This is a great time of year to fund a 529 Plan for your children, grandchildren, and even nieces and nephews. College is expensive, and what better way to help a loved one then to give them the gift of helping with their education.
This also comes with a tax savings to you! Contributions made to a NYS 529 Plan prior to December 31, 2019, up to $5,000 for a single filer and $10,000 for a married couple filing jointly, can be claimed on your NYS 2019 tax return and will count as a reduction to your NYS income.
For assistance with opening a 529 Plan, or for questions on non-NYS tax deductions available, please give me a call!