Form It 272 PDF Details

In navigating the complexities of tax benefits for education, the New York State Department of Taxation and Finance provides a crucial tool through Form IT-272 for full-year New York State residents seeking to claim college tuition credits or itemized deductions. Designed with a structured approach, this form mandates the inclusion of personal details such as names and social security numbers of the filer and, if married, of the spouse—even more so for those filing separate New York State returns to ensure accurate processing and compliance with state tax regulations. At the heart of the form is the determination of eligibility, starting with dependency status and state residency for the tax year in question, streamlining the claim process by disqualifying dependents or non-full-year residents right from the outset. The form is meticulously divided into parts that guide the taxpayer through identifying eligible students, reporting their college tuition expenses (up to three eligible students with provisions for more), and deciding between claiming a direct tuition credit or opting for an itemized deduction. This strategic division is targeted at maximizing tax benefits for taxpayers, based on their unique financial situations and choices made on their federal return filings. Whether through the calculated credit for tuition expenses less than $5,000 or the percentage-based credit for higher expenses, or even the nuanced decision to claim the college tuition itemized deduction, Form IT-272 embodies a fundamental resource for financially savvy taxpayers aiming to leverage education expenses for tax advantages. The importance of adhering to the accompanying instructions and correctly attaching the completed form to the return cannot be overstated, as this ensures the claim is recognized and processed effectively by the Tax Department.

QuestionAnswer
Form NameForm It 272
Form Length2 pages
Fillable?No
Fillable fields0
Avg. time to fill out30 sec
Other namesit272_2010_fill _in it 2722010 form

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New York State Department of Taxation and Finance

Claim for College Tuition

Credit or Itemized Deduction

Full-year New York State residents only

IT-272

Attach your completed Form IT-272 to Form IT-150 or Form IT-201. See Form IT-272-I, Instructions for Form IT-272.

Your name as shown on return ( first name first )

Your social security number

Spouse’s name ( first name first )

Spouse’s social security number

Note: If you are married and iling separate New York State returns, you must also enter your spouse’s name and social security number.

1Are you claimed as a dependent on another taxpayer’s New York State tax return for this tax year? ........... 1.

•If YES, stop; you do not qualify for the college tuition credit or the college tuition itemized deduction.

•If NO, continue with question 2.

2Were you (and your spouse if iling a joint return) a New York State resident for all of this tax year? ....... 2.

•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.

IT-150 filers: Complete Part 1, and Part 2 or Part 3; do not complete Part 4.

IT-201 filers: Complete Part 1, Part 2 or Part 3, and Part 4 (if applicable).

Yes

Yes

No

No

Part 1 — In the spaces provided below, complete lines A through H for up to three eligible students for whom you paid qualiied 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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Eligible student’s social security

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

.......................................B number ( SSN )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

C

Is the student claimed as a dependent

Yes

 

 

No

 

 

 

 

Yes

 

 

No

 

 

 

 

Yes

 

 

No

 

 

 

 

on your NYS return? ( see instructions )....

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

D

EIN of college or university ( see instr. ) ...

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

E Name of college or university ( see instr. ) ..

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

F

Were expenses for undergraduate

Yes

 

 

No

 

 

 

 

Yes

 

 

No

 

 

 

 

Yes

 

 

No

 

 

 

 

tuition? ( see instructions )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amount of qualiied college tuition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

G

expenses ( see instructions )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

H

Enter the lesser of line G or 10,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3 Total qualiied 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.

2721100094

Please file this original scannable credit form with the Tax Department.

IT-272 (2010) (back)

Part 2 — Complete Part 2 if your total qualiied college tuition expenses on line 3 are less than $5,000.

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-150, line 43 or 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 qualiied college tuition expenses on line 3 are $5,000 or more.

6

Enter the amount from line 3

6.

7

Multiply line 6 by 4% (.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-150, line 43 or Form IT-201, line 68.

•If you itemized your deductions on your federal return, continue with Part 4.

2 0 0 0 0

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 beneit 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 ........................................................

• 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 Form IT-201, New York State itemized deduction worksheet, line o. 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.

8.

Important: If you are claiming the college tuition credit or the college tuition itemized deduction, you must attach Form IT-272 to your return.

2722100094

Please file this original scannable credit form with the Tax Department.

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Part # 1 for completing Form It 272

2. Once your current task is complete, take the next step – fill out all of these fields - Eligible students name, Eligible students social security, Is the student claimed as a, Yes, EIN of college or university see, Name of college or university see, Were expenses for undergraduate, Yes, Amount of qualiied college tuition, Enter the lesser of line G or, Yes, Yes, Yes, Yes, and Total qualiied college tuition with their corresponding information. Make sure to double check that everything has been entered correctly before continuing!

Form It 272 conclusion process shown (portion 2)

3. This next part is generally straightforward - fill in all the fields in Credit limitation, Enter the lesser of line or line, If you did not itemize your, Form IT line or Form IT line, Part Complete Part if your, Enter the amount from line, Multiply line by This is your, If you did not itemize your, Form IT line or Form IT line, Part College tuition itemized, and If you itemized your deductions on to finish this part.

Form It 272 writing process clarified (step 3)

You can certainly make a mistake when filling in your Enter the lesser of line or line, and so ensure that you reread it before you'll finalize the form.

4. This next section requires some additional information. Ensure you complete all the necessary fields - If you itemized your deductions on, Mark an X in this box only if you, If you marked an X in the box at, form on Form IT New York State, If you did not mark an X in the, college tuition itemized deduction, and Important If you are claiming the - to proceed further in your process!

Step no. 4 for filling in Form It 272

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