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EyesGlazed writes (in part):

[W]hat the tax consequences would be to me and to my cousin [if I contributed to a 529 plan]?

I reply:

The only possible federal tax consequences are spelled out in JAFO's post. However, I believe that New York may give some state tax benefit to residents who contribute to the New York 529 plan. You'll want to investigate that question. If no one knowledgeable answers it here, try the Tax Strategies Board. --Bob
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