Setup college saving plan (529) for your child/children from your state you reside.
https://529s.com/state-plans/
Using this site. SELECT STATE > Select your State and follow the respective link for designated state 529 plan.
Here are some examples of State of New York and New Jersey.
Some information about State of New York 529 Plan:
Type: Direct – this 529 plan can be purchased directly through the state.
Fund Family: The Vanguard Group®
Minimums: To get started you can deposit $25. Minimum subsequent contributions are $25, or you can set up a payroll deduction plan. With this option, contributions are only $15.
Maximum Contributions: Currently, you can contribute to your New York 529 plan until the combined account balance reaches $235,000 in all of your New York 529 plans. Of course, your total amount in the plan can be higher as your investments group. 529 plans typically increase the contribution limit over time, so you may be able to contribute more.
Tax Benefits: Good news for New York residents – by investing in your state’s 529 plan, you can deduct up to $5,000 on your state income taxes for single filer and $10,000 for married filers. You also get federal income tax benefits as you do not pay income tax on your earnings. Out-of-state participants still get the federal tax benefits.
Other Benefits: Through your New York’s 529 College Savings Program, you have the option to be a part of a reward program set up by Upromise®. By making purchases with your card, the reward program offers a percentage of purchases that convert into rewards points, and ultimately convert into account contributions.
Residency: New York’s 529 College Savings Program is open to all United States residents, not just those in New York.
You can learn more about this New York 529 plan at the “official website:” https://www.nysaves.org/
Some information about State of New Jersey 529 Plan:
NJBEST 529 College Savings Plan is a traditional NJ 529 plan that allows you to invest money today and reap tax benefits when you withdraw it to pay for qualified education expenses.
Type: Direct – this New Jersey 529 plan can be purchased directly from the state.
Minimums: To get started you can deposit $25.
Maximum Contributions: Currently, you can contribute to your New Jersey 529 plan until the aggregate balance reaches $305,000. Of course, your total amount in the plan can be higher as your investments group. 529 plans typically increase the contribution limit over time, so you may be able to contribute more.
Tax Benefits: In and out-of-state participants get the federal tax benefits.
Other Benefits: Students at New Jersey colleges can receive a tax-free scholarship with value that increases along with time and investments in the plan. Also, the first $25,000 in savings will be excluded from the criteria used to determine eligibility for financial aid awarded by the state.
Residency: NYBEST 529 is open to all United States residents, not just those in New Jersey.
You can learn more about this New York 529 plan at the “official website: https://www.njbest.com/