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When you say you have no W-4, do you mean you have no income to report to NY State or NYC? The NY State return has 2 Education deductions that can potentially lower NY State income. There are no NY City Education credits or deductions and there are no NY State credits.NY State residents can potentially deduction contributions to a New York's 529 College Savings Program. Individuals can deduct up to $5,000, and married couples filing jointly can deduct up to $10,000 against their NY State income.
Here's a more detailed breakdown:
- Tax Deduction: New York residents can deduct up to $5,000 of contributions to a 529 plan from their state income taxes each year.
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- Married Filers Jointly: Married couples filing jointly can deduct up to $10,000 of contributions.
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- Contribution Deadline: Contributions must be made by the end of the tax year (December 31st) to be eligible for the deduction.
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- Eligibility: To claim the deduction, you must live and work in New York.
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NY State credits for a NY state 529 contribution:
The form to claim the New York State 529 College Savings Program deduction is Form IT-201, Full-Year Resident Income Tax Return. You'll report your 529 contributions on Line 30 of Form IT-201.NY State Claim for College Tuition Credit or Itemized Deduction.
To claim the New York State College Tuition Credit or Itemized Deduction, you need to use Form IT-272, Claim for College Tuition Credit or Itemized Deduction.
- This will report to IT-201 line 68 or be added to your NY State Itemized Deductions.
- Both can potentially lower your NY State Income. There is no additional NY State refund for either of these.
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