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What is an estimated payment?

There is no penalty for underpayment of estimated personal income tax if:

  • You are a first-year resident;
  • Your tax liability (Net New Mexico income tax less total rebates and credits from Schedule RC shown on your return for the current year, less amounts withheld under the Withholding Tax Act) is less than $1,000. Do not subtract tax withheld according to the Oil and Gas Proceeds Withholding Tax, Sections 7-3A-1 through 7-3A-9 NMSA 1978, when determining your tax liability, or
  • You are a full-year New Mexico resident whose previous tax year was a 12-month tax year, and you owed zero tax for that tax return.

Persons with irregular or seasonal income, or who are farmers or ranchers should review the instructions for FormRPD-41272, Calculation of Estimated Personal Income Tax Underpayment Penalty

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