3001538
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Bennett10
New Member

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.
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
AmyC
Expert Alumni

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?

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.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question