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NY State 529 Plan limits

Hi All,

 

I made a NY state 529 Plan contribution in 2023 for both my daughters. Each 10K. Total 20K.

I am file "married filing jointly" so the limit is $10K for State tax deduction.

 

Question is-

Is the limit per filer, meaning, I can only deduct $10k total?

or

the limit is per kid, meaning I can deduct $20k?

 

Thanks!

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1 Reply
DawnC
Employee Tax Expert

NY State 529 Plan limits

Your max is $10K ($5k for each spouse) to a family tuition account.  It is not per child, but per family.   Contributions can be made to the New York 529 College Savings Program by the account owner to one or more tuition savings account(s) established under the New York program. If the contributions were not deductible or eligible for a credit for federal income tax purposes, contributions may be deducted from New York State income (up to a limit of $5,000).

 

A husband and wife, who are each account owners, may each deduct up to $5,000 of contributions to a family tuition account. However, one spouse may not claim any unused portion of the other spouse's deduction.  NY 529 deductions   This is how TurboTax reports your deduction on the NY return.  

 

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