Category: New York
New York Credits
NY Long Term Care Insurance Credit – IT-249
Taxpayers who pay premiums for qualified long-term care insurance may claim a credit against their personal income tax. The credit is equal to 20% of the premiums paid during the tax year for the purchase of or for continuing coverage under a qualifying long-term care insurance policy. For additional information and qualifications, see the instructions for Form IT-249.
Volunteer Firefighters and Ambulance Workers Credit – Form IT-245
The volunteer firefighters' and ambulance workers' credit is available to full-year New York State residents who are active volunteer firefighters or volunteer ambulance workers for the entire tax year for which the credit is claimed.
You cannot claim the volunteer firefighters’ and ambulance workers’ credit if you receive a real property tax exemption that relates to your volunteer service under Real Property Tax Law (RPTL), Article 4, Title 2. However, if the property has multiple owners, the owner(s) whose volunteer service was not the basis of the exemption may be eligible to claim the credit.
If the credit exceeds your tax for the year, any excess will be refunded without interest. For additional information and qualifications, please see the instructions for Form IT-245.
Noncustodial Parent New York State Earned Income Credit (EIC) – IT-209
The noncustodial EIC is a credit that may be claimed by eligible taxpayers (see below) instead of the New York State Earned Income Credit (NYS EIC) claimed on Form IT-215, Claim for Earned Income Credit, or Form IT-209, Schedule B.
You may claim the non-custodial EIC only if you meet all of the following conditions for the current tax year. You must:
* be a full-year New York State resident
* be at least 18 years of age
* be a parent of a minor child (or children) with whom you do not reside
* have an order in effect for at least one-half of the tax year requiring you to make child support payments through a Support Collection Unit (SCU) pursuant to Social Services Law section 111(h), and
* have paid an amount in child support in the taxable year at least equal to the amount of current child support you were required to pay by all court orders.
For additional information and qualifications, please see the instructions for Form IT-209. This credit has been permanently extended.
Real Property Tax Credit – Form IT-214
The real property tax credit may be available to New York State residents who have household gross income of $18,000 or less, and pay either real property taxes or rent for their residences. If all members of your household are under age 65, the credit can be as much as $75. If at least one member of your household is age 65 or older, the credit can be as much as $375.
To qualify for the real property tax credit, you must meet all of these conditions for the current tax year:
* your household gross income was $18,000 or less.
* you occupied the same New York residence for six months or more.
* you were a New York State resident for the entire year.
* you could not be claimed as a dependent on another taxpayer’s federal income tax return.
* your residence was not completely exempted from real property taxes.
* the current market value of all real property you owned, such as houses, garages, and land, was $85,000 or less.
* Additionally, you must meet all the conditions listed under either the Homeowners or Renters list below:
* you or your spouse paid real property taxes.
* any rent you received for nonresidential use of your residence was 20% or less of the total rent you received.
* you or a member of your household paid rent for your residence.
* the average monthly rent you and other members of your household paid was $450 or less, not counting charges for heat, gas, electricity, furnishings, or board.
For additional information and qualifications, please see the instructions for Form IT-214.
College Tuition Credit – Form IT-272
The college tuition credit is a tax credit allowed for the qualified college tuition expenses paid for an eligible student. The credit is available to full-year New York State residents only. If the credit exceeds your tax for the tax year, the excess credit will be refunded, without interest. The credit is limited to $400 per eligible student.
The college tuition itemized deduction may offer you a greater tax savings if you itemized your deductions on your federal return. The maximum deduction is $10,000 for each eligible student. Use the worksheets in the instructions to compute your college tuition itemized deduction and to determine which option (credit or deduction) is better for you.
You can claim the New York credit or deduction even if you claim a federal credit or deduction for qualified tuition expenses. There is no limit on the number of eligible students for whom you may claim a credit or deduction. You may claim the credit or deduction, but not both.
To qualify for the college tuition credit or itemized deduction, you, your spouse, or your dependent(s) must be an undergraduate student enrolled at or attending an institution of higher education and have paid qualified college tuition expenses in 2017. Only expenses for undergraduate enrollment or attendance qualify.
If you are a New York State nonresident or part-year resident, you do not qualify for the college tuition credit. However you may be able to claim the college tuition itemized deduction if you itemized your deductions on your federal return. Do not complete the IT-272.
If a student is claimed as a dependent on another person’s New York State tax return, only the person who claims the student as a dependent may claim the credit or itemized deduction. If a student is not claimed as a dependent on another person’s New York State tax return, the student may claim the credit or deduction.
Spouses Filing Separately - If you and your spouse are filing separate returns, you must each file a separate Form IT-272 to claim your credit or deduction. One spouse may claim the credit, and the other spouse may claim the itemized deduction. However, you must each claim your separately computed credit (or deduction) based only on the amount of qualified college tuition expenses you paid (or that were treated as if paid by you) for yourself, your spouse, or a person who you claim as a dependent on your separate return. You cannot claim expenses for a dependent claimed by your spouse.
For additional information and qualifications, please see the instructions for Form IT-272.
Other Refundable Credits Supported with TaxSlayer
* STAR Credit Advance Payment Reconciliation, IT-119
* Claim for New York City Enhanced Real Property Tax Credit, NYC-208
* Investment Credit, IT-212
* Farmers' School Tax, IT-217
* Clean Heating Fuel, IT-241
* Conservation Easement, IT-242
* Biofuel Production, IT-243
* Empire State Film Production, IT-248
* Financial Services Industry Investment, IT-252
* Solar Energy System Credit, IT-255
* Special Additional Mortgage Recording, IT-256
* Nursing Home Assessment, IT-258
* EZ or ZEA WAGE, IT-601
* EZ Employment or Investment, CT-603
* QEZE for Real Property Taxes, CT-604
* FSI or EZ Employment or Investment, CT-605
* Security Officer Training Credit, IT-631
* QETC Facilities, Training and Operations, DTF-619
* QETC Employment, DTF-621
* IMB Credit for Energy Taxes, DTF-623
For additional information pertaining to these credits, please see Form IT-201.