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Question

NM 529 Contributions

Forum|Forum|5 years ago
April 6, 2021
1 reply
0 views

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.

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?

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

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!

Employee

Q. do you know if I can still deduct them?

A. Yes, by filing an amended state tax return.

Q. if I can, is there a limit to the number of years I can go back here in New Mexico?

A. Yes. A refund must be claimed three years from the due date of the original tax year return, including valid filing extensions.

Reference: https://www.efile.com/how-to-amend-new-mexico-state-income-tax-return-form/