Are contributions tax-deductible?
New York State taxpayers can deduct up to $5,000 of contributions to their Program account ($10,000 for a married couple filing jointly) from their state taxable income each year for their contributions to their accounts. However, contributions arenotdeductible for federal income tax purposes. Learn more about thetax benefitsof New York’s 529 College Savings ProgramDirect Plan.Note:Only the account owner may take advantage of the tax deduction for their contributions to their account.(Note: To be deductible for the current tax year for New York State income tax purposes, contributions sent by mail must be postmarked by December 31.)Contributions to the Direct Plan in a tax year are deductible from New York state taxable income, subject to recapture in certain circumstances – rollovers to another state’s plan or nonqualified withdrawals.
New York State taxpayers can deduct up to $5,000 ($10,000 for a married couple filing jointly) of contributions to their Program account from their state taxable income each year. However, contributions are not deductible for federal income tax purposes. Learn more about the tax benefits of New York’s 529 College Savings Program Direct Plan. Note: Only the account owner may take advantage of the tax deduction for their contributions to their account. (Note: To be deductible for the current tax year for New York State income tax purposes, contributions sent by mail must be postmarked by December 31.) Contributions to the Direct Plan in a tax year are deductible from New York State taxable income, subject to recapture in certain circumstances – rollovers to another state’s plan or nonqualified withdrawals.
