We did not setup an 529 for our kids, we should have done it earlier.
Right now, we know our college expense would be 40k ish annually.
Our plan is to contribute 20k into a 529 plan in year 2026, and then withdraw 20k for college expense within 2026.
Can I take a tax deduction in for state and city taxes?
Because in NYC that would be around 10%. That would be 20k x .1 = 2k in savings.
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