The NYS 529 College Savings Plan is a type of investment plan that enables you to save money for a beneficiary to pay for higher education expenses. You can withdraw funds tax-free to cover nearly any type of college expense. 529 plans also offer additional state or federal tax benefits.
With a 529 plan, you can:
Contribute up to $90,000 per year (individual) or $180,000 (Married filing jointly).
Have your contributions automatically deducted from your paycheck.
Pay no Federal tax on qualified withdrawals.
Grow earnings tax deferred.
