New York 529 College Savings Plan

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New York 529 College Savings Program Direct Plan

New York Savings/Investment Plan

New York's 529 College Saving Plan provides an easy and inexpensive way to save for the college expenses of your children, grand-children or even a friend. Additionally, the plan has other benefits, including tax-free (both federal and state) withdrawals when used for qualified higher-education expenses, and New York residents also may qualify for a $5,000 ($10,000 for joint filers) state tax deduction. Management fees are a reasonable .49%. There is a maximum of $235,000 that can be saved per beneficiary and you can contribute up to $65,000 in a single year ($130,000 for joint filers) without triggering the federal gift tax. This is actually five years worth of donations, so you may not make any other gifts to this beneficiary during the remainder of the five year period.

You should also check with a financial advisor and tax advisor to see if a 529 investment is right for you.

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