If a taxpayer contributes to a New York 529 College Savings plan, a portion of the contribution can be subtracted from income on the New York return. Contributions up to $5,000 per year are eligible for a New York state income tax deduction for those filing a single return; and up to $10,000 per year for those filling a joint return.
To enter the deductible portion of the contributions in TaxSlayer ProWeb, from the New York Return menu select:
- Subtractions from Income
- Enter the contributions that were made to an account established under New York 529 college savings program - Enter the deductible amount of the contribution that the taxpayer made to the plan, up to $10,000 for married filers and up to $5,000 for all others.
Additional Information:
New York State Tax Information
New York's 529 College Savings Program
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