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Regarding the NY 529, does the account owner claim gift contributions made by someone other than them self and spouse to the account as part of the state deduction?
New York taxpayers are eligible to deduct up to $5K ($10K if married filing jointly) for contributions to a New York 529 plan account they own. The account owner may take a deduction for contributions made by their spouse. Does the account owner claim gift contributions made by someone else (not owner or spouse) to the account as part of the deduction? Should these gift contributions be excluded?
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‎June 3, 2019
4:21 PM