Get Form It-272:2013:claim For College Tuition Credit Or Itemized Deduction For New York State

Filling out Form IT-272 is an important step for claiming either the college tuition credit or an itemized deduction in New York State. This guide will provide you with clear, step-by-step instructions to ensure you complete the form accurately and efficiently online.

Follow the steps to successfully fill out Form IT-272 online.

1. Press the ‘Get Form’ button to access the form and open it in your document management system.
2. Begin by entering your name as it appears on your tax return. Then, input your social security number.
3. If applicable, provide your spouse’s name and social security number. This step is necessary if you are married and filing separately.
4. Answer question 1 regarding whether you are claimed as a dependent on another taxpayer’s New York State tax return by selecting 'Yes' or 'No'. If 'Yes', you will not qualify for further claims.
5. Respond to question 2 about your residency in New York State for the entirety of the tax year. A 'Yes' answer allows you to proceed with Part 1.
6. Complete Part 1 by filling in the details for up to three eligible students. You will need each student's name, social security number, whether they are claimed as a dependent, the Employer Identification Number (EIN) of their college or university, and the name of the college.
7. Indicate whether the expenses are for undergraduate tuition and record the amount of qualified college tuition expenses for each student.
8. On line H, enter the lesser amount from line G or 10,000 for each student to indicate the credit calculation basis.
9. Calculate total qualified college tuition expenses by adding line H amounts for all eligible students.
10. If total expenses on line 3 are less than $5,000, complete Part 2, where the college tuition credit will be limited to $200.
11. If total expenses are $5,000 or more, complete Part 3 and follow the instructions to calculate your college tuition credit based on the multiplied rate.
12. Select whether to elect the college tuition itemized deduction in Part 4, marking the appropriate box and providing necessary documentation.
13. Finally, save your completed form, and ensure you download, print, or share it as needed for your tax return.

Start filling out your Form IT-272 online to claim your college tuition credit or deduction now!