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.1
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 or tax professional can provide additional details.
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1 New York State tax deductions may be subject to recapture in certain circumstances such as rollovers to another state's 529 plan, federal nonqualified withdrawals, withdrawals used to pay elementary or secondary school tuition, or qualified education loan repayments as described in the Disclosure Booklet and Tuition Savings Agreement. State tax benefits for non-resident New York taxpayers may vary. Please consult your tax advisor about your particular situation.
Q. How do I open an Advisor-Guided Plan account?
A. You may open an account by contacting any broker or financial professional.
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