Question

Regarding the NY 529, does the account owner claim gift contributions made by someone other than them self and spouse to the account as part of the state deduction?

Forum|Forum|7 years ago
June 3, 2019
1 reply
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New York taxpayers are eligible to deduct up to $5K ($10K if married filing jointly) for contributions to a New York 529 plan account they own. The account owner may take a deduction for contributions made by their spouse. Does the account owner claim gift contributions made by someone else (not owner or spouse) to the account as part of the deduction? Should these gift contributions be excluded?

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KrisD15

Since you are the owner of the account, the contribution would be viewed as a gift to you, and then you making the contribution.

Yes, you can claim the contribution.

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C

crazydt73Author

Prior to seeing your response, I found out from the ny529advisor faq site (<a rel="nofollow" target="_blank" href="https://www.ny529advisor.com/resources/faqs">https://www.ny529advisor.com/resources/faqs</a>) the following:

Am I eligible for a New York state tax deduction for my Ugift contribution?

No. Contributions to an Advisor-Guided Plan account by a third party are not eligible for a tax deduction.

L

LibertyRan

Hi There:

Did you find anymore information to confirm the advice given? Reading your response quoting an FAQ (which is not longer available online FYI), it would seem to me that the FAQ is saying that the third-party making the gift is not able to take the tax deduction. However, that does not answer the question as to whether the account holding can take the deduction.