Get the free IT-272

This form is used by full-year New York State residents to claim a college tuition credit or itemized deduction for qualified college tuition expenses.

How to fill out it-272

How to fill out IT-272

1. Obtain the IT-272 form from the New York State Department of Taxation and Finance website or a local office.
2. Fill out your personal information in the designated sections, including your name, address, and taxpayer identification number.
3. Provide details of your tax situation, including any adjustments, credits, or other specific entries required for your unique circumstances.
4. Carefully review the instructions provided with the form to ensure all necessary information is supplied accurately.
5. Sign and date the form to verify its authenticity.
6. Send the completed IT-272 form to the appropriate mailing address as specified in the instructions.

Who needs IT-272?

1. Individuals who are seeking a reconciliation of their New York State tax liabilities.
2. Taxpayers who have incurred additional tax obligations or adjustments that need to be reported.
3. Residents of New York State who have filed their taxes and need to submit supplemental information.

People Also Ask about

Who qualifies for NY college tuition credit?

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.

Is college tuition an itemized deduction?

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.

Who is eligible for the college tuition credit in NY?

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.

Who can claim college tuition credit?

You, your dependent or a third party pays qualified education expenses for higher education. An eligible student must be enrolled at an eligible educational institution. The eligible student is yourself, your spouse or a dependent you list on your tax return.

Who is eligible for free tuition in New York?

Earn $125,000 or less (household federal adjusted gross income) Complete the Free Application for Federal Student Aid (FAFSA) and the Tuition Assistance Program (TAP) application.

What is the maximum income for tuition credit?

For the American Opportunity Credit the education credit income limit is as follows: Single, head of household, or qualifying widow(er) — $80,000-$90,000. Married filing jointly — $160,000-$180,000.

For pdfFiller’s FAQs

What is IT-272?

IT-272 is a tax form used for reporting certain tax-related information required by the state, primarily associated with business activity and income.

Who is required to file IT-272?

Individuals or businesses that meet specific criteria related to income levels, types of income, or activities that fall under the jurisdiction of state tax laws are required to file IT-272.

How to fill out IT-272?

To fill out IT-272, gather necessary financial documents, provide accurate information regarding income and deductions, and follow the instructions specified in the form to ensure all required fields are completed.

What is the purpose of IT-272?

The purpose of IT-272 is to gather and report essential financial information to accurately assess tax liability and ensure compliance with state tax laws.

What information must be reported on IT-272?

IT-272 requires reporting of income, deductions, credits, and other relevant tax information such as personal identification details and business activity details.