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higsby
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Can I deduct contribution to granddaughter's NYS 529 College Account

 
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Can I deduct contribution to granddaughter's NYS 529 College Account

Contributions to a qualified college savings plan are not deductible on your federal return, but may be deductible on your state return. If your state allows a deduction, you will see the entry point as you work through the state return. 

You can find more details here Information on 529 Plans

NOTE: 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. More details can be found here https://www.nysaves.org/home/why-ny-529-direct-plan/tax-benefits.html

NOTE: See screenshots for navigation assistance. 

Where to enter in State portion of your return:
  • Log into your return and click orange Take me to my return button
  • Click on State Taxes and then Your State Returns right below that
  • If you have already entered your state, click Edit next to it and Continue
  • Then click Update/Start next to Adjustments to federal income under the Changes to Federal Income section. 
  • On the next page, click Update/Start next to New York 529 college savings account activity and it will allow you to enter your contribution there

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