New York rules that rollovers and Upromise rewards are deductible

New York State has issued an advisory opinion (TSB-A-05(7)(I)) stating that amounts contributed into the New York 529 plan via rebates transferred from the Upromise Rewards service, as well as federally tax-free rollovers from out-of-state 529 plans, are eligible for the New York state income tax deduction subject to the annual deduction limit of $5,000 for single filers and $10,000 for joint filers. The state had not previously issued guidance as to the eligibility of these types of contributions.
For more information, click hereReturn to 529 News center