One valuable New York state tax benefit available to many taxpayers is the ability to deduct contributions to New York's 529 College Savings Program while also using the funds to pay for qualified higher educator expenses.

 

 NY taxpayers can deduct $5,000 if filing status is single or $10,000 if filing status is married filing jointly if the contribution was made by December 31 of the calendar year to be able to deduct in the current year NY tax return.

 

 

The above information is of a general nature only and should not be relied upon for specific situations.

 

Call Marlies Y Hendricks CPA PLLC at either 716-694-3500 or 910-769-8730 as required to set up an appointment.