529 Annual Contribution Limits 2024 New York. Anyone can contribute, not just the account owner. “starting in 2024, the secure 2.0 act allows savers to roll unused 529 funds into the beneficiary’s roth ira without a tax penalty,” says lawrence sprung, author of financial.

Account owners can deduct up to $5,000 in plan contributions from new york state income taxes each year if single, and $10,000 if married filing jointly. Since each donor can contribute up to $18,000 per beneficiary, a married couple can.