Taxpayers living in New Mexico can deduct contributions to New Mexico's 529 College Savings Program dollar for dollar from their state taxable income.
To enter the deductible portion of the contributions that were made in the Desktop program, from the main menu of the New Mexico, select:
- Deductions From Income
- Deduction for Contributions to NM Education Trust Account - Enter the deductible amount* of the contribution that the taxpayer and spouse, if applicable made to the plan.
Additional Information: