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.

Deluxe Edition

Includes All Free Features PLUS:

Audit Assist

Protect your taxes with Audit Assist!

Our tax professionals will assist you if you are audited by the IRS. Get the peace of mind that comes from knowing you are covered.

Included with DELUXE...
Find out More!

Free Edition

FREE Federal, FREE e-file

Our online application is designed to be simple and fast. Most returns can be completed within 30 minutes. No software to download. Use any computer that has an internet connection.

© 2002-2015 FreeTaxUSA, a TaxHawk, Inc. owned and operated website - Terms of Use