Article: 50493

Overview 

If you contributed to a New York 529 College Savings Program account, you may be eligible for a state income tax deduction. To claim it, you must complete the 529 College Savings Program form as part of your Form IT-201 or IT-203 return. 

Who can Claim this Deduction? 

You may qualify for the deduction if: 

• You are a New York State resident, 

• You contributed to a New York State 529 College Savings account, and 

• You are either the account owner or spouse of the account owner. 

Note: Contributions to out-of-state 529 plans are not deductible on your NY return.  

Tips for Claiming the Deduction 

• The maximum annual deduction is: 

• $5,000 for single filers, or 

• $10,000 for married filing jointly. 

• The deduction is limited to contributions made during the tax year, not total account balances. 

How to Report 

1. Navigate to the State Taxes section on the left-hand side of the screen. 

2. Click the link: I’d like to see the forms I’ve filled out or search for a form.

3. In the dropdown menu, select New York. 

4. Click on the General tab. 

5. Select 529 College Savings Program to open the screen. 

6. Enter all applicable information.  

7. Click Save once complete. 

Additional Resources 

For further guidance, see: 2024 New York State Instructions for Form IT-201 – Full-Year Resident Return