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Can you claim a deduction for money paid into a State of New Mexico Education Retirement Board retirement plan

Retired teacher receiving a retirement from the State of New Mexico Education Retirement Board. Have paid into the retirement plan during teaching career.

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DawnC0
Intuit Alumni

Can you claim a deduction for money paid into a State of New Mexico Education Retirement Board retirement plan

You can, but you would have to claim the deduction in the years you contributed to the plan.  New Mexico taxes retirement the same way that the IRS does, so there is no adjustment for your distributions on your New Mexico state return.  

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1 Reply
DawnC0
Intuit Alumni

Can you claim a deduction for money paid into a State of New Mexico Education Retirement Board retirement plan

You can, but you would have to claim the deduction in the years you contributed to the plan.  New Mexico taxes retirement the same way that the IRS does, so there is no adjustment for your distributions on your New Mexico state return.  

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