A 529 college savings plan is a tax-advantaged account with high contribution limits designed to help you pay for college expenses. Money in a 529 college savings plan has tax advantages, is professionally managed, and may benefit from the power of compounded growth. You can choose from multiple investment options for your contributions to the 529 plan and start an account at any time, with no minimum contribution.
Saving with a 529 can be an important part of making college affordable. Combined with other sources, such as financial aid and loans, a savings plan can make dreams of college a reality.
It’s good to know that 529 savings generally do not affect your child’s ability to qualify for financial aid as the savings are treated as belonging to the account owner (such as a parent or grandparent) rather than the child.
The money you save in your 529 plan can be used for higher education expenses in New Mexico or at an out-of-state college.
It Pays to Live In New Mexico
Each state operates its 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.
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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