Instructions For Form It-272 - Claim For College Tuition Credit For New York State Residents - New York State Department Of Taxation And Finance - 2005
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2IT-272- I
New York State Department of Taxation and Finance
Instructions for Form IT-272
Claim for College Tuition Credit for New York State Residents
Caution
—
If you are claimed as a dependent on another person’s New York State tax return, or you are a New York State nonresident or
part-year resident filing Form IT-203, do not complete this form. You do not qualify for the college tuition credit.
you are treated as having paid expenses that were paid from the
This form may be e-filed as an attachment to an
student’s earnings, gifts, inheritances, or savings.
e-filed return; you cannot e-file this form by itself.
Qualified college tuition expenses paid on behalf of an eligible
student from a qualified state tuition program (such as New York’s
Who qualifies
529 College Savings Program), are considered to be payments
of qualified college tuition expenses for purposes of this credit.
If you, your spouse, or your dependent(s) were an undergraduate
However, if the student is claimed as a dependent on your New York
student enrolled at or attending an institution of higher education,
State tax return, these payments are also treated as paid by you.
you may be entitled to a college tuition credit. The college tuition
credit is available to full-year New York State residents only. If
If you or the eligible student claim a federal deduction or credit for
the credit exceeds your tax for the year, the excess credit will be
qualified college tuition expenses, for example, as an adjustment to
refunded, without interest. For tax year 2005, the credit is limited to
income on federal Form 1040, as an itemized deduction on federal
$400 per eligible student.
Schedule A, or as a deduction on federal Schedule C (Form 1040),
or when computing the Hope or Lifetime Learning credits, you can
In lieu of claiming the credit, you may elect to claim the New York
still use these expenses to compute this credit.
college tuition itemized deduction if you itemized your deductions
on your federal return. For tax year 2005, the maximum deduction
Qualified tuition expenses do not include:
is $10,000 per eligible student. The definitions and special rules that
—
tuition paid through the receipt of scholarships or financial aid
apply for purposes of determining your college tuition credit also
(for this purpose, financial aid does not mean student loans,
apply in determining your college tuition itemized deduction.
other loans, and grants that must be repaid either before or
after the student ceases attending school);
To determine if you will receive a greater tax benefit from the credit
or deduction, you should complete Worksheet 6 on page 96 of
—
amounts paid for room and board, insurance, medical expenses
the combined instructions for Forms IT-150 and IT-201, relating to
(including student health fees), transportation, or other similar
the college tuition itemized deduction. You will need to complete
personal, living, or family expenses; or
Form IT-272 before completing the worksheet. You may claim the
—
fees for course-related books, supplies, equipment, and
credit or deduction, but not both. If you elect to claim the college
non-academic activities, even if the fees are required to be paid
tuition itemized deduction, see the instructions for Part 4 of this form
to the institution as a condition of enrollment or attendance.
on the back.
An institution of higher education means any institution of higher
If you are a New York State nonresident or part-year resident, you
education or business, trade, technical, or other occupational
do not qualify for the college tuition credit. However, you may be
school, located in or out of New York State, that is recognized and
eligible to claim the New York college tuition itemized deduction
approved by either the regents of the University of New York or a
if you itemized your deductions on your federal return. Do not
nationally recognized accrediting agency or association accepted
complete Form IT-272. See the instructions for Form IT-203-B,
by the regents. In addition, the institution or school must provide a
Nonresident and Part-Year Resident Income Allocation and College
course of study leading to the granting of a post-secondary degree,
Tuition Itemized Deduction Worksheet.
certificate, or diploma.
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
Special rules
as a dependent may claim the credit or itemized deduction.
Limitation — The maximum amount of qualified college tuition
If a student is not claimed as a dependent on another person’s
expenses allowed for each eligible student is $10,000. However,
New York State tax return, only the student may claim the credit or
there is no limit on the number of eligible students for whom you may
itemized deduction. However, if your spouse is the eligible student,
claim a credit.
see Special rules below.
Spouses filing separately — If you and your spouse are filing
Definitions
separate returns, you must each file a separate Form IT-272 to
claim your credit. Or, one spouse may claim the college tuition credit
Eligible student means the taxpayer, the taxpayer’s spouse, or the
and the other spouse may claim the itemized deduction. However,
taxpayer’s dependent (for whom an exemption for New York State
you must each claim your separately computed credit (or deduction)
income tax purposes is allowed).
based only upon the amount of qualified college tuition expenses
Qualified college tuition expenses mean the tuition required for the
you paid (or were treated as paid by you) for yourself, your spouse,
enrollment or attendance of the eligible student at an institution of
or a person who you claim as a dependent on your separate return.
higher education. It does not matter whether the expenses were
You cannot claim a credit (or deduction) for qualified college tuition
paid by cash, check, credit card, or with borrowed funds. In addition,
expenses that you paid for your spouse’s dependent. (These
the eligible student does not have to be enrolled in a degree
expenses are treated as paid by your spouse for purposes of the
program or attend full time for the expenses to qualify. However,
credit.)
only undergraduate enrollment or attendance qualifies. Tuition
payments required for enrollment or attendance in a course of study
How to claim the credit
leading to the granting of a postbaccalaureate or other graduate
degree do not qualify.
File Form IT-272 if you paid qualified tuition expenses in tax
year 2005. Complete all 4 sections of this form that apply to you.
Generally, qualified tuition expenses paid on behalf of an eligible
Transfer the amount from line 5 or line 7 to the appropriate line on
student by someone other than the student (such as a relative) are
Form IT-150 or Form IT-201, and attach your completed Form IT-272
treated as paid by the student. However, if the eligible student is
to your return.
claimed as a dependent on another person’s New York State tax
return, qualified college tuition expenses paid (or treated as paid) by
Important reminder to file a complete return
the student are treated as paid by the person who claims the student
as a dependent. Therefore, if you claim the student as a dependent,
You must complete all required schedules and forms that make up
your return, and include all pages of those forms and schedules
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