Back To School & Your FinancesSubmitted by Financial Asset Management Corporation on September 12th, 2018
As September rolls around and school begins, no matter what age you are, it always feels like it is the beginning of a new year. It’s also a good time to review your finances and make any changes before the end of the year. Here are a few year-end things to consider:
• College Planning – Make sure to fund your 529 plan before year end. You can deduct up to $10,000 if married or $5,000 if single on your New York State tax return. Even if you will need the money to pay college tuition in January, you can fund the 529 plan, get the deduction, and then withdraw it to pay the tuition. Make sure you are funding the New York plan at NYSAVES.ORG. Go to NYSAVES.org to get started.