hello,
i have 2 kids and i have been contributing 5k each every year , over the last few years. I put 10k becuase the max tax deduction that you can get is 10k.
In 2024, i heard from others that you can actually contribute more than 5k each, but your tax deduction is only capped at 5k. I also heard that you can contribute one time for a 5 years worth..etc.. but i didnt really read into this.
So i mis-read that the maximum you can contribute is 20k and what i did is i contributed total of 40k for my 2 kids. (20k each).
Now in the Turbo tax NY State tax filing - it asked me to enter how much contribution i made and it says put only maximum of 10k.
I have the following questions,
1) I read up that maximum annually is actually 18k - and its not 20k. Now that i already contributed 20k, does it mean i am using that "One time 5 year contributions" and i cannot contribute anymore in next 4 years? How come NYSaves let me contribute more than what i could annually?
2) So is there anywhere in turbotax that I should enter this 40k contribution somewhere? or just put 10k even tho my total contribution was really 40k?
Thanks,
