Ny 529 Tax Deduction (https://accountinglads.com/529-tax-deduction/) in state income on contributions in its 529 College Savings Program. When making contributions to the NY-sponsored plan, residents are entitled to a maximum of a certain dollar per year per taxpayer, with higher maxims on joint filers. The deduction lowers taxable income of the state, and assists families to invest their more on college bills in future. This deduction is only available to the contributions of the New York 529 plan, and this is the reason the residents should use the in-state program. The tax-deferred growth in the account, as well as tax-free qualified withdrawals. Knowledge of the annual limits and eligibility would make sure that the contributor gets all the benefit they can get.