NM 529 Contributions

Forum|Forum|5 years ago
April 6, 2021
1 reply
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New Mexico allows for the deduction of 529 contributions on the state return. Where do I enter those contributions? The only thing is see is a section titled Education Trust Fund Contributions.

ErnieS0

Enter your 529 contributions under Education Trust Fund Contributions. The Education Trust Board is the governing body for New Mexico’s 529 college savings programs.

If you live in New Mexico, you can deduct contributions to New Mexico's 529 College Savings Program dollar for dollar off of your state taxable income. New Mexico is one of only four states to offer an unlimited deduction to its residents.

Related Resource:

What is a 529 College Savings Plan?

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toeneil

Thank you so much for the information! I appreciate it. Unfortunately, since I didn’t know I could do this until recently, I have never deducted any of my contributions over the last 10 years. do you know if I can still deduct them? if I can, is there a limit to the number of years I can go back here in New Mexico?

thanks again!