New Mexico Residents Receive An Unlimited Ohio 529 Tax Deduction
July 31st, 2008 | by admin |The annual Ohio 529 tax deduction benefit is available for parents and grandparents who are taxpayers in New Mexico and who make contributions to the section 529 plan on behalf of their child or grandchild. New Mexico residents receive an unlimited deduction amount. You must be a New Mexico resident to receive the deduction. The federal amount is $12,000 (or $24,000 for married joint filers) per year, per child. Simply stated, you can contribute up to $12,000 without incurring a federal gift tax. Any amount exceeding the 529 gift tax exclusion limit is considered a taxable gift and must be reported on your federal gift tax return.
