{"id":1156,"date":"2020-10-21T11:33:45","date_gmt":"2020-10-21T17:33:45","guid":{"rendered":"https:\/\/www.tax.newmexico.gov\/individuals\/?page_id=1156"},"modified":"2025-05-29T10:48:42","modified_gmt":"2025-05-29T16:48:42","slug":"estimated-payments","status":"publish","type":"page","link":"https:\/\/www.tax.newmexico.gov\/individuals\/file-your-taxes-overview\/estimated-payments\/","title":{"rendered":"Estimated Payments"},"content":{"rendered":"<p>[et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.16&#8243; _module_preset=&#8221;default&#8221; background_repeat=&#8221;round&#8221; custom_margin=&#8221;0px||||false|false&#8221; custom_padding=&#8221;0px||0px|||&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_row _builder_version=&#8221;4.16&#8243; _module_preset=&#8221;default&#8221; use_background_color_gradient=&#8221;on&#8221; background_color_gradient_stops=&#8221;#ffffff 0%|#dedede  100%&#8221; background_color_gradient_start=&#8221;#ffffff&#8221; background_color_gradient_end=&#8221;#dedede &#8221; width_last_edited=&#8221;off|desktop&#8221; custom_margin=&#8221;0px||||false|false&#8221; custom_padding=&#8221;4px||4px||true|false&#8221; background_color_gradient_stops_tablet=&#8221;#ffffff 0%|#dedede  100%&#8221; background_color_gradient_stops_phone=&#8221;#ffffff 0%|#dedede  100%&#8221; border_width_all=&#8221;1px&#8221; border_color_all=&#8221;#c9c9c9&#8243; global_module=&#8221;210&#8243; saved_tabs=&#8221;all&#8221; locked=&#8221;off&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.16&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_dmb_breadcrumbs font_icon=&#8221;%%20%%&#8221; home_icon=&#8221;%%236%%&#8221; use_home_text=&#8221;on&#8221; home_text=&#8221;Individuals&#8221; use_home_url=&#8221;on&#8221; home_url=&#8221;\/individuals\/individuals\/&#8221; _builder_version=&#8221;4.16&#8243; _module_preset=&#8221;default&#8221; body_text_color=&#8221;#282728&#8243; separator_text_color=&#8221;#282728&#8243; link_text_color=&#8221;#000000&#8243; custom_padding=&#8221;0px||0px|15px|false|false&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_dmb_breadcrumbs][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; specialty=&#8221;on&#8221; padding_top_bottom_link_2=&#8221;false&#8221; _builder_version=&#8221;4.16&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;1_4&#8243; _builder_version=&#8221;4.16&#8243; custom_padding=&#8221;|||&#8221; global_colors_info=&#8221;{}&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_blurb title=&#8221;Explore Section &#038; Events&#8221; use_icon=&#8221;on&#8221; font_icon=&#8221;&#xe044;||divi||400&#8243; _builder_version=&#8221;4.16&#8243; _module_preset=&#8221;7b5e95ba-231a-438c-8dd9-6676746c29e6&#8243; link_option_url_new_window=&#8221;on&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_blurb][et_pb_sidebar area=&#8221;et_pb_widget_area_2&#8243; _builder_version=&#8221;4.16&#8243; _module_preset=&#8221;50d7f88b-470d-49c8-b370-96c4a9bca4df&#8221; saved_tabs=&#8221;all&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_sidebar][\/et_pb_column][et_pb_column type=&#8221;3_4&#8243; specialty_columns=&#8221;3&#8243; _builder_version=&#8221;4.16&#8243; custom_padding=&#8221;|||&#8221; global_colors_info=&#8221;{}&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_row_inner _builder_version=&#8221;4.16&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;#ffffff&#8221; custom_padding=&#8221;|20px||20px|false|false&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column_inner saved_specialty_column_type=&#8221;3_4&#8243; _builder_version=&#8221;4.16&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_post_title meta=&#8221;off&#8221; _builder_version=&#8221;4.16&#8243; _module_preset=&#8221;default&#8221; title_font=&#8221;|300|||||||&#8221; title_font_size=&#8221;50px&#8221; title_letter_spacing=&#8221;-3px&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_post_title][et_pb_text _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;default&#8221; hover_enabled=&#8221;0&#8243; global_colors_info=&#8221;{}&#8221; sticky_enabled=&#8221;0&#8243;]<\/p>\n<h2><strong>Estimated Payments<\/strong><\/h2>\n<p>Every individual who must file a New Mexico personal income tax return must pay estimated tax under <strong><a href=\"https:\/\/nmonesource.com\/nmos\/nmsa\/en\/item\/4340\/index.do#7-2-12.2\" target=\"_blank\" rel=\"noopener\">Section 7-2-12.2 NMSA 1978<\/a><\/strong>. To make this calculation do not include tax withheld under the provisions of the Oil and Gas Withholding Tax Act (Sections 7-3A-1 through 7-3A-9 NMSA 1978).