Deduct contributions you made during the tax year to the New Mexico Education Trust Fund (New Mexico-approved Section 529 Plan) for each beneficiary under a college investment agreement or a prepaid tuition contract.

NOTE: You may only deduct contributions to a Section 529 Plan established and approved by the New Mexico Education Trust Board. For more information on the approved New Mexico Education Trust Fund, visit the plan's web site at www.tepnm.com or call 1-800-499-7581. Ask for the booklet "Education Matters".

A husband and wife who file separate returns may each claim half the deduction allowed on a joint return.

Contributions refunded when ending a college investment agreement or a prepaid tuition contract from the New Mexico Education Trust Fund. Contributions rolled-over to a non-New Mexico-approved Section 529 Plan.

Enter the amount of contributions refunded to you during the tax year if you ended an agreement or contract either as:

• an investor in a college investment agreement or
• as a purchaser of a prepaid tuition contract from the New Mexico Education Trust Board (New Mexico-approved Section 529 Plan).

Include amounts rolled-over into a Section 529 Plan that has not been approved by the New Mexico Education Trust Board. Do this only if you deducted Contributions to a New Mexico Education Trust Board Account, line 10, Schedule PIT-ADJ, on an earlier New Mexico personal income tax return. Do not include earnings refunded to the investor or purchaser, earnings rolled-over to a non-New Mexico-approved Section 529 Plan, or distributions to a beneficiary.

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