dev145
Employee Tax Expert

Retirement tax questions

Form 1098-T is a form that your education institute will provide when you pay for education expenses. You can use this form to claim education credit but it will not impact your AGI. 529 plan is state education plan and any contribution to 529 plan is only deductible on state return, it will have no impact on federal return or AGI. 

 

I am not aware of any specific education credit for NYC. NY state does offer credit for education if you qualify.  This goes on form IT-272.

 

https://www.tax.ny.gov/pit/credits/college_tuition_credit.htm

 

For charitable donation, no deduction from NYC either but the state provides credit if you donate to certain funds.  This will be on form IT-228

https://www.tax.ny.gov/pit/credits/contributions-to-certain-funds-credit.htm

 

There is also a credit for property tax from state of NY.  Form for this credit is IT-214.

 

https://www.tax.ny.gov/pit/credits/real_property_tax_credit.htm

 

NYC offers something like assistance for first time home buyer but it is not related with your tax return. See below link to see what is the qualification and how to apply if you qualify. 

 

https://access.nyc.gov/programs/homefirst-down-payment-assistance/#how-it-works

 

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