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

[Hal_Al]

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_questio...

[corralp1]

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

[Hal_Al]

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".