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.