a copy of your completed IT-272 form for your records.
Get started on your IT-272 application to claim your college tuition credit or itemized deduction today!
No, college tuition is not an itemized deduction on your federal tax return. Instead, you may qualify for education credits or tax benefits provided by the IRS. Form IT272 can help you navigate the various options available for education-related tax benefits. Understanding these options can help you optimize your tax situation and make informed financial decisions.
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