New York 529 Plan Calculator
2026Calculate 529 college savings plan growth and tax benefits in New York. See NY state tax deduction availability, contribution limits, and projected education savings for 2026.
By Konstantin Iakovlev · Updated
Total College Cost
$176,766.87
With 4% inflation
Projected Savings
$58,861.83
Funding
33%
Funding Gap
$117,905.04
Monthly Needed to Fully Fund
$750.77
529 Plan Projection
| Years Until College | 13 years |
| Total College Cost (with inflation) | $176,766.87 |
| Current Balance | $0.00 |
| Total Contributions | $39,000.00 |
| Investment Growth | + $19,861.83 |
| Projected Savings at College | $58,861.83 |
| Funding Gap | $117,905.04 |
| Monthly Contribution Needed | $750.77 |
Disclaimer: This calculator is for informational purposes only and does not constitute tax, financial, or legal advice. Results are estimates based on the information you provide and current rates. Always consult a qualified tax professional or financial advisor for advice specific to your situation.
How does a 529 plan work in New York?
New York has 9 income tax brackets ranging from 4% to 10.9%. The top rate applies to taxable income over $25 million.
New York City imposes its own income tax on residents at rates from 3.078% to 3.876%, in addition to state taxes. Yonkers residents pay a 16.75% surcharge on state tax.
New York's estate tax has a $7.16 million exemption with a 'cliff' provision: if an estate exceeds the exemption by more than 5%, the entire estate is taxed.
New York Paid Family Leave (PFL) provides up to 12 weeks of paid leave at 67% of the employee's average weekly wage. Disability Benefits Law (DBL) provides short-term disability coverage.
The minimum wage is $17.00/hr in NYC, Long Island, and Westchester County; $16.00/hr for the rest of the state.
New York Tax & Education Facts (2026)
| State Income Tax | progressive (up to 10.9%) |
| 529 State Tax Deduction | Check state plan details |
| State Sales Tax | 4% |
| Avg. Property Tax Rate | 1.62% |
New York 529 plan — frequently asked questions
What can 529 plan funds be used for?
Qualified expenses include college tuition, room and board, books, supplies, computers, and required equipment. Up to $10,000/year can also be used for K-12 tuition. Up to $35,000 lifetime can be rolled to a Roth IRA for the beneficiary.
What are the tax benefits of a 529 plan?
Earnings grow tax-free and withdrawals for qualified education expenses are tax-free. Over 30 states also offer a state income tax deduction or credit for contributions.
What happens to a 529 plan if my child does not go to college?
You can change the beneficiary to another family member, use it for trade schools or apprenticeship programs, roll up to $35,000 into a Roth IRA (after 15 years), or withdraw the funds with a 10% penalty plus taxes on earnings.