When entering the Total New York 529 Contributions for all years, do I sum up the total amount contributed or only the sum of the 10,000/yr deduction cap?
My wife and I have historically contributed more than $10,000 per year to our kids' 529 accounts but per turbo tax instructions have only listed $10,000 (the cap on deductible contributions) in the annual contributions line.
01307
1 Replies
AmyC
Expert Alumni
Apr 4, 2023 9:49:50 AM
Only the cap. NY law only allows for the deduction of $5,000 per person so $10,000 is the most you and your spouse can deduct and is the top limit for entry in that field.