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Ny 529 Tax Deduction means that the New York taxpayers receive the contribution made in the NY 529 College Savings Program in their state tax. Citizens are allowed to deducted up to a limited number of years which is annually, and married couples who do their returns together may be entitled to a greater deducted amount. Deposits by the account holder will be counted and in some cases any accumulations will be transferred to the next year. Together with tax-free growth and tax-exempt withdrawals in the face of qualified spending, the deduction makes the NY 529 plan one of the more appealing education savings plans. It is a great asset to those families who intend to finance their education in the long term.
Source: https://accountinglads.com/529-tax-deduction/
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