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NY comptroller touts timely 529 plan contribution

By WKTV News

Story Created: Dec 14, 2012 at 3:11 PM EDT

Story Updated: Dec 14, 2012 at 3:12 PM EDT

ALBANY, N.Y. (AP) - New York state Comptroller Thomas DiNapoli is encouraging parents saving for college to contribute to a 529 plan before the end of the year.

DiNapoli says residents can deduct annual contributions to New York's 529 College Savings Plan on their 2012 return if they are made by Dec. 31.

So-called 529 plans take their name from section 529 of the Internal Revenue Service code, which authorized the creation of tax-advantaged plans in 1996.

Students can use the money for expenses including tuition, fees, books and supplies.

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