Claim for College Tuition Credit or Itemized Deduction

New York Tax Form 272: Claim for College Tuition Credit or Itemized Deduction

Use the New York Tax Form Calculator New York Tax Form 272: Claim for College Tuition Credit or Itemized Deduction as a stand alone tax form calculator to quickly calculate specific amounts for your 2024 New York state tax return.

Claim for College Tuition Credit or Itemized Deduction
Note: If you are married and filing separate New York State returns, you must also enter your spouse’s name and social security number.
1	Are you claimed as a dependent on another taxpayer’s New York State tax return for this tax year? • If Yes, stop; you do not qualify for the college tuition credit or the college tuition itemized deduction. • If No, continue with question 2.			1	Yes No
2	Were you (and your spouse if filing a joint return) a New York State resident for all of this tax year? • If Yes, continue with Part 1 below. • If No, stop; you do not qualify for the college tuition credit. However, you may qualify for the college tuition itemized deduction. For more information, see the instructions for Form IT-203.			2	Yes No
Part 1 – In the spaces provided below, complete lines A through H for up to three eligible students for whom you paid qualified college tuition expenses. (If you are claiming expenses for more than three eligible students, see instructions.)
		1 – Student 1	2 – Student 2	3 – Student 3
A	Eligible student’s name
B	Eligible student’s social security number (SSN)
C	Is the student claimed as a dependent on your NYS return? (see instructions)	Yes No	Yes No	Yes No
D	EIN of college or university (see instr.)
E	Name of college or university (see instr.)
F	Were expenses for undergraduate tuition? (see instructions)	Yes No	Yes No	Yes No
G	Amount of qualified college tuition expenses (see instructions)
H	Enter the lesser of line G or 10000
3	Total qualified college tuition expenses (Add line H, columns 1, 2, and 3; include amounts from any additional sheets. Complete Part 2 or Part 3 on the back.)			3
Part 2 – Complete Part 2 if your total qualified college tuition expenses on line 3 are less than $5000
4	Credit limitation ($200)			4
5	Enter the lesser of line 3 or line 4. This is your college tuition credit			5
• If you did not itemize your deductions on your federal return, enter the line 5 amount on Form IT-201, line 68. • If you itemized your deductions on your federal return, continue with Part 4.
Part 3 – Complete Part 3 if your total qualified college tuition expenses on line 3 are $5000 or more.
6	Enter the amount from line 3			6
7	Multiply line 6 by 4% (.0.04). This is your college tuition credit			7
• If you did not itemize your deductions on your federal return, enter the line 7 amount on Form IT-201, line 68. • If you itemized your deductions on your federal return, continue with Part 4.
Part 4 – College tuition itemized deduction election
If you itemized your deductions on your federal return, you may elect to claim the college tuition itemized deduction instead of the college tuition credit. To compute your college tuition itemized deduction, complete Worksheet 1 in the instructions for this form. To determine if you will receive a greater tax benefit from the itemized deduction or credit, complete Worksheet 2 in the instructions for this form.
8	Mark an X in this box only if you elect to claim the college tuition itemized deduction			8
• If you marked an X in the box at line 8, enter the amount from Worksheet 1, line 5 (in the instructions for this form), on your itemized deduction schedule. Do not enter the college tuition credit from line 5 or 7 above on Form IT-201. You are entitled to claim either the deduction or the credit, but not both. • If you did not mark an X in the box at line 8 and you elect to claim the college tuition credit instead of the college tuition itemized deduction, enter the line 5 or line 7 amount on Form IT-201, line 68.

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