New York 529 plans to accept contributions from nonowners
New York Governor David Paterson has signed legislation (S 6776) removing the requirement that only account owners could make contributions to a New York 529 plan. The state had received repeated complaints about the restrictive policy and the new law places New York's 529 plan on par with policies in other states.
A nonowner may not claim a New York State income tax deduction for his or her contribution.
For more information, click hereReturn to 529 News centerA nonowner may not claim a New York State income tax deduction for his or her contribution.