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We rolled approx. $6k from another states plan into the newly established NY 529 plan. Is that considered a contribution?

Forum|Forum|7 years ago
June 3, 2019
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I am being asked to enter the total NY 529 Contributions from 1998-2017. We rolled approx. $6k from another states 529 plan into the newly established NY 529 plan. Is that considered a contribution?

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Best answer by MaryK1

Yes, a rollover from another state's 529 is a contribution and can be deducted in New York.

For purposes of the subtraction modification under section 612(c)(32) of the Tax Law, the term contribution includes amounts transferred from another state’s 529 Plan and rolled over to a New York 529 Plan. This includes the earnings portion of the distribution from the other state’s 529 Plan not included in federal gross income pursuant to IRC section 529(c)(3)(C)(i) and the portion of the distribution considered an investment in the other state’s 529 Plan.

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MaryK1Answer

Employee

Yes, a rollover from another state's 529 is a contribution and can be deducted in New York.

For purposes of the subtraction modification under section 612(c)(32) of the Tax Law, the term contribution includes amounts transferred from another state’s 529 Plan and rolled over to a New York 529 Plan. This includes the earnings portion of the distribution from the other state’s 529 Plan not included in federal gross income pursuant to IRC section 529(c)(3)(C)(i) and the portion of the distribution considered an investment in the other state’s 529 Plan.

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bbinAuthor

Thank you for your response. We took a non qualifying withdrawal from a NY 529 in 2017. Why are they asking for contributions from 1998-2017? Also, are they asking for contributions for all NY 529 plans or just the one we took the distribution from?