New York 529 College Savings Plans – NY Saves

New York 529 College Savings Plans

5 Extra Sources of Income for Poor College StudentsAbout: New York has two 529 savings programs to choose from – a direct-sold plan featuring Vanguard mutual funds, and an advisor-sold program featuring funds from JPMorgan and SSgA. Both New York 529 plans are managed by Ascensus College Savings. New York’s 529 College Savings Program — Direct Plan features age-based and static portfolio options utilizing Vanguard mutual funds.

Website: https://www.nysaves.org/

Phone #: 1-877-697-2837

Investment Options: The Age-Based Option offers a choice among 3 different risk levels (Aggressive, Moderate, or Conservative) each containing 5 portfolios of underlying mutual funds. They also offer 5 multi-fund portfolios (Aggressive Growth, Growth, Moderate Growth, Conservative Growth, and Income), and 7 individual fund portfolios, and the Interest Accumulation portfolio. Investments are managed by Vanguard mutual funds.

Tax Benefits: Contributions to a New York 529 plan of up to $5,000 per year by an individual, and up to $10,000 per year by a married couple filing jointly, are deductible in computing New York taxable income. Only contributions made by the account owner, or if filing jointly, by the account owner’s spouse, are deductible. Contribution deadline is December 31 postmark.

State Residency Requirements:  No state residency is required to participate in New York 529 College Savings Plans.

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