Can I deduct education-related expenses for my children in New York State?

by Ricklef Wohlers. 2024/09/20.

In New York State, education-related expenses for your children are not generally deductible on your state income tax return. However, there are specific credits and deductions available that you may want to explore:

1. New York State College Tuition Credit and Deduction: If you are paying for your child's college tuition, you may be eligible for the New York State College Tuition Credit or Deduction. This applies to undergraduate tuition paid for yourself, your spouse, or your dependents. You can’t claim both the credit and deduction in the same year, so choose the one that provides the greater benefit.

2. 529 College Savings Program: Contributions to New York's 529 College Savings Program may be deductible. You can deduct up to $5,000 per year for single filers and up to $10,000 per year for married couples filing jointly.

3. Child and Dependent Care Credit: While not specifically for education, if you incur costs for child care so you can work or look for work, you might be eligible for this credit, which can help offset the costs associated with day care, after-school programs, and other childcare arrangements.

Always make sure to verify your eligibility and consult with a tax professional or refer to New York State's official tax resources for the most current information.