Question

which itemized deductions give New Yorkers the greatest advantage?

Answer 1

Itemized Deduction in New York are available to those who have adjusted gross income of more than $ 100000. These are additional deduction regarding -

1. College Tution - Tution fees paid for enrollement or studies at a institute of higher education is allowed as a deduction while computation of taxes. Further, only tution fees is considered and not the fees paid for bboks, room, transport, etc
2. Contribution to New York 529 Plan - Deduction of $ 5000 or the amount contributed to this plan can be claimed while calculating the taxes to be paid. This limit is exceeded to $ 10000 in case a married couple filing jointly

These deduction gives advantage to New Yorkers