Show Subnavigation

How is estimated personal income tax underpayment penalty computed?

Determine your “required annual payment.” The required annual payment for tax year 2010 is the lesser of:

  • 90% of the current year, or the 2010 tax liability, or
  • 100% of the previous year, or the 2009 tax liability.

For purposes of determining the required annual payment, tax liability equals the Net New Mexico Personal Income Tax due on the return less New Mexico rebates and credits. You may not subtract estimated payments and income tax withheld from Net New Mexico Personal Income Tax in this calculation.

back to list
View Our Most Popular Pages & Services
Latest News:
Governor Susana Martinez

Governor Susana Martinez

Learn more about governor Martinez
Secretary Demesia Padilla

Secretary Demesia Padilla,CPA

Learn more about secretary Padilla

Online Services

Find an Online Service to Serve Your Needs

Taxation and Revenue New Mexico

1100 South St. Francis Drive
Santa Fe, NM 87504
(505) 827-0700

TRD Home          Privacy & Security          Site Policies          Accessibility/Non-Discrimination Statement          
About Us          Contact Us      Site MapLink to New Mexico Tax and Revenue Facebook Page

call us E-Mail Contact Us