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Level 1
posted Mar 20, 2023 7:38:57 AM

Do I need to itemize to deduct a 529 contribution in NY?

Hi - Just trying to prepare for next year's taxes. Does anyone know if NY requires you to itemize in order to deduct contributions to their direct plan?

 

Sam

0 1 164
1 Best answer
Expert Alumni
Mar 20, 2023 7:56:48 AM

No, you do not need to itemize your deductions.

 

Contributions to a New York 529 plan of up to $5,000 per year by an individual, and up to $10,000 per year by a married couple filing jointly, are deductible in computing New York taxable income. Only contributions made by the account owner, or if filing jointly, by the account owner's spouse, are deductible.

1 Replies
Expert Alumni
Mar 20, 2023 7:56:48 AM

No, you do not need to itemize your deductions.

 

Contributions to a New York 529 plan of up to $5,000 per year by an individual, and up to $10,000 per year by a married couple filing jointly, are deductible in computing New York taxable income. Only contributions made by the account owner, or if filing jointly, by the account owner's spouse, are deductible.