https://529s.com/state-plans/new-mexico-529-plan/

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New Mexico offers two 529 college savings plans, Scholar’s Edge and The Education Plan. New Mexico plans are collectively under the New Mexico 529 Program.

Scholar’s Edge

Scholar’s Edge is a traditional 529 plan that allows you to invest money today and reap tax benefits when you withdraw it to pay for qualified education expenses.

Type: Advisor. Please contact an advisor in your state for assistance.

Fund Family: OppenheimerFunds Inc.

Minimums: To get started you can deposit $250 or you can set up an automatic monthly plan or payroll deduction plan. With either of these alternative options, you can open account with as little as $25. Minimum subsequent contributions are $25.

Maximum Contributions: Currently, you can contribute to your New Mexico 529 plan until your account balance reaches $294,000. Of course, your total amount in the plan can be higher as your investments group. 529 plans typically increase the contribution limit over time, so you may be able to contribute more.

Tax Benefits: Good news for New Mexico residents – every dollar contributed to the plan can be deducted from your taxable income. You also get federal income tax benefits as you do not pay income tax on your earnings. Out-of-state participants still get the federal tax benefits.

Residency: Scholar’s Edge is open to all United States residents, not just those in New Mexico.

You can learn more about New Mexico’s 529 plan at the official website.

The Education Plan

The Education Plan is a traditional 529 plan that allows you to invest money today and reap tax benefits when you withdraw it to pay for qualified education expenses.

Type: Direct and advisor-sold. This 529 plan can be purchased directly or through a financial advisor.

Fund Family: OppenheimerFunds Inc.

Minimums: To get started you can deposit $250 or you can set up an automatic monthly plan or payroll deduction plan. With either of these alternative options, you can open account with as little as $25. Minimum subsequent contributions are $25.

Maximum Contributions: Currently, you can contribute to your New Mexico 529 plan until your account balance reaches $294,000. Of course, your total amount in the plan can be higher as your investments group. 529 plans typically increase the contribution limit over time, so you may be able to contribute more.

Tax Benefits: Good news for New Mexico residents – Every dollar contributed to the plan can be deducted from your taxable income. You also get federal income tax benefits as you do not pay income tax on your earnings. Out-of-state participants still get the federal tax benefits.

Residency: The Education Plan is open to all United States residents, not just those in New Mexico.

You can learn more about New Mexico’s 529 plan at the official website.