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Question

NY 529 contributions for 2024 under $10K filing Joint

Forum|Forum|1 year ago
February 22, 2025
1 reply
0 views

Past years contributions to a NY 529 plan under $7,000 filing joint always reduced our NY State tax. This year however there is no reduction. I even changed the amount to under $5000 but no reduction to the State Tax. Has something changed?

Thanks very much.

Per the New York 529 College Savings Program, "If you're a New York State taxpayer and an account owner, you may be able to deduct up to $5,000 ($10,000 if you're married filing jointly) of your Direct Plan contributions when you file your state income taxes."

Follow these steps to enter the 1099-Q in TurboTax:

Open or continue your return.
Go to Form 1099-Q.
Follow the screens to enter your info.

Once you have enter the 1099-Q, the information will transfer over to your state return.

See the link below for more information:

NY 529 Plan

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