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:
- Open your tax return.
- Click State on the left side.
- Continue through your state interview until you get to Changes to Federal Income.
- Click Start next to New York 529 college savings account activity under Education Adjustments.
- Enter contributions.
- Follow the on-screen instructions.
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