You may directly deposit all or a portion of your refund in up to
three NYS 529 college savings accounts. The election to contribute all or a portion of
your refund into a NYS 529 account(s) cannot be changed once
your original return is filed.
There is no minimum deposit into the College Savings Program Direct Plan. The minimum deposit into the Advisor Guided College Savings Program is $25.
You do not need to be the NYS 529 account owner to directly deposit all or a part of your refund into a NYS 529 account. However, only the account owner can claim a NYS subtraction modification for the contribution.
Failure to enter all the information will result in the rejection of your NYS 529 college savings account direct deposit. In addition, if New York adjusts your overpayment to an amount less than calculated or if New York keeps all or part of your overpayment due to collection of a debt, your entire NYS 529 direct deposit request will be rejected. If your NYS 529 direct deposit is rejected, you will receive an adjusted refund with a written explanation of the adjustment.
If you would like more information on NYS 529 savings accounts, or if you do not know or cannot find the NYS 529 college savings account number(s), or if you are not sure which plan code to use, contact either: