Saving for College the Smart way - 529 Plans          

 

New York 529 Plans

New York offers two 529 college savings plans, a direct plan called New York’s 529 College Savings Program, and an advisor sold tuition plan called New York’s 529 College Savings Program Advisor program.

New York’s 529 College Savings Program

New York’s 529 College Savings Program is a traditional 529 plan that allows you to invest money today and reap tax benefits when you withdraw it to pay for qualified education expenses.

Type:  Direct - this 529 plan can be purchased directly through the state.

Fund Family:  The Vanguard Group®

Minimums:  To get started you can deposit $25.  Minimum subsequent contributions are $25, or you can set up a payroll deduction plan.  With this option, contributions are only $15. 

Maximum Contributions:  Currently, you can contribute to your New York 529 plan until the combined account balance reaches $235,000 in all of your New York 529 plans.  Of course, your total amount in the plan can be higher as your investments group.  529 plans typically increase the contribution limit over time, so you may be able to contribute more.

Tax Benefits: Good news for New York residents - by investing in your state's 529 plan, you can deduct up to $5,000 on your state income taxes for single filer and $10,000 for married filers.  You also get federal income tax benefits as you do not pay income tax on your earnings. Out-of-state participants still get the federal tax benefits.

Other Benefits: Through your New York’s 529 College Savings Program, you have the option to be a part of a reward program set up by Upromise®.  By making purchases with your card, the reward program offers a percentage of purchases that convert into rewards points, and ultimately convert into account contributions.

Residency: New York’s 529 College Savings Program is open to all United States residents, not just those in New York.

You can learn more about this New York 529 plan at the official website http://nysaves.uii.upromise.com/.

 

New York’s 529 College Savings Program Advisor Program

New York’s 529 College Savings Program Advisor Program is a traditional 529 plan that allows you to invest money today and reap tax benefits when you withdraw it to pay for qualified education expenses.

Type:  Advisor.  Please contact a financial advisor in your state for assistance.

Fund Family:  JP Morgan.

Minimums:  To get started you can deposit $1,000. Contact an advisor about minimum subsequent contributions.

Maximum Contributions:  Currently, you can contribute to your New York 529 plan until the combined account balance reaches $235,000 in all of your New York 529 plans.  Of course, your total amount in the plan can be higher as your investments group.  529 plans typically increase the contribution limit over time, so you may be able to contribute more.

Tax Benefits:  By investing in your state's 529 plan, you can deduct up to $5,000 on your state income taxes for single filer and $10,000 for married filers.  You also get federal income tax benefits as you do not pay income tax on your earnings.  Out-of-state participants still get the federal tax benefits.

Other Benefits: Through your New York’s 529 College Savings Program Advisor Program plan, you have the option to be a part of a reward program set up by Upromise®.  By making purchases with your card, the reward program offers a percentage of purchases that convert into rewards points, and ultimately convert into account contributions.
 
Residency:  New York’s 529 College Savings Program Advisor Program is open to all United States residents, not just those in New York.

You can learn more about this New York 529 plan at the official website.

 

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