529 New York College Savings Plan
The New York 529 College Savings Plan is administered by the Comptroller of the State of New York and the New York State Higher Education Services Corporation.
The 529 New York Plan offers a convenient and inexpensive way to save for college education. You can open an account for anyone...a child, grandchild, friend or yourself. By joining UPromise, you can even arrange to get a percentage of your spending in a large number of companies rebated to your 529 New York account.
As with all 529 Plans, your investment will grow federal tax-deferred. Additionally, 529 owners who are New York taxpayers will be able to deduct up to $5,000 per year ($10,000 for married couples filing jointly) from their New York State income tax return.
Some other benefits of a NY 529 Plan are:
* You can begin with as little as a $25 deposit.
Withdrawals from a New York 529 plan account must be for qualified educational expenses or the earnings may be subject to income taxes, both state and federal, as well as a 10% penalty. Before investing, you should be aware that the principal of the invested funds is not guaranteed and values may fluctuate up and down with the markets. For more infomation on the 529 New York College Savings Plan, visit https://uii.nysaves.s.upromise.com/.