No, Undergrad only. For NY, you can choose whether to take a deduction or a credit for the expenses. See College tuition credit or itemized deduction which states: You are entitled to this credit or deduction if:
- you were a full-year New York State resident;
- you, your spouse, or dependent (for whom you have taken an exemption) were an undergraduate student who was enrolled at or attended an institution of higher education and paid qualified college tuition expenses; and
- the student is not claimed as a dependent on another person's tax return.
How much is the credit or deduction?
- 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.
- The maximum deduction is $10,000 for each eligible student. The college tuition itemized deduction may offer you a greater tax benefit if you itemized deductions on your New York State tax return.
- Use the worksheets in the instructions to calculate your deduction and see if the credit or deduction is better for you. (See IT-272-I instructions)
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