New York 529 plan: tax break and facts

New York taxpayers can get a state tax deduction for contributing up to $5,000 (single) or $10,000 (joint) a year, generally only for the in-state plan. Here are the facts on New York's direct-sold 529 plan (the one you open yourself, without an advisor).

What New York law says

New York provides an annual deduction of up to $5,000 per tax return for individual filers and $10,000 per tax return for joint filers for contributions to a tuition savings account established under New York’s 529 College Savings program. This deduction also reduces New York City taxable income for New York City residents. For joint filers, married couples need only establish one account in order to take the maximum deduction. North No No Effective for tax years beginning on or after January 1, 2014, North Carolina Carolina does not allow a deduction for amounts contributed to Section 529 plans.

Summary of state law from the ICI 2025 state tax survey; it may predate 2026 changes.

2026 limits and parity: Savingforcollege. Manager, fees and minimum: only when stated on the plan's homepage text we read (2026-10-12); otherwise 'not found'. Check the plan's disclosure document for exact fees.