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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

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Deduction for Contributions to a New Mexico-approved Section 529 College Savings Plan.Contributions Refunded When Closing a New Mexico-approved Section 529 College Savings Plan Account; Certain Contributions Rolled Out of a New Mexico-approved Section 529 College Savings Plan Account

Enter the amount of contributions refunded to you during the tax year from the New Mexico Education Trust Fund (from one of the New Mexico-approved Section 529 college savings plans) if you closed a New Mexico-approved Section 529 college savings plan account, and enter contributions rolled-over from a New Mexico-approved Section 529 college savings plan account to a non-New Mexico-approved Section 529 college savings plan account.

Do this only if you deducted the Contributions to a New Mexico-approved Section 529 Plan on Schedule PIT-ADJ of an earlier New Mexico personal income tax return. Do not include earnings refunded to the investor, earnings rolled-over from a New Mexico-approved Section 529 college savings plan account to a non-New Mexico-approved Section 529 college savings plan, or qualified distributions from the account. See the bulletin on New Mexico Income Tax and Your Education Trust (529) Plan, from the Department's web page.


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Views: 696 Created on: Jun 15, 2013
Date updated: Aug 14, 2015
Posted in: STATES, New Mexico

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