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Form IT-272 Claim for College Tuition Credit or Itemized Deduction Tax Year 2023-2026

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The document IT-272 is a form from the New York State Department of Taxation and Finance for claiming the College Tuition Credit or Itemized Deduction for full-year residents. It outlines eligibility criteria, including dependency status and residency requirements, and provides sections to report qualified college tuition expenses for up to three students. The form includes instructions on calculating the credit or deduction based on total expenses and emphasizes that it must be submitted with Form IT-201.

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Click ‘Get Form’ to open it in the editor.
Begin by entering your name and Social Security number as shown on your tax return. If applicable, include your spouse’s information.
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.
In Part 1, provide details for up to three eligible students. Fill in their names, Social Security numbers, and college information. Ensure you indicate if they are dependents and whether expenses were for undergraduate tuition.
Calculate total qualified college tuition expenses in line 3 by summing amounts from line I for all students.
Depending on your total expenses, complete either Part 2 or Part 3 to determine your credit amount.
If itemizing deductions, mark the appropriate box in Part 4 and follow instructions to complete Worksheet 1 and Worksheet 2 as needed.

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When did college tuition stop being tax deductible?

Up until 2020, the Tuition and Fees Deduction allowed eligible students to deduct up to $4,000 in qualified education expenses from their taxable income. This deduction was a valuable benefit for many, but unfortunately, it was repealed in 2021, leaving students and families seeking alternative options.

What is the college tax credit for 2023?

The American Opportunity Tax Credit (AOTC) is a credit for qualified education expenses paid for an eligible student for the first 4 years of higher education. You can get a maximum annual credit of $2,500 per eligible student.

What are the benefits of claiming a college student on taxes?

The ability to claim a college student as a dependent generally makes taxpayers eligible for more credits and deductions, such as the American Opportunity Tax Credit (AOTC) and the Lifetime Learning Credit (LLC).

Can I write off college tuition on my taxes?

What is considered a qualified education expense? Although key education expenses like tuition and fees are no longer tax deductible, you might be able to claim a credit by using the American Opportunity Credit or the Lifetime Learning Credit.

Who is eligible for the IT 272?

Eligibility. To qualify for the college tuition credit or itemized deduction, you, your spouse, or your dependents must be an undergraduate student enrolled at or attending an institution of higher education and have paid qualified college tuition expenses during the tax year.

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Is college tuition tax deductible in 2023?

Qualified tuition and fees are no longer tax deductible after 2020. The Tuition and Fees deduction was an adjustment to income if you incurred qualified education expenses for you, your spouse, or your dependent.

How do I claim the tuition tax credit on my tax return?

Claiming the credit To claim AOTC, you must complete the Form 8863 and attach the completed form to your tax return. To be eligible for AOTC, the law requires the student to have received Form 1098-T, Tuition Statement, from an eligible educational institution, domestic or foreign.

Do you have to itemize to deduct college tuition?

You do not have to itemize your deductions to claim the tuition and fees deduction. You cannot claim the deduction in the same year that you claim the American Opportunity or Lifetime Learning credit for the same students expenses.

Form IT-272 Claim for College Tuition Credit or Itemized Deduction Tax Year 2023-2026

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How to use or fill out Form IT-272 Claim for College Tuition Credit or Itemized Deduction Tax Year 2023 with our platform

See more Form IT-272 Claim for College Tuition Credit or Itemized Deduction Tax Year 2023 versions

Complete this form in 5 minutes or less

Got questions?

When did college tuition stop being tax deductible?

What is the college tax credit for 2023?

What are the benefits of claiming a college student on taxes?

Can I write off college tuition on my taxes?

Who is eligible for the IT 272?

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Is college tuition tax deductible in 2023?

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Do you have to itemize to deduct college tuition?

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