New York 529 College Savings Program

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New York’s 529 College Savings Program - NY 529 - 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.  Details are below.

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 up to $235,000 to your New York 529 plan.  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 the same benefit for federal income taxes.  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/.