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  1. Click ‘Get Form’ to open the IT-272 in the editor.
  2. Begin by entering your name and Social Security number as shown on your tax return. If applicable, include your spouse’s information.
  3. Answer the initial questions regarding dependency status and residency. If you are not claimed as a dependent and were a resident for the entire year, proceed to Part 1.
  4. In Part 1, provide details for up to three eligible students. Fill in their names, Social Security numbers, dates of birth, and whether they are claimed as dependents.
  5. Indicate the EIN of the college or university attended by each student and specify if expenses were for undergraduate tuition. Enter the amount of qualified college tuition paid.
  6. Total the amounts from line I for all students in line 3. Depending on this total, complete either Part 2 or Part 3 based on your expenses.
  7. If you itemized deductions, decide whether to claim the college tuition credit or itemized deduction in Part 4 and follow instructions accordingly.

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How does the federal income tax deduction for state and local taxes work? Taxpayers who itemize deductions on their federal income tax returns can deduct state and local taxes--specifically property taxes plus either income taxes or general sales taxes.
Beginning with tax year 2018, the Tax Law allows you to itemize your deductions for New York State income tax purposes whether or not you itemized your deductions on your federal income tax return.
The AOTC helps defray the cost of higher education expenses for tuition, certain fees and course materials for four years. To claim the AOTC or LLC, use Form 8863, Education Credits (American Opportunity and Lifetime Learning Credits).
New York offers a standard deduction to reduce your taxable income, with different amounts based on your filing status. The standard deduction is a blanket amount you can use to reduce your taxable income based on your filing status.
Documents from side jobs and self-employment Statements from banks, payment apps, card processors or online marketplaces. Checks paid to you. Receipts and mileage logs for travel, gift and car expenses. Records of deductible office expenses. Estimated tax payments. Other business income and expense records.
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You might be able to claim some itemized deductions on your state return even if you cant claim them on your federal return. Then, compare the itemized deduction amount to the standard deduction (based on your filing status).
You are entitled to this credit or deduction if: you were a full-year New York State resident; 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 college tuition expenses; and.
You may deduct as an itemized deduction, state and local income taxes withheld from your wages during the year (as reported on your Form W-2, Wage and Tax Statement) and estimated state and local income taxes and prior years state and local income taxes paid during the year.

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