rbrust2
Level 1
12-07-2019
07:34 AM
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itonewbie
Level 15
12-07-2019
07:34 AM
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As far as contributions to 529 are concerned, NYS only allows a deduction of up to $5k ($10k MFJ) and it's based on contributions made during the calendar year.
What credit are you referring to? And what about prior year contributions?
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rbrust2
Level 1
12-07-2019
07:34 AM
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In the current year he contributed $1200. In previous years he has over $6000 of unused contributions that are not being picked up and used to bring his current year to $5000 in contributions.
Accountant-Man
Level 13
12-07-2019
07:34 AM
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Is there a carryover? That's not what itonewbie says.
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itonewbie
Level 15
12-07-2019
07:34 AM
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Nope, there's no such thing as prior year carryover for 529. There is a maximum for a beneficiary and there is an annual limit for gift tax exclusion but even that annual limit for gift tax cannot be carried forward to a subsequent year if under-utilized.
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