That is correct. The $700 is not concrete but possible if you are in the highest NY bracket but can still save something. Depends on your NY tax status. For-the-record, the $10,000 NYS deduction is for “married filing jointly” and it is $5,000 for Single filers. It is NOT per child. Also...it MUST be a NY plan: either Vanguard for self directed or JPMorgan Chase is through an advisor!! No age limit so can be left in there for years or decades and changed beneficiary back to yourself if not needed. You can go to an accredited school like Rick Mears Racing school or change to an eventual grandchild.
***** Can put in money and take out (after 7 business days) and still get the NYS deduction. Therefore-do it right into child’s senior year!