You can take either a New York State 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.
College Tuition Tax Credit
The college tuition credit is a tax credit allowed for qualified college tuition expenses paid for an eligible student. The credit can be as much as $400 per student. If it is more than the amount of New York State tax that you owe, you can claim a refund.
College Tuition Itemized Deduction
The college tuition itemized deduction is equal to the amount of your qualified college tuition expenses paid, up to a maximum deduction of $10,000 for each eligible student.
Qualifying Tuition Expenses
Qualifying tuition expenses include only tuition paid for the undergraduate enrollment or attendance of the student at an institution of higher education. This includes expenses paid from a qualified state tuition program, like New York's 529 College Savings Program.
- College Tuition Credit or Itemized Deduction Webpage
- College Tuition Credit or Itemized Deduction Form IT-272
- College Tuition Credit or Itemized Deduction Instructions IT-272-I
Consult your tax advisor for more detailed information.