A Better Way to Pay for K-12 Education
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Use a 529 Account for K-12 Tuition and Get Tax Benefits, too!
For many families, paying for K-12 tuition at a private or parochial school is a challenge. A 529 account may help make K-12 tuition dollars go further with tax advantages and other benefits.
The Benefits of A 529 Plan with The Education Plan Include:
- Contributions are deductible from your New Mexico state taxable income each year.
- Earnings and withdrawals are not subject to federal taxes when used for qualified expenses.
- Robust gifting options allow friends and family to help, too.
- Flexible investment options.
- Open an account with just $1
- Use funds to pay for up to $10,000 a year in qualified K-12 tuition expenses.
What is a 529 Plan?
A 529 plan is a tax-advantaged education savings plan designed to make future education more affordable for families. The Education Plan® is a 529 education savings plan sponsored by New Mexico.
