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...
Yes. The state’s low-income comprehensive tax rebate is for resident filers with modified gross incomes of $22,000 or less (for tax year 2000 and later) who also meet other qualifications. “Modified gross income” is a calculation unique to New Mexico. It means -- for...
Generally, four equal installments of the required annual payment are due on April 15, June 15, September 15, and January Q. If any of these installments are underpaid or late, penalty is computed daily at the quarterly rate on the amount underpaid or paid late....
Take the deduction on the PIT-1 form. Check the PIT-1 line instructions for changes in line numbers in any given year. back to list
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...
Any taxpayer who files a New Mexico PIT-1 income tax return, including out-of-state residents with income tax responsibility to New Mexico, may claim the deduction. You may claim qualified expenses for medical care for yourself, your spouse or your dependent. See...
Personal Income Tax New Mexico does not have a form equivalent to the federal Form W-Q. For New Mexico withholding tax you should use a federal W-4 and write across the top of that form: "For New Mexico Withholding Tax Only." Wage Withholding Tax New Mexico does not...
Please contact your employer for a copy of your W-Q. If you cannot locate your employer, you may be able to get the information from your last pay stub for the year. If neither is available, you would have to estimate your wages and withholding on a Substitute W-2...
Each return is sorted and processed individually. We receive thousands of returns daily. Even if they were mailed on the same day, the processing times may vary. Before checking on the status of your refund, please allow eight weeks if you filed prior to March 15 or...
A signed authorization form ACD-31102 Tax Information Authorization Tax Disclosure making you the authorized representative is required to release any information about someone else’s refund. Only in the case of a married filing jointly return may we release...