Spotlight: New York 529 Plans
Today we’re going to take a look at 529 plan options in New York.
Both of New York’s 529 plans are open to residents of all states. However, New York offers generous tax benefits to its own residents. NY residents can deduct up to $5,000 ($10,000 for couples) on their state income taxes be contributing to a NY 529 plan.
New York offers a direct plan and one sold through advisors. The direct plan has minimum deposits of only $15 when you set up a payroll deduction. The advisor program has higher minimums; please contact an advisor for assistance.
New York also recently liberalized the the rules for who can contribute to a 529 plan. Now relatives, employers, and friends can contribute to a New York 529 plan.
Click here for more information about New York 529 plans.