Santa Fe, NM, Feb. 24, 2021 (GLOBE NEWSWIRE) -- With tax season in full swing and Tax Day coming up on April 15, The Education Plan®—New Mexico’s 529 college savings plan—offers an easy investment option for tax-advantaged savings. 529 college savings plans can be used to pay for a loved one’s higher education expenses or your own.
“Whatever stage of life you may be in, there’s no better investment for the future than education – for a loved one or for yourself,” said Ted Miller, Executive Director of the Education Trust Board of New Mexico, the state agency that administers The Education Plan®. “529 plans can be opened with any amount and can be added to as you’re able, and every little bit adds up to alleviate the financial hardship and debt that can come with paying for higher education.”
The Education Plan® can be used at vocational or trade schools, professional schools, colleges and universities for qualifying expenses including tuition, housing, meal plans, books, supplies, computers and fees.
In addition to reducing student loan debt for beneficiaries, plans have a wide range of tax benefits:
- Contributions are tax-deductible on some state income tax returns.
- Earnings grow free of state and federal taxes.
- Withdrawals are tax-free when used to cover qualified education expenses.
“The Education Plan® is for everyone—whatever amount you can afford to invest,” added Miller. “Saving for future education costs is a positive step for you and your family. If you receive a tax refund, consider investing it in future education with a 529 college savings plan.”
To learn more about The Education Plan®, visit TheEducationPlan.com or call 1-877-337-5268.