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May 29, 2013

DiNapoli Encourages New Yorkers To Participate In New York's 529 College Savings Program

May 29 is College Savings Day, and New York State Comptroller Thomas P. 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 (HESC). Comptroller DiNapoli oversees the investment function for the New York State 529 program.

“Saving for college early is the best line of defense against rising college costs for parents,” said DiNapoli. “This program is designed to assist families in preparing for the future and help their children reach their educational goals. A better educated workforce means a stronger New York.”

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.

Savings can be used for tuition, certain room-and-board expenses, fees, books, supplies and equipment and other qualified higher-education expenses. While parents make up the largest share of account owners, anyone can open a 529 account on behalf of a child. As with any investment, this program is not guaranteed.

To learn more about the 529 College Savings Program, visit: http://www.osc.state.ny.us/college/index.htm.

To read the program disclosure, visit: http://www.osc.state.ny.us/college/529release_0513.pdf.


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