Get Form It-272 Claim For College Tuition Credit Or Itemized Deduction Tax Year 2024

Filling out the Form IT-272, which allows you to claim college tuition credits or itemized deductions for the tax year 2024, is an important step for eligible individuals. This guide provides clear, step-by-step instructions to help you complete the form online with confidence.

Follow the steps to accurately complete the Form IT-272.

1. Click ‘Get Form’ button to obtain the form and open it in the editor.
2. Begin by entering your name as shown on your tax return along with your Social Security number in the designated fields.
3. If you are married, provide your spouse’s name and Social Security number as well. Remember, if filing separately, both details are necessary.
4. Indicate if you are claimed as a dependent on another taxpayer’s New York State tax return by selecting 'Yes' or 'No'. If you select 'Yes', you will not qualify for the credit or deduction.
5. Respond to whether you and your spouse (if filing jointly) were New York State residents for the entire tax year by selecting ‘Yes’ or ‘No’. If 'No', you may qualify for college tuition itemized deduction instead.
6. Proceed to Part 1, where you will provide information for up to three eligible students. Fill out the first name, middle initial, last name, suffix, Social Security number, date of birth, and college/university EIN for each student.
7. Confirm whether each student is claimed as a dependent on your New York State return and indicate if the tuition expenses were for undergraduate tuition.
8. Enter the amount of qualified college tuition for each student in the provided field and ensure to enter the lesser amount of line H or $10,000 in line I.
9. Total the amounts from line I for all eligible students and input this total on line 3.
10. Continue to Part 2 if your total qualified college tuition expenses on line 3 are less than $5,000 and complete the respective lines to calculate your credit.
11. If your total expenses are $5,000 or more, proceed to Part 3 and follow the instructions for the college tuition credit calculation.
12. In Part 4, you may choose to claim the college tuition itemized deduction instead of the credit. Mark the box if you decide to elect for the deduction.
13. After completing all relevant sections and ensuring all information is accurate, save your changes, download the form, and securely print or share it as needed.

Complete your Form IT-272 online today to ensure you take full advantage of your eligible college tuition credits.