State Tax Benefits

Tax benefits for New York State taxpayers

New York State taxpayers who open a New York's 529 Advisor-Guided College Savings Program 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 the state's 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.

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 2End footnote 1 content.

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How do I open an Advisor-Guided Plan account?
You may open an account by contacting any broker or financial advisor.