Two situations require you to file personal income tax returns in New Mexico: If you are required to file a federal tax return with the IRS and you are a New Mexico resident, you must file a state income tax return, and If you are required to file a federal income tax...
Please see the Personal Income Tax Instructions for definitions of a resident, nonresident ,first-year resident , part-year resident, and residency for military personnel.
The forms you need depend on two factors: your financial status and your residency category. Please see the Personal Income Tax Instructions for guidance
In certain circumstances, you may be eligible for a credit for taxes paid to another state. Generally, this credit is for New Mexico residents who earned wages in another state. For non-residents with income from New Mexico sources, a PIT-B Allocation and...
You are considered a New Mexico resident if you were present for 185 days or more. Section 7-2-2(S) NMSA 1978 You are therefore taxed on all your income like any other resident, but you may be able to take credit for taxes paid to another state. Refer to the...
Yes, but only for New Mexico state residents. The credit is based on the tax the other state imposes on the portion of gross income that is also included in New Mexico gross income. The credit may not exceed the New Mexico income tax liability, nor can it be more than...
Yes. Active duty income earned by active duty members of the armed forces is exempt from New Mexico’s personal income tax. File a PIT-1 resident tax return and use a PIT-ADJ schedule to deduct any military active duty pay.
Military personnel are subject to special residency rules. A person serving in the United States Armed Forces does not become a resident of New Mexico solely because he or she is present in New Mexico on military orders even when physically present in this state for...
Yes. A refundable tax credit has been added. It totals ten percent of the federal earned income tax credit for which a taxpayer is currently eligible. There is also an exemption for low-and middle-income taxpayers that is based upon adjusted gross income. To qualify...
Yes. Depending on income level, taxpayers 65 years of age or older may be eligible for a deduction from taxable income of up to $8,000 each. Low-income taxpayers may also qualify for a property tax rebate even if they rent their primary residence. Beginning with tax...