Form It-272 - Claim For College Tuition Credit Or Itemized Deduction - 2014 Page 2
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2IT-272 (2014) (back)
Complete Part 2 if your total qualified college tuition expenses on line 3 are less than $5,000.
Part 2 –
4 Credit limitation ($200)..................................................................................................................................
4
200 00
5 Enter the lesser of line 3 or line 4. This is your college tuition credit ........................................................
5
00
• If you did not itemize your deductions on your federal return, enter the line 5 amount
on Form IT-201, line 68.
• If you itemized your deductions on your federal return, continue with Part 4.
Complete Part 3 if your total qualified college tuition expenses on line 3 are $5,000 or more.
Part 3 –
6 Enter the amount from line 3 ........................................................................................................................
6
00
7 Multiply line 6 by 4% (.04). This is your college tuition credit ...................................................................
7
00
• If you did not itemize your deductions on your federal return, enter the line 7 amount
on Form IT-201, line 68.
• If you itemized your deductions on your federal return, continue with Part 4.
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 benefit
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 .........................................................
8
• 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 your itemized deduction schedule. 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.
Important: If you are claiming the college tuition credit or the college tuition itemized deduction, you must submit Form IT-272 with
your return.
272002140094
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