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New Mexico Deduction for Contributions to a New Mexico-approved Section 529 College Savings Plan

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New Mexico Deduction for Contributions to a New Mexico-approved Section 529 College Savings Plan

Answer

Deduction for contributions to a New Mexico-approved Section 529 college savings plan

The New Mexico Education Trust Fund is an account in one of the New Mexico-approved Section 529 college savings plans.

You can deduct contributions you made to the fund during the tax year for each beneficiary. Contributions include the principal and earnings of amounts rolled over to a New Mexicoapproved Section 529 college savings plan account from a non-New Mexicoapproved Section 529 college savings plan.

A taxpayer and spouse who file separate returns (filing status is married filing separately) may each claim one-half of the deduction allowed on a joint return.

 

 

 


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Article Details
Views: 1363 Created on: Jun 15, 2013
Date updated: Jan 10, 2020
Posted in: States, New Mexico

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