529b loophole for NYS

Water Cooler
#1

Question for all FAs out there (or anyone else who might know).

Is it true that i can open 529 in my name, contribute 10k (for joint account), get 10k state tax deducation for this year, and then withdraw money 10 days later to pay for college for myself? Sounds too good to be true

#2

That does’t sound that unlikely. I know in PA, the contribution is deductible for state tax purposes and I’m not aware of a minimum 'holding period".