Comptroller: college savings tax deadline looms

Posted at 9:18 AM, Dec 29, 2014

Time is running out for New Yorkers who hope to get a tax deduction by setting aside money in a college savings account.

Thomas DiNapoli is reminding residents that in order to claim the tax relief contributions to the state's 529 College Savings Program account must be made by Wednesday.

Taxpayers who make contributions are eligible for up to $10,000 in state tax deductions.

DiNapoli, whose office helps oversee the program, says college savings accounts are a smart way to save money for college. He says that since January, the program has paid out more than $142 million for college expenses.