I live in New Jersey, but work in New York, I will mostly pay New York state tax. Should I choose New Jersey 529 plan or New York 529 plan for state tax reasons? Also, anyone has any suggestions on the plan
2007-03-04 11:36:35 · 3 answers · asked by shuanwei 1 in Business & Finance ➔ Taxes ➔ United States
Do the new york one becuase it will reduce more of your liability that way
2007-03-04 12:44:56 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Radio consumer advocate has a simple guide to 529's. I've linked to it below.
New York is one of his favorites, and the earnings should be exempt from NY state tax.
2007-03-04 20:44:43 · answer #2 · answered by Uncle Pennybags 7 · 0⤊ 0⤋
Since NJ doesn't offer a tax deduction on 529 contributions to their in-state plan, it comes down to who you want managing your 529 plan. I've had mine in NY's Upromise plan because Vanguard is the custodian, and their rep as a low-cost manager has had me in their camp for a number of years.
Franklin-Templeton is also a good one, so I wouldn't knock them.
2007-03-05 09:53:30 · answer #3 · answered by CMass Stan 6 · 0⤊ 0⤋