However, you may be eligible to claim the New York college tuition itemized deduction.įor more information on claiming the college tuition itemized deduction as a nonresident or part-year resident, see, Form IT-203-B, Nonresident and Part-Year Resident Income Allocation and College Tuition Itemized Deduction Worksheet, and its instructions (only available in English). In some cases, working out whether an expense is a QDE is easy, sometimes it. If you are a New York State nonresident or part-year resident, you do not qualify for the college tuition credit. Eligible expenses for ABLE are referred to as qualified disability expenses (QDEs) and cover a broad range of things. (See IT-272-I instructions)įorm IT-272, Claim for College Tuition Credit or Itemized Deduction, and its instructions (only available in English). Use the worksheets in the instructions to compute your deduction and see if the credit or deduction is better for you.The college tuition itemized deduction may offer you a greater tax savings if you itemized deductions on your New York return. The maximum deduction is $10,000 for each eligible student.If it is more than the amount of New York State tax that you owe, you can claim a refund. The credit can be as much as $400 per student.amounts paid for books, equipment, and activities, even if required by the school.amounts paid for room and board, and other similar personal or living expenses.tuition paid through scholarships or other financial aid that need not be repaid.Qualified tuition expenses do not include:.You must pay the expenses for an academic period that starts during the tax year or the first three. Qualified expenses are amounts paid for tuition, fees and other related expense for an eligible student that are required for enrollment or attendance at an eligible educational institution. This includes expenses paid from a qualified state tuition program (like New York's 529 College Savings Program). Qualified Education Expenses for Education Credits. Qualified tuition expenses include only tuition paid for the undergraduate enrollment or attendance of the student at an institution of higher education.
the student is not claimed as a dependent on another person's tax return.you, your spouse, or dependent (for whom you have taken an exemption) were an undergraduate student who was enrolled at or attended an institution of higher education and paid qualified tuition expenses, and.you were a full-year New York State resident,.You are entitled to this credit or deduction if:
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