Get Ny Form It-272 2021

Filling out the NY Form IT-272 is an essential step for eligible residents seeking to claim the college tuition credit or itemized deduction. This guide will help you navigate through the form online, ensuring you complete it accurately and efficiently.

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

1. Use the ‘Get Form’ button to access the IT-272 form and open it in your preferred online platform.
2. Begin by entering your name as it appears on your tax return, followed by your Social Security number. If you are married and filing separately, include your spouse’s name and Social Security number as required.
3. Answer the questions regarding your dependency status and residency. If you are claimed as a dependent on another taxpayer’s return, stop here as you do not qualify for the credit or deduction. If not, continue to question 2 and confirm your residency status for the tax year.
4. In Part 1, provide information for up to three eligible students. Fill in their first names, middle initials, last names, Social Security numbers, and dates of birth as indicated.
5. For each student, indicate whether they are claimed as a dependent on your New York State return and provide the employer identification number (EIN) of the college or university.
6. Specify if expenses were for undergraduate tuition and enter the amount of qualified college tuition expenses for each student.
7. Total your qualified college tuition expenses from line I for all eligible students in line 3. If necessary, complete Part 2 or Part 3 based on your total expenses.
8. If expenses total less than $5,000, complete Part 2 to determine your college tuition credit limitation and enter the lesser amount on the corresponding line.
9. If total expenses are $5,000 or more, complete Part 3, calculating the college tuition credit based on the total qualified expenses.
10. If you choose to claim the college tuition itemized deduction rather than the credit, mark the appropriate box in Part 4 and follow the instructions for Worksheet 1.
11. After completing the form, remember to save your changes. You can then download, print, or share the form as needed.

Complete your NY Form IT-272 online today for an efficient filing experience.