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NYS Credit for 529 account. Program not taking previous years contributions when the current year is less then $5000

rbrust2
Level 1
 
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itonewbie
Level 15

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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Still an AllStar

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4 Comments 4
itonewbie
Level 15

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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Still an AllStar
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rbrust2
Level 1
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.
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Accountant-Man
Level 13
Is there a carryover? That's not what itonewbie says.
** I'm still a champion... of the world! Even without The Lounge.
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itonewbie
Level 15
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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Still an AllStar
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