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Generally, a fiduciary must file an income tax return if it is a resident trust or estate that generates income, or a non-resident trust or estate that generates income from New Mexico sources.<\/p>\n
Every fiduciary who must file a federal Fiduciary Income Tax Return (federal Form 1041) also files a\u00a0<\/span>FID-1, New Mexico Fiduciary Income Tax Return<\/a>. The exception is a fiduciary of a grantor trust that must file federal Form 1041 under federal regulation 1.671-4(a).<\/p>\n The fiduciary must file a tax return if:<\/p>\n An estate is a New Mexico estate if the decedent was domiciled in New Mexico. A trust is domiciled in New Mexico if the trustee is a resident of New Mexico or if the principal place from which the trust is managed or administered is in New Mexico.<\/p>\n Generally, grantor trusts do not file form FID-1. If, however, a grantor trust becomes irrevocable upon the grantor’s death, it must file form FID-1.<\/p>\n The income tax rate for estates and trusts is graduated according to taxable income. The tax rates for each income level range from 1.7% for income not over $5,500, to 4.9% for income in excess of $16,000.<\/p>\n We deposit fiduciary taxes to the Tax Administration Suspense Fund, and after refunds, rebates and credits are paid, they are distributed like other personal income taxes.<\/p>\n New Mexico Taxation and Revenue Department For assistance, call (505) 827-0825. Manage your account online<\/a>\n
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Contact Information<\/h3>\n
Corporate Income Tax-Correspondence
P.O. Box 25127
Santa Fe, NM 87504-5127<\/p>\n
Or for tax return help, email us at\u00a0CIT.TaxReturnHelp@state.nm.us<\/a>.<\/p>\nLinks<\/h3>\n
All Forms & Publications<\/a>
Statutory Reference: Look for\u00a0Article 7, Section 2 NMSA 1978<\/a><\/p>\nFiduciary Income Tax Forms and Documents<\/h3>\n