State Tax Benefits
Tax benefits for New York State taxpayers
New York State taxpayers who open an account can enjoy additional tax benefits by investing in the Advisor-Guided Plan. Account owners can deduct up to $5,000 ($10,000 if married filing jointly) in contributions from New York State income taxes each year.Footnote1
Potential tax savings for residents of other states
In some states, contributions to any 529 plan are eligible for a state income tax deduction, and residents are not required to choose the in-state plan to get the benefit. Your financial advisor or tax advisor can provide additional details.
To learn more about 529 plan tax benefits by state, Click Here
Begin footnote 1 content.Return to footnote reference 1 Deductions may be subject to recapture in certain circumstances, such as rollovers to another state's plan or non-qualified withdrawals. Return to footnote reference 1End footnote 1 content.
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Q. How do I open an Advisor-Guided Plan account?
A. You may open an account by contacting any broker or financial advisor.