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cariotto
New Member

Can I deduct 529 plan contributions from different state when filing NY resident? Can I deduct 529 contributions as gift?

 
1 Reply
IreneS
Intuit Alumni

Can I deduct 529 plan contributions from different state when filing NY resident? Can I deduct 529 contributions as gift?

Unfortunately, no. The deduction applies only to a New York 529 college savings plan.

All contributions to 529 plans are considered present interest gifts and qualify for the annual federal gift tax exclusion. This means that you can contribute up to $14,000 per year, per beneficiary without incurring federal gift tax.


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