529 plan tax advantages
You can save on taxes while you save for college with New York's 529 Direct Plan. Listed are the tax benefits you can enjoy:
Federal income tax benefits
Your assets grow tax-deferred.
Withdrawals are exempt from federal income tax when used for qualified higher-education expenses.
State income tax benefit
If you're a New York State taxpayer and account owner, you may be entitled to a generous state income tax deduction of up to $5,000 ($10,000 for married couples filing jointly) on contributions to your Direct Plan account per year. If you also own another New York's 529 College Savings Program account, your maximum total deduction on all contributions is still $5,000 per year ($10,000 for married couples filing jointly).
Gift tax incentive
You can contribute up to $14,000 a year (or $28,000 if married filing jointly) without incurring gift taxes. Or you can choose a special election that allows you to treat a single $70,000 contribution ($140,000 for married couples) as if it were made over a 5-year period. Gifts in excess of these amounts may be subject to federal gift tax. For more information, consult a qualified tax advisor.
Gift Tax - http://turbotax.intuit.com/tax-tools/tax-tips/Tax-Planning-and-Checklists/The-Gift-Tax/INF12036.html
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