Thu, Nov 22, 2018 — 5:48 am
New York’s 529 College Savings Program
New York’s 529 College Savings Program has many great benefits. For more information on this program, see below:
Flexible use of savings
• Save for a child, grandchild, friend, or even yourself
• Can be utilized for use at an eligible 2 or 4-year college, vocational/technical school, or graduate school anywhere in the U.S. or abroad
• Use for tuition, certain room-and-board expenses, books, supplies, etc.
• Earnings grow deferred from Federal and State income tax
• Qualified withdrawals are free from Federal and State tax
• You can contribute up to $70,000 in a single year ($140,000 for a married couple filing jointly) for each beneficiary without incurring federal gift tax, as long as you don't make any other gifts to that child for five years.
Additional tax benefits for New York taxpayers
• New York taxpayers can deduct up to $5,000 ($10,000 for a married couple filing jointly) in contributions to the Direct Plan on their state income tax return each year.
It’s easy to get started! Open an account with just $25 ($15 if contributing through payroll deduction). See the link below for more details.