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College Savings Tax Deadline Draws Near

npr.org

The State Comptroller reminds parents of college students that there's a deadline coming to get a tax deduction for money saved to send the kids to a New York school.

Contributions to the state's 529 College Savings program must be deposited by Wednesday, December 31, for use in 2015.

John Burdick, the Vice Provost and Dean of College Admissions at the University of Rochester, says saving for college makes great sense any time - and there are many plans to choose from. "I think everybody who's working with any kind of financial planner would find there's at least a few more details to review about your investment options and what's best for you."

Comptroller Tom DiNapoli says you could be eligible for a maximum of 10-thousand dollars in state tax deductions.

Burdick says it's one of many sound savings programs. "I think it's been one that has taken some time to research and produce, so it's likely to have some very good investment choices and investment benefits attached to it. It is designed for New Yorkers who are going to be attending New York college."

Burdick says in general, it's always a good idea to save for college, and the 529 plan does offer tax deductions.

NY's 529 College Savings Program