What happens to my 529 if I move out of state?

Even if you’ve moved to a new state, you might not need to transfer your 529 plan to that state. You can keep the money in the old state’s 529 plan. A 529 plan can be used to pay for college in any state.

Is New York’s 529 plan good?

The New York 529 College Savings Program stands out for its low fees and transparency. The total asset-based fee was recently reduced to 0.13% for each portfolio. Any account holder can enjoy several tax benefits, but New York families can deduct up to $10,000 from their state taxable income.

How much does it cost to start a 529 plan?

Most 529 plans don’t charge you a fee for opening an account, though you will be required to make an initial deposit to start choosing investments. There are, however, fees you will need to pay to maintain your account: underlying and administrative fees.

Can New York 529 be used in other states?

Myth 1: 529s can be used only at 4-year undergraduate colleges. Actually, your 529 plan assets can be used for qualified higher-education expenses at eligible postsecondary institutions in the United States and abroad.

Can I Rollover 529 plan?

Yes, the IRS allows one tax-free rollover of a 529 account per beneficiary in a 12-month period. (If you violate the 12-month rule, you must treat the transaction as a nonqualified distribution and pay federal income tax and a 10% penalty on the earnings.)

How much can you put in NY 529 per year?

Contributions to a New York 529 plan of up to $5,000 per year by an individual, and up to $10,000 per year by a married couple filing jointly, are deductible in computing New York taxable income.

Can you buy a car with a 529 account?

You cannot use a 529 plan to buy or rent a car. Transportation costs, including the costs of purchasing and maintaining a car, are considered non-qualified expenses. Students can save on transportation costs by renting a car, using a rideshare service or riding a bike or electric scooter to class.

Can 529 beneficiary become owner?

A 529 account can be opened by anyone. Grandparents, other relatives or family friends can all be account owners, or simply choose to contribute to an existing account.

Where can I find more answers to the nysaves FAQs?

You can find more answers on our FAQs page. Or you can call us at 877-NYSAVES (877-697-2837) on business days from 8 a.m. to 8 p.m., Eastern time. What’s next?

How long does it take to get money from nysaves?

Call 877-NYSAVES (877-697-2837). Please allow ten business days (plus mailing time, if applicable) for the funds to arrive. You should also allow extra time for processing during periods of heavy volume, as crediting money to the student’s school account may be delayed.

How do I pay for my citizenship application?

Generally, you must mail your check or money order together with your application form. For some forms, you may be able to file your application and pay the fees in person at a USCIS field office in the United States. Refer to the form instructions for more information.

How much can you contribute to a 529 plan in NY?

529 account contribution limits are generally high—ranging from $200,000 or more, depending on the state. For the Direct Plan, you can contribute up to $520,000 on behalf of one beneficiary. This amount includes all New York-sponsored 529 savings accounts held for the same beneficiary.