529 PLANS

529 News

New York will impose tax on outbound rollovers

(October 22, 2002) - The NYS Department of Taxation and Finance has advised program officials that beginning January 1, 2003 a rollover from New York's College Savings Program to another state's 529 plan will not qualify as tax-free for New York income tax purposes. New York taxpayers will pay income tax (and presumably recapture of past deductions) in spite of federal tax-free treatment for qualifying rollovers.

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