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May 18, 2020
Question

Where do I enter 529 education plan contributions information in Turbo Tax for New Mexico?

  • May 18, 2020
  • 1 reply
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1 reply

Hal_Al
Employee
May 18, 2020

There is no federal deduction for making a contribution to a 529 plan. Some states allow a deduction on the state return. If your state is one*, it will come up in the state interview; usually in the "Here's how (your state) handles income differently" section.

The tax break comes in the future, when you take the money out to pay for education.  All earnings (interest, dividends and capital gains) over the years is tax free if the distribution is used to pay for education, including room & board.

 

*Only NM's "Scholars Edge" plan is eligible for a tax deduction. 

For a list, see:

http://www.savingforcollege.com/compare_529_plans/index.php?page=compare_plan_questions&plan_question_ids[]=437&order_by=plan_question_437

January 14, 2022

Where will I input contributions to the scholars edge plans for New Mexico

Hal_Al
Employee
January 14, 2022

It will come up in the state interview; usually in the "Here's how (your state) handles income differently" section.

 

I you need a more specific answer, post a new question (rather than tagging on to an old thread) and include NM in the "subject".