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Regular Contributor
Wada279
Posts: 66
Registered: 10-30-2008
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Account shows Upromise contribution

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11-07-2009 06:26 PM

The last quarter account I received for the college fund separated voluntary contributions and upromise contributions. prior to that you only saw one total figure. Now there are two separate figures then the two is combined into one.  I don't know ifthere are any tax implications as to why this changed, but i hope not. Usually the total amount is deductible on the NY state tax form. Any info from anyone?

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luntaos
Posts: 124
Registered: 09-05-2009
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Re: Account shows Upromise contribution

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11-08-2009 07:59 AM

Hmmmm, governments way of making sure that you report other income as well as contributions? I would like to know this as well......my first contribution is coming in December. I would like to know......so, I can stop the contribution before it happens.
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Wada279
Posts: 66
Registered: 10-30-2008
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Re: Account shows Upromise contribution

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11-09-2009 03:02 PM

I am sure the contribution is not counted as income... it can't since it is a return or reduced

discount for items you have paid for.I was only concerned about being able to deduct the contributions  on the state income  tax form which is permitted by some states.I think I am answering my own question, the key being it is a return of your own money or a reduced price for an item.

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