Empowering Families to Save for Future Education with a 529 Plan
The Education Trust Board is the governing body for New Mexico’s 529 education savings programs. Members are appointed by the Governor, Senate Pro Tem, and Speaker of the House of Representatives. The board is responsible for making rules and regulations for the development and implementation of the Education Trust Act.
Empowering Families to Save for Future Education with a 529 Plan
The Education Trust Board is the governing body for New Mexico’s 529 education savings programs. Members are appointed by the Governor, Senate Pro Tem, and Speaker of the House of Representatives. The board is responsible for making rules and regulations for the development and implementation of the Education Trust Act.
What is a 529 Savings Plan?
A 529 education savings plan is a tax-advantaged account designed to help pay for future education expenses. Money in a 529 education savings plan has tax advantages, is professionally managed, and may benefit from the power of compounded growth. You can choose from multiple investment options, including year of enrollment, for your contributions to the 529 plan and open an account at any time.
Saving with a 529 can be a helpful and important part of making future education, such as college, affordable.
The money you save in your 529 plan can be used for education expenses in-state or out-of-state for college, K-12 tuition, apprenticeship expenses and more.
What is a
529 plan?
A 529 education savings plan is a tax-advantaged account designed to help pay for future education expenses. Money in a 529 education savings plan has tax advantages, is professionally managed, and may benefit from the power of compounded growth. You can choose from multiple investment options, including year of enrollment, for your contributions to the 529 plan and open an account at any time.
Saving with a 529 can be a helpful and important part of making future education, such as college, affordable.
The money you save in your 529 plan can be used for education expenses in-state or out-of-state for college, K-12 tuition, apprenticeship expenses and more.
It Pays to Live
In New Mexico
Most states offer a 529 plan. While you don’t need to live in the state or even go to college in-state to invest in New Mexico’s 529 plans and enjoy federal tax benefits, New Mexico residents are eligible for state tax benefits when contributing to an account in The Education Plan or Scholar’s Edge.
If you live in New Mexico, you can deduct contributions to New Mexico’s 529 Education Savings Program from your state taxable income. New Mexico is one of a few states to offer a deduction to its residents that is not capped.
It Pays to Live In New Mexico
Most states operate their own 529 plan. While you don’t need to live in the state or even go to college in-state to invest in New Mexico’s 529 plans and enjoy federal tax benefits, residents enjoy some additional state tax benefits when contributing to an account in The Education Plan or Scholar’s Edge.
If you live in New Mexico, you can deduct contributions to New Mexico’s 529 Education Savings Program from your state taxable income. New Mexico is one of a few states to offer an unlimited deduction to its residents.
529 Scholarships for New Mexico Students
Where can I find more info
about 529 Plans?
The Education Plan’s 529 Learning Center offers families tips on saving for future education and college, strategies for maximizing your account and much more.
