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New York College Tuition Credit

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New York College Tuition Credit

Answer

What is the college tuition credit or itemized deduction?
The college tuition credit is a tax credit allowed for the qualified college tuition expenses paid for an eligible student. The credit is available to full-year New York State residents only. If the credit exceeds your tax for the tax year, the excess credit will be refunded, without interest. The credit is limited to $400 per eligible student.

The college tuition itemized deduction may offer you a greater tax savings if you itemized your deductions on your federal return. For tax year 2009, the maximum deduction is $10,000 for each eligible student. Use the worksheets in these instructions to compute your college tuition itemized deduction and to determine which option (credit or deduction) is better for you.

You can claim the New York credit or deduction even if you claim a federal credit or deduction for qualified college tuition expenses. There is no limit on the number of eligible students for whom you may claim a credit or deduction. You may claim either the credit or the deduction, but not both.


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Views: 1544 Created on: Jun 15, 2013
Date updated: Aug 12, 2015
Posted in: STATES, New York

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