It looks like Charles Schwab 529 account contributions would not be deductible on NYS Income tax return. Am I wrong?
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Yes. Contributions to a 529 plan of up to $5,000 per year by an individual, and up to $10,000 per year by a married couple filing jointly, are deductible in computing New York taxable income. Only contributions made by the account owner, or if filing jointly, by the account owner's spouse, are deductible. The New York 529 College Savings Program was set up to help New York taxpayers save for college education while providing tax savings. There are no restrictions based on age, income, or state of residence.
To get to this screen on your NYS return in TurboTax, please follow these steps:
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