Learn more about this tax-advantaged savings plan that helps you invest for college education.
Just about anybody can open a 529 account—parents, grandparents, other relatives, friends—as long as he or she is a U.S. citizen or a resident alien.
As an account owner, you'll pick investments, assign a beneficiary, and determine how the money is used. If you're a New York State taxpayer, you can also benefit from the state tax deduction.
This program encourages and assists individuals and families to save private funds in accounts in the program to support individuals with disabilities to maintain health, independence and quality of life. NY ABLE is:
- intended to supplement, but not supplant, benefits provided through Medicaid, SSI, private insurance and other sources.
- exempt from federal tax on its earnings, similar to other college savings accounts, provided the funds are used to pay for qualified disability expenses.