NY 529 College Savings Program
A savings program for qualifying higher education expenses at any eligible post-secondary school in the United States and abroad.
The New York State 529 College Savings Program is open to any U.S. citizen or resident alien with a valid Social Security number or taxpayer identification number and a valid residential address that is not a post office box.
The program allows participants to save money for their selected beneficiary's (child, grandchild, friend, self, etc.) qualifying higher education expenses (tuition, books, supplies, etc.) at any eligible post-secondary school in the United States and abroad.
Benefits
New York state taxpayers can deduct up to $5,000 of contributions towards their 529 account on their state income tax return each year. Contributions can be made via payroll deduction in amounts as little as $15 per paycheck. Earnings grow (federally) tax-deferred, and qualified withdrawals are federally tax-free.