Ny 529 Tax Deduction
Contributions to New York 529 plans may be deducted on the state income tax return but not on federal income tax returns. North Carolina does not allow deductions for 529 contributions. Avoid The Top 529 Plan Mistakes Ny 529 Direct Plan 529 plans offer tax-advantaged ways to save money because investments made in these accounts grow tax-free and all withdrawals used for qualified higher education expenses are exempt from federal income tax. Ny 529 tax deduction . 36 rows February 21 2019. June 1 2019 1250 AM Contributions to state 529 plans are not deductible on the federal return. Form IT-203 filers. New York state offers an NYS tax deduction for its taxpayers of up to 5000 or 10000 for married couples for contributions to its 529 plan. However they are deductible on your NY return. New York State tax deductions may be subject to recapture in certain additional circumstances such as rollovers to another states 529 plan or withdrawals used to pay elementary or secondary sc...