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MVD New Mexico
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  1. Individuals
  2. File Your Taxes Overview
  3. Estimated Payments

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Estimated Payments

Estimated Payments

Every individual who must file a New Mexico personal income tax return must pay estimated tax under Section 7-2-12.2 NMSA 1978. To make this calculation do not include tax withheld under the provisions of the Oil and Gas Withholding Tax Act (Sections 7-3A-1 through 7-3A-9 NMSA 1978).

Employees with W-2 income usually meet this requirement through withholding tax taken out and disclosed on their paystub each pay period by an employer. Withholding can be adjusted with an employer using a W-4. For more information on withholding taxes see, FYI-104, New Mexico Withholding Tax.

The withholding requirement for self-employed, retired, or individuals with investments can be met with quarterly estimated payments. Using the PIT-ES, Personal Income Tax Estimated Payment Voucher.

There are two ways to calculate the required annual payment.

It is the lesser of:

  • 90% of the tax on the current year’s return or, if no return is filed, 90% of the tax for the taxable year; OR
  • 100% of the tax on the prior year’s return, if you filed a return in New Mexico during the prior year for a full 12-month filer.

If the difference between the tax shown on the return and the total of estimated tax payments and withholding tax paid is more than $1,000 the Taxation and Revenue Department determines whether the required annual payment was made and computes an underpayment penalty. A lump sum estimated payment can be made on April 15 to avoid the underpayment penalty or timely installment estimated payments must be made each quarter,

For calendar-year filers who owe estimated tax payments, estimated tax payments are due by April 15, June 15, and September 15 of the tax year, and by January 15 of the following year. If a due date is a Saturday, Sunday, a State or national legal holiday, the payment is timely when the postmark bears the next business day’s date. Delivery by a private delivery service is timely if the date on the delivery service’s records is on or before the required mailing date.

For additional information, refer to FYI-320, Personal Income Tax Estimated Payments.

The PIT estimated payment vouchers and instructions are located below. They are not tax year specific and can be used for the current year. You can also choose to pay electronically using the Taxpayer Access Point (TAP). If you have an account, you can sign into your TAP account to make your estimated payment. If you do not have an account, navigate to the “Payments” tile and select “Make a Payment”. You will be asked to enter identifying information so your account can be located, the filing period, and for payment type select “Estimated Payment”.