What is the maximum NY 529 contribution?

Contributions to a New York 529 plan of up to $5,000 per year by an individual, and up to $10,000 per year by a married couple filing jointly, are deductible in computing New York taxable income. Only contributions made by the account owner, or if filing jointly, by the account owner’s spouse, are deductible.

What is New York’s 529 college Savings Program?

New York’s 529 College Savings Program Direct Plan provides New York families with a tax-advantaged way to save for college, and allows City employees to save for college through easy payroll deductions. You may contribute as little as $15 or as much as you want for each investment option for an account per pay period.

How do I qualify for a 529 withdrawal?

Parents can withdraw 529 plan funds by completing a withdrawal request form online. Some plans also allow 529 plan account owners to download a withdrawal request form to be mailed in or make a withdrawal request by telephone.

What is the 529 college savings program in New York?

NY’s 529 College Savings Program. New York’s 529 College Savings Program Direct Plan provides New York families with a tax-advantaged way to save for college, and allows City employees to save for college through easy payroll deductions.

Who is responsible for the New York State College Savings Program?

The Comptroller of the State of New York and the New York Higher Education Services Corporation (HESC) together are jointly responsible for implementing the Program. The program manager, Ascensus College Savings, is responsible for the day-to-day operations of the Program.

How did New York’s 529 Program upgrade to silver from bronze?

New York’s direct-sold 529 Program, which is managed by Ascensus and Vanguard, earned a rating upgrade to Silver from Bronze after adopting Vanguard’s recommendation to increase its exposure to diversifying asset classes like international stocks and bonds.

Are college contributions tax deductible in New York State?

If you’re a New York State taxpayer, you can also deduct contributions on your state income tax return.** Whether you have a toddler or a teen, it’s never too early or too late to save for higher education. The more you can put aside for college now, the fewer loans you and your child may have to take out later on.