After taking a closer look at the input screens for New York 529 plan contributions and the way that TurboTax handles these inputs, the program is responding appropriately.
The input screen cautions the user not to enter an amount over $5000 (or $10,000 if Married Filing Joint). If that maximum limit is exceeded, then an error condition is created to let the user know that the input must be corrected.
Further, some states allow 529 plan contributions to carry forward to future tax years if the full contribution cannot be deducted in a single year. Based on the Instructions for NY Form IT-201, there are no provisions for a carry forward of excess contributions.
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