Which contributions to a New Mexico approved Section 529 college savings plan can be deducted?
Deduct the sum of contributions you made during the tax year to your New Mexico approved Section 529 college savings plan(s). You may also deduct the principal and earnings portion of amounts rolled over to a New Mexico approved Section 529 college savings plan account from a Section 529 college savings plan that is not approved by New Mexico.
NOTE: You may only deduct contributions to a Section 529 Plan established and approved by the New Mexico Education Trust Board. See the Bulletin on New Mexico Income Tax and Your Education Trust (529) Plan, from the Department's website.
A husband and wife who file separate returns may each claim half the deduction allowed on a joint return.