Purpose of Form IT-195

You must complete Form IT-195 and submit it with your return if you want to directly deposit all or a portion of your refund in up to three NYS 529 college savings accounts. There is no minimum deposit into the College Savings Program Direct Plan. The minimum deposit into the Advisor Guided College Savings Program is $25.

The NYS 529 account(s) must be in one of the following plans:

New York's 529 College Savings Program Direct Plan, or

New York's 529 Advisor Guided College Savings Program.

You cannot use Form IT-195 to authorize a direct deposit into another state's 529 plan.

You do not need to be the NYS 529 account owner to directly deposit all or a part of your refund into a NYS 529 account. However, if you are the account owner you may qualify for a New York State subtraction modification for the tax year in which your contribution is made.

You cannot change your election to contribute all or a portion of your refund into any NYS 529 account after you file your return.