Kids grow fast, so do college costs. Whether you’re thinking about saving for college, graduate studies, trade or technical school – for your child, yourself, or someone else - New York’s 529 College Savings Program Direct Plan can help.
The New York’s 529 College Savings Program is an extraordinary opportunity to help make college more affordable as well as save on taxes. Below are a few highlights of the program:
- you can save by convenient payroll deduction; for as little as $15 per pay period, you can start saving now;
- you can set up an account for anyone: spouse, partner, children, grandchildren, nieces, nephews, even yourself;
- open and manage your account online;
- funds can be used at any accredited undergraduate, graduate, or professional institution of higher education, or at an approved business, trade, technical or other occupational school;
- funds can be used for tuition, room, board, books, even a computer if it is required equipment;
- Contributions are deductible on your New York State tax return: up to $5000 for single filers, $10,000 if married filing jointly;
- Qualified withdrawals will be tax-free (both NY State and Federal);
- Investment management by The Vanguard offering a range of investment options, including conservative, moderate, and aggressive portfolios;
- Free additional savings from Upromise based on qualified spending at hundreds of participating companies
If you want more details or want to enroll and can’t make it to the workshop, check out their website at www.nysaves.org or call a program representative toll-free at 1-877-NYSAVES (1-877-697-2837) from 8 a.m. to 9 p.m. weekdays (TTY users, please use NYS Relay).
This session is facilitated by Pamela Wait, NY’s 529 representative for RIT.