New Mexico 529 College Savings Plan

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New Mexico 529 College Savings Plan

The Education Plan® of New Mexico

New Mexico's 529 College Savings Plan is administered by OFI Private Investments Inc., which is a subsidiary of OppenheimerFunds, Inc. The earnings from funds invested in an account set up with The Education Plan® will grow federal and state tax deferred and as long as the funds are used for approved educational expenses (tuition, fees, books, supplies, room, board, etc.) the disbursements will also be federal and state tax free. New Mexico taxpayers may also deduct contributions from their taxable income (certain restrictions apply).

New Mexico makes it easy to open an account. All you need is $25 if you set up for automatic contributions or by making an initial investment of $250. You can open an account online or mail in the application. Once started, you can maintain your investments online. There are several investment choices available, including aged based portfolios which move the funds from 100% equities when the beneficiary is young to more conservative investments as college age is approached and Custom Choice Approach Portfolios, where you can choose the portfolio you want and they do not change automatically over time. You need to make any desired changes manually.

You should also check with a financial advisor and tax advisor to see if a 529 investment is right for you.

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