NYS - deduction for college tuition?


D

Dumbabouttaxes

My son is paying for his own college education out of a 529 owned by him. I
have nothing to do with it.

My accountant took a deduction on my NYS return for my son's tuition. I
clarified it with him, and he is certain it is correct.

Sounds wrong to me. Completely academic because the standard deduction
works out to be more than the itemized deduction for either of us, but I
would like to know what is right.
 
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D

Don Priebe

My son is paying for his own college education out of a 529 owned by him.
I
have nothing to do with it.

My accountant took a deduction on my NYS return for my son's tuition. I
clarified it with him, and he is certain it is correct.

Sounds wrong to me. Completely academic because the standard deduction
works out to be more than the itemized deduction for either of us, but I
would like to know what is right.
Several points ...

If you are claiming your son as a dependent, then you get to claim the
education expenses on the NY return. From the instructions on the IT-272
form ...

"Payments on behalf of an eligible student from a qualified state tuition
program (such as New York's 529 College Savings Program) are considered
qualified college tuition expenses for purposes of Form IT-272. If you claim
the student as a dependent, these payments are treated as paid by you."

Secondly, it is NOT an academic question - there is real money involved. NY
allows either a deduction of the tuition (if you itemize) OR a refundable
credit. Even if you owe no NY taxes, you get money back.
 

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