We (married filing joint) contributed $28000 to each of our two kids' NY 529 plan in 2016. We are in 33% tax bracket. How much can we claim as tax-deductible?

[BobB7]

None is tax deductible on the Federal return.  Or were you asking about the New York return?

[TomD8]

Up to $10,000 is deductible annually from New York State taxable income for married couples filing jointly; single taxpayers can deduct up to $5,000 annually. May be subject to recapture in certain circumstances such as rollovers to another state's 529 plan or nonqualified withdrawals.

https://www.nysaves.org/home/why-ny-529-direct-plan/tax-benefits.html

[ipsnir]

Thanks Tom. The problem is that TT does not seem to limit it to $10,000. If I enter $56,000 in the contribution field, it ends up giving me a higher tax refund as opposed to entering $10,000. Have you noticed that as well?

[TomD8]

I don't have the NY tax forms on my computer, so I can't duplicate your scenario.  But the deduction limits I gave you are accurate.  Here's the same info from the NYS tax website:  <a rel="nofollow" target="_blank" href="https://www.tax.ny.gov/press/rel/2015/benefitsof529collegesavingsprogram122415.htm">https://www.tax....>

[ipsnir]

Got it. Thanks much. Appreciate it.