What is the tuition credit for NY Form IT 272?

The credit is limited to $400 per eligible student. The college tuition itemized deduction may offer you a greater tax savings if you itemized your deductions on your New York return. The maximum deduction is $10,000 for each eligible student.

What is NY tuition credit?

The college tuition credit is a tax credit allowed for qualified college tuition expenses paid for an eligible student. For taxpayers with allowable expenses of $5,000 or more, the credit equals the applicable percentage of qualified tuition expenses multiplied by 4 percent.

Who qualifies for NY tuition credit?

New York State Tax Credit Program To qualify for the College Tuition Credit, a taxpayer, their spouse, or dependents must be an undergraduate student enrolled at or attending an institution of higher education and have paid qualifying tuition expenses.

What is an IT 272 form?

Important: If you are claiming the college tuition credit or the college tuition itemized deduction, you must submit Form IT-272 with your return.

What is the education credit for 2023?

Eligible taxpayers (student, parent or spouse) can claim the credit for 100% of the first $2,000 spent on qualified education expenses (such as tuition, fees and textbooks). Eligible taxpayer can claim 25% of the next $2,000. The total credit is worth up to $2,500 for each qualifying student.

What is the 1098 T education credit?

The Form 1098-T is a form provided to you and the IRS by an eligible educational institution that reports, among other things, amounts paid for qualified tuition and related expenses. The form may be useful in calculating the amount of the allowable education tax credits.

What is the college tuition credit?

The American opportunity tax credit (AOTC) is a credit for qualified education expenses paid for an eligible student for the first four years of higher education. You can get a maximum annual credit of $2,500 per eligible student.

What is college tuition credit on tax form?

An education credit helps with the cost of higher education by reducing the amount of tax owed on your tax return. If the credit reduces your tax to less than zero, you may get a refund. There are two education credits available: the American opportunity tax credit (AOTC) and the lifetime learning credit (LLC).

Get Form It 272 Instructions

Ouse s name Spouse s social security number Please enter your first name(s) first in the spaces above. If you are married and filing separate New York State returns, you must also enter your spouse s name and social security number. Complete this form to compute your college tuition credit. You must file Form IT-200 or Form IT-201. You cannot claim this credit on Form IT-100. Attach this form to your Form IT-200 or Form IT-201. See instructions, Form IT-272-I, for assistanc.

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