MargaretL
Expert Alumni

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Turbo Tax is correct. The contributions to a New York 529 plan are up to $5,000 per year by an individual, and up to $10,000 per year by a married couple filing jointly.

https://www.tax.ny.gov/press/rel/2015/benefitsof529collegesavingsprogram122415.htm

NJ does not have a contribution deduction to 529 plans; therefore, residents can keep making contributions until the plan value for a beneficiary is $305,000.