You can deduct contributions you made to a 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.
The New Mexico Education Trust Fund is an account in one of the New Mexico approved Section 529 college savings plans.
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 New Mexico Taxation and Revenue Department's website.