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.
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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!
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/
I'm finally trying to do this on my 2024 return. I never saw an option that said "Education Trust Fund Contributions" while doing my state return in Turbo Tax so that I can deduct my 529 contributions. Can you point me to that? It's frustrating how Turbo Tax makes this next to impossible. Why isn't it a question we are asked on our state return like all of the other questions? Thank you!
There is not a good way to point you in the right direction for this one. The question is one in a long series of questions that you will see as you go through the New Mexico return from the beginning, but there is not a way to get to it directly.
For reference, here is a screenshot of what to look for:
Thank you so much. I did go through the entire NM state process last night, but don't recall ever seeing that. I will try again tonight.
I was able to find it, thank you. I do wish Turbo Tax would describe it better in the wizard though. They should say something like "Did you contribute to a NM 529 College Savings account in 2024?".