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Level 2
posted Feb 22, 2025 8:18:46 AM

NY 529 contributions for 2024 under $10K filing Joint

Past years contributions to a NY 529 plan under $7,000 filing joint always reduced our NY State tax.  This year however there is no reduction.  I even changed the amount to under $5000 but no reduction to the State Tax. Has something changed?

Thanks very much. 

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1 Replies
Expert Alumni
Feb 26, 2025 7:46:10 AM

Per the New York 529 College Savings Program, "If you're a New York State taxpayer and an account owner, you may be able to deduct up to $5,000 ($10,000 if you're married filing jointly) of your Direct Plan contributions when you file your state income taxes."

 

Follow these steps to enter the 1099-Q in TurboTax:

 

  1. Open or continue your return.
  2. Go to Form 1099-Q.
  3. Follow the screens to enter your info.

Once you have enter the 1099-Q, the information will transfer over to your state return.

 

See the link below for more information: