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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 Mexico approved Section 529 college savings plan account from a non-New Mexico approved 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.

NOTE: You may only deduct contributions to a Section 529 plan established and approved by the New Mexico   Education Trust Board. See Brochure #6, New Mexico Income Tax and Your Education Trust (529) Plan, on the Department’s website.

 

 

 


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Article Details
Views: 1226 Created on: Jun 15, 2013
Date updated: Jan 07, 2019
Posted in: States, New Mexico

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