DiNapoli Urges Parents to Use 529 College Savings Program

New York State Comptroller Thomas DiNapoli is encouraging parents to enroll in New York’s 529 College Savings Program to help offset college costs.

The program, available nationwide, is administered in New York State by DiNapoli in partnership with the New York State Higher Education Services Corporation.

Comptroller DiNapoli oversees the investment function for the New York State 529 program. New Yorkers receive a tax benefit upon making contributions and when withdrawing. Qualified withdrawals are exempt from both federal and state income taxes.

529 account holders who are married filing jointly in New York can deduct up to $10,000 annually from their state taxable income. Single filers can deduct up to $5,000 annually.