<\/p>\n<p>Employees with W-2 income usually meet this requirement through withholding tax taken out and disclosed on their paystub each pay period by an employer. Withholding can be adjusted with an employer using a W-4. For more information on withholding taxes see, <strong><a href=\"https:\/\/realfile.tax.newmexico.gov\/FYI-104.pdf\" target=\"_blank\" rel=\"noopener\" title=\"FYI-104, New Mexico Withholding Tax Act \">FYI-104, <em>New Mexico Withholding Tax.<\/em><\/a><\/strong><\/p>\n<p>The withholding requirement for self-employed, retired, or individuals with investments can be met with quarterly estimated payments. Using the PIT-ES, <em>Personal Income Tax Estimated Payment Voucher.<\/em><\/p>\n<p>There are two ways to calculate the required annual payment.<\/p>\n<p>It is the lesser of:<\/p>\n<ul>\n<li>90% of the tax on the current year\u2019s return or, if no return is filed, 90% of the tax for the taxable year; <strong>OR<\/strong><\/li>\n<li>100% of the tax on the prior year\u2019s return, if you filed a return in New Mexico during the prior year for a full 12-month filer.<\/li>\n<\/ul>\n<p>If the difference between the tax shown on the return and the total of estimated tax payments and withholding tax paid is more than $1,000 the Taxation and Revenue Department determines whether the required annual payment was made and computes an underpayment penalty. A lump sum estimated payment can be made on April 15 to avoid the underpayment penalty or timely installment estimated payments must be made each quarter,<\/p>\n<p>For calendar-year filers who owe estimated tax payments, estimated tax payments are due by April 15, June 15, and September 15 of the tax year, and by January 15 of the following year. If a due date is a Saturday, Sunday, a State or national legal holiday, the payment is timely when the postmark bears the next business day\u2019s date. Delivery by a private delivery service is timely if the date on the delivery service\u2019s records is on or before the required mailing date.<\/p>\n<p>For additional information, refer to <strong><a href=\"https:\/\/realfile.tax.newmexico.gov\/FYI-320.pdf\" target=\"_blank\" rel=\"noopener\"><em>FYI-320, Personal Income Tax Estimated Payments<\/em><\/a><\/strong>.<\/p>\n<p>The PIT estimated payment vouchers and instructions are located below. They are not tax year specific and can be used for the current year. You can also choose to pay electronically using the <strong><a href=\"https:\/\/tap.state.nm.us\/Tap\/_\/\" target=\"_blank\" rel=\"noopener\">Taxpayer Access Point (TAP)<\/a><\/strong>. If you have an account, you can sign into your TAP account to make your estimated payment. If you do not have an account, navigate to the \u201cPayments\u201d tile and select \u201cMake a Payment\u201d. You will be asked to enter identifying information so your account can be located, the filing period, and for payment type select \u201cEstimated Payment\u201d.<\/p>\n<p>&nbsp;<\/p>\n<p>[\/et_pb_text][et_pb_code _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<div class=\"rf-table\" data-public=1 data-account-guid=\"34821a9573ca43e7b06dfad20f5183fd\" data-folder-id=\"0395a6cc-6e71-4f58-93d9-bcdbf42aed9a\"><\/div>\n<p>[\/et_pb_code][\/et_pb_column_inner][\/et_pb_row_inner][\/et_pb_column][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Estimated Payments Every individual who must file a New Mexico personal income tax return must pay estimated tax under Section 7-2-12.2 NMSA 1978. To make this calculation do not include tax withheld under the provisions of the Oil and Gas Withholding Tax Act (Sections 7-3A-1 through 7-3A-9 NMSA 1978). Employees with W-2 income usually meet [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":1121,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"class_list":["post-1156","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Estimated Payments : Individuals<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.tax.newmexico.gov\/individuals\/file-your-taxes-overview\/estimated-payments\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Estimated Payments : Individuals\" \/>\n<meta property=\"og:description\" content=\"Estimated Payments Every individual who must file a New Mexico personal income tax return must pay estimated tax under Section 7-2-12.2 NMSA 1978. 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