529 College Savings Plan
Iona College is now offering full time employees the opportunity to enroll in a 529 College Savings Program through payroll deduction.
New York's 529 College Savings Program Direct Plan provides a flexible, convenient, and low-cost way to save for college. The Program features a wide range of investment choices, tax-free withdrawals when used for qualified higher education expenses, and contributions that are tax-deductible (up to certain limits) for New York State residents. The money from your account can be used to pay for tuition, fees, books, room and board, supplies, and other qualified higher education expenses at any eligible post-secondary school in the United States and abroad. This includes most colleges, universities, graduate schools, and vocational schools.
You can save for a child, grandchild, friend — or even yourself. New York State taxpayers can deduct up to $5,000 of contributions to their Program account ($10,000 for a married couple filing jointly) on their state income tax return each year. However, contributions are not deductible for federal income tax purposes.
Full time employees may contribute to their 529 Plan through Iona College direct deposit by completing a direct deposit form and submitting it to the Office for Human Resources.
For more information on the 529 Plan, and to enroll, please visit New York’s 529 College Savings Program website or call 1-800-420-8580.
You can further add to your 529 Plan by using UPromise rewards, where you get money back for college just by making your everyday purchases (grocery shopping, gas, eating out, etc.). Thousands of companies participate and offer members a discount of up to 10% on purchases, which can go directly to the 529 plan.