Individual Income Tax
Form RPD-41071 Application for Refund
Form PIT-1 Personal Income Tax
Form PIT-X Personal Income Tax Amended Return
Corporate Income Tax
Form CIT-1 Corporate Income and Franchise Tax Return
Form S-Corp S Corporate Income and Franchise Tax Return
New Mexico Income Tax Forms: An In-Depth Guide
As the end of the year draws near, citizens of New Mexico are gearing up for tax season, which means it is time to start thinking about filing their state income tax returns. Starting from January 1st, taxpayers residing in New Mexico need to pay their state income tax on any amount earned from sources within the state. However, filing for taxes can be a daunting and confusing process, especially for first-time filers. In this article, we will discuss everything you need to know about New Mexico income tax forms, including updated information from government resources, so you can have a better understanding of the process.
Who Needs to File New Mexico Income Taxes?
Before we dive into the details of filing for taxes in New Mexico, let’s first understand who needs to file. If you are a resident of New Mexico for the full tax year (January 1st to December 31st), you are required to file state taxes if any of the following apply to you:
– You earned more than $5,500 in New Mexico during the year.
– You earned more than $2,500 in New Mexico and had income from other sources.
– You had a New Mexico tax liability for a previous year and want to report withholding or estimated tax payments for the current year.
Non-residents are also required to file taxes in the state if they earned more than $5,500 in New Mexico. However, the state does have agreements with some neighboring states to avoid double taxation. For example, residents of Texas, Colorado, Arizona, and Oklahoma who worked in New Mexico do not have to file state taxes in New Mexico.
Filing Options
When it comes to filing state income tax returns in New Mexico, taxpayers have two options: filing electronically or submitting a paper form. Electronic filing is the most convenient and fastest method, allowing taxpayers to get their refunds faster. The state offers a free e-file system that can be accessed through the New Mexico Taxation and Revenue website (www.tax.newmexico.gov). To use this system, you will need to register with a valid email address and create a username and password. Once registered, taxpayers can confirm their eligibility and submit their taxes online.
For those who want to file taxes manually, New Mexico income tax forms can be downloaded from the state’s tax website. Print and fill out the necessary forms and mail them to the address provided. However, if you decide to go this route, you need to remember that it will take longer to receive your refund because it must be manually processed.
Important Forms
There are several important forms that taxpayers need to be aware of when filing their New Mexico income tax returns. Here are some of the most important forms:
– PIT-1: New Mexico Personal Income Tax Declaration & Return – This form declares your taxable income and how much tax is owed. It covers all sources of income, including wages, interest, capital gains, and self-employment income.
– PIT-PV: New Mexico Personal Income Tax Payment Voucher – This form is used to make payments towards any taxes owed to the state.
– PIT-ADJ: New Mexico Personal Income Tax Adjustments and Credits – This form is used to report any deductions or credits that might reduce your taxable income or tax bill.
– PIT-CR: New Mexico Personal Income Tax Credits – This form is used to claim any tax credits you might be eligible for. Common credits include the Working Families Tax Credit and the Low-Income Comprehensive Tax Rebate.
To ensure that taxpayers report all their relevant income, the state also provides a schedule of additional forms. They include:
– PIT-D: New Mexico Supplemental Schedule for Business and Professionals – This form is used to report income and deductions for businesses and professionals operating in New Mexico.
– PIT-RC: New Mexico Retirement Income Exemption and Social Security Income Deduction Schedule – This form is used to report any retirement income and Social Security benefits exempt from taxation.
– PIT-1M: New Mexico Modified Income Tax Declaration & Return – This form is used by taxpayers who are amending their tax return to correct any errors or omissions from their original return.
Deadlines and Penalties
New Mexico tax returns are due by April 15th each year, which is the same deadline as the federal income tax return. However, the state does grant extensions upon request. Keep in mind that even if you get an extension to file, you still need to pay any taxes owed by April 15th to avoid penalties.
Failure to file or pay taxes on time can result in penalties. If you file after the deadline, you may incur a late filing penalty of 5% of the tax due per month, up to a maximum of 25%. Similarly, if you do not pay the tax owed by the deadline, you will be assessed a late payment penalty of 1% of the tax due per month, up to a maximum of 20%.
Conclusion
Filing for taxes can be a daunting task, but it doesn’t have to be. With a good understanding of the process and the right forms, taxpayers can quickly and correctly file their New Mexico income tax returns. Remember, the deadline for filing is April 15th, so be sure to give yourself plenty of time to gather all the necessary forms and submit your return. If you have any questions or concerns, feel free to contact the New Mexico Taxation and Revenue Department for assistance.
– You earned more than $2,500 in New Mexico and had income from other sources.
– You had a New Mexico tax liability for a previous year and want to report withholding or estimated tax payments for the current year.
– PIT-PV: New Mexico Personal Income Tax Payment Voucher – This form is used to make payments towards any taxes owed to the state.
– PIT-ADJ: New Mexico Personal Income Tax Adjustments and Credits – This form is used to report any deductions or credits that might reduce your taxable income or tax bill.
– PIT-CR: New Mexico Personal Income Tax Credits – This form is used to claim any tax credits you might be eligible for. Common credits include the Working Families Tax Credit and the Low-Income Comprehensive Tax Rebate.
– PIT-RC: New Mexico Retirement Income Exemption and Social Security Income Deduction Schedule – This form is used to report any retirement income and Social Security benefits exempt from taxation.
– PIT-1M: New Mexico Modified Income Tax Declaration & Return – This form is used by taxpayers who are amending their tax return to correct any errors or omissions from their original return.
