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I work in NY and live in NJ, can I have both NJ and NY 529 plans, and deduct the contributions?

Since I have W-2 income from NY, I must file taxes in both NY and NJ.  

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1 Reply
MayaD
Expert Alumni

I work in NY and live in NJ, can I have both NJ and NY 529 plans, and deduct the contributions?

Yes, you can have 529 plans in multiple states.

If you work in New York and pay New York State income taxes, you may be entitled to a state tax deduction of up to $5,000 ($10,000 if you're married filing jointly) on contributions to your 529 Direct Plan account.

For more information, check NY 529 College Savings Program

 

For NJ , you can deduct up to $10,000 of contributions made during the year into an NJBEST account.

NJ Division of Taxation

 

 

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