NY Form IT-272 2021 free printable template

IT272Department of Taxation and FinanceClaim for College Tuition Credit or Itemized DeductionFullyear New York State residents only Tax Law Section 606(t) Submit your completed Form IT272 with Form

How to fill out NY Form IT-272

How to fill out NY Form IT-272

1. Obtain NY Form IT-272 from the New York State Department of Taxation and Finance website.
2. Fill in your personal information, including your name, address, and Social Security number.
3. Indicate the type of tax credit you are applying for, if applicable.
4. Enter the required financial information based on the credit or deduction you are claiming.
5. Attach any necessary supporting documentation as specified in the instructions.
6. Review the form for accuracy and completeness.
7. Sign and date the form at the designated section.
8. Submit the completed form by mail or electronically according to the instructions provided.

Who needs NY Form IT-272?

1. Individuals who are eligible for specific tax credits or refunds in New York State.
2. Residents claiming the Empire State Child Credit.
3. Taxpayers applying for a credit related to student loan forgiveness.

People Also Ask about

What is the New York State College tuition credit?

The college tuition credit is a tax credit allowed for qualified college tuition expenses paid for an eligible student. For taxpayers with allowable expenses of $5,000 or more, the credit equals the applicable percentage of qualified tuition expenses multiplied by 4 percent.

What is an IT 272 form?

Form IT-272 Claim for College Tuition Credit or Itemized Deduction Tax Year 2021.

Who qualifies for NY tuition credit?

You can take either a tax credit or an itemized tax deduction for allowable college tuition expenses. The expenses must be for undergraduate study, paid by you as a taxpayer, on behalf of yourself, your spouse, or your dependents, to enroll or attend qualifying in- or out-of-state institutions of higher education.

What qualifies for lifetime learning credit?

To be eligible for LLC, the student must: Be enrolled or taking courses at an eligible educational institution. Be taking higher education course or courses to get a degree or other recognized education credential or to get or improve job skills. Be enrolled for at least one academic period* beginning in the tax year.

Can I deduct tuition expenses for my child who is not a dependent?

Whoever claims the student as a dependent is the only one who can claim expenses for the credits and deductions. You are not able to claim any education credits for a non-dependent child. To be able to claim education credit, the student in question must be a dependent claimed as an exemption on your tax return.

What's New York State Household Credit?

New York State household credit You are entitled to this nonrefundable credit if you cannot be claimed as a dependent on another individual's federal income tax return, and you meet one of the following conditions: full- or part-year resident.

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What is NY Form IT-272?

NY Form IT-272 is a New York State tax form used to claim a credit for taxes paid to other jurisdictions by individuals and businesses.

Who is required to file NY Form IT-272?

Individuals and businesses that have paid taxes to another state or locality while being residents or having income sourced from New York are required to file NY Form IT-272.

How to fill out NY Form IT-272?

To fill out NY Form IT-272, taxpayers need to provide their personal information, details of the taxes paid to other jurisdictions, and calculate the credit based on the applicable regulations.

What is the purpose of NY Form IT-272?

The purpose of NY Form IT-272 is to allow taxpayers to claim a credit for taxes they have already paid to other states or localities, thereby preventing double taxation.

What information must be reported on NY Form IT-272?

On NY Form IT-272, taxpayers must report their name, Social Security number, details of the taxes paid to other jurisdictions, and any supporting documentation that verifies the payment.