529 Plan Ny
May 29th, 2009
Question: maximum tax deduction for 529 Plan?
We are opening a 529 Plan for our son. We would like to make a contribution in 2006 so we can take advantage of the state tax deduction. What is the maximum deduction (i.e. what is the minimum to contribute to maximize tax deduction)? Also, does it matter what state plan we invest in? We live in NY.
Answer: The maximum deduction you can take on a 529 Plan for your NY return is $10,000. In order to be deductible on your NY return, it has to be the NY 529 Plan. Also, you can sign up for UPromise and link it to your NY 529 Plan. Then when you make certain purchases, UPromise will rebate you a small percentage of your purchase and contribute it to the NY 529 Plan.
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