 |
 |
||||||||||
| Home | About Us | Payment Options | Customer Service | States | Tax Corner | ||||||
|
||||||||||||||||||||||||
 |
|
|
For tax years beginning on or after January 1, 2001, if you, your spouse, or your dependent(s) were a student enrolled at or attending an institution of higher education, you may be entitled to a college tuition credit. The college tuition credit is available to full-year New York State residents only. If the credit exceeds your tax for the year, the excess credit will be refunded, without interest. For tax year 2003,the credit is limited to $300 per eligible student.
In lieu of claiming the credit, you may elect to claim the New York college tuition itemized deduction if you itemized your deductions on your federal return. For tax year 2003,the maximum deduction is $7,500 per eligible student. The definitions and special rules that apply for purposes of determining your college tuition credit also apply in determining your college tuition itemized deduction. To determine if you will receive a greater tax benefit from the credit or deduction, you should complete the worksheet on page 18 of Form IT-200-I, Instructions for Form IT-200, or on page 51 of Form IT-201-I, Instructions for Form IT-201, relating to the college tuition itemized deduction. You will need to complete Form IT-272 before completing the worksheet. You may claim the credit or deduction, but not both. If you elect to claim the college tuition itemized deduction, see the instructions for Part IV of this form on the back. Note: If a student is claimed as a dependent on another person s New York State tax return, only the person who claims the student as a dependent may claim the credit or itemized deduction. If a student is not claimed as a dependent on another person s New York State tax return, only the student may claim the credit or itemized deduction. However, if your spouse is the eligible student, see Special rules below. SPECIAL RULES Limitation The maximum amount of qualified college tuition expenses allowed for each eligible student is $10,000. However, there is no limit on the number of eligible students for whom you may claim a credit. Spouses filing separately If you and your spouse are filing separate returns, you must each file a separate Form IT-272 to claim your credit. Or, one spouse may claim the college tuition credit and the other spouse may claim the itemized deduction. However, you must each claim your separately computed credit (or deduction) based only upon the amount of qualified college tuition expenses you paid (or were treated as paid by you)for yourself, your spouse or a person who you claim as a dependent on your separate return. You cannot claim a credit (or deduction)for qualified college tuition expenses that you paid for your spouse s dependent.(These expenses are treated as paid by your spouse for purposes of the credit.) For more information, see the New York Treasury Web Site or the knowledge base.
|
