New York’s 529 College Saving Program
As a New York State employee, you may contribute to the College Savings Program through payroll direct deposit. The New York College Savings Program helps individuals and families save for higher education expenses at public or private colleges or universities, business, trade, technical or other occupational schools in New York, across the country or around the world. Under New York's innovative program, individuals may open an account for as little as $25 and deduct up to $5,000 in contributions annually from state taxable income. Married couples may deduct contributions up to $10,000 on their New York taxes.
The College Savings Program Direct Plan provides New York families with a tax-advantaged way to save for college, and it allows employees to save for college through easy payroll deductions.
Here are some of the highlights of the College Savings Program:
- Low initial investment amounts
- Low fees
- Federal income tax advantages
- Additional advantages for New York State taxpayers
- Unlimited account access
- Broad eligibility
- Higher contribution limits
For further information, call the College Savings Program at 877.697.2837 or visit the College Savings Program website.