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In New York State what are the allowable tax deductions for contributions to the NYS-sponsored 529 plan?

You'll get a New York State income tax deduction of up to $5,000 ($10,000 for married couples filing jointly) for contributions if you are a New York State taxpayer. If you are a resident or taxpayer of another state, you should consider whether that state offers a 529 plan with tax advantages or other benefits that are not available through this Program.

The plan must be for you, your spouse or a dependent you claim on your tax return. The plan must also be through New York.

It's line 30 on the IT-201. The maximum deduction is $5000 for singles, $10,000 for married couples. If you put in more than $12,000, remember to file a federal gift tax form.

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