NM Form PIT-1

Residency:

Part-year resident. You are a New Mexico part-year resident if you were domiciled here during any part of the tax year, and you were not physically present in New Mexico for more than 185 days during the taxable year.  If you were physically present in New Mexico for 185 day or more, you are considered a resident for income tax purposes.

The following worksheets are available on the New Mexico Forms:

PIT-1:

- Tax on Lump-sum Distributions

PIT-ADJ:

- Credit For Taxes Paid to Other States

NM Form PIT-RC, NM Rebate and Credit Schedule

PIT-RC is automatically calculated from various information within the return.  Modified Adjusted Gross income is calculated from the Federal 1040.  Adjustments should be made directly on Form PIT-RC.

Section V - Child care credit is computed based on information contained on Federal Form 2441.

NM Form PIT-B, Allocation and Apportionment of Income Schedule

Use Form PIT-B to allocate and apportion income from sources both inside and outside New Mexico.

NM Form PIT-ADJ, Schedule of Additions and Deductions

Modifications to federal adjusted gross income are calculated on NM Form PIT-ADJ.

The following modifications are calculated from the federal return:

- Line 6, State and municipal bond interest

- Line 1, U.S. Interest

- Line 15, Net Capital Gains Deduction

- Line 12, Exemption for persons age 65 and over

- Line 11, Income of persons age 100 and over

Line 17: Medical Care Expenses for Persons Age 65 and Over

The exemption (PIT-ADJ) and credit (PIT-RC) for medical care expenses for persons age 65 or over are calculated from entries on Federal Schedule A, Itemized Deductions.

Estimated Tax:

New Mexico estimated tax will be computed based on a protective estimate.  The estimated tax can be adjusted as necessary by making entries directly on the estimate worksheet.

Estimated Tax Penalty:

To calculate an underpayment of estimated tax, Form RPD41272 must be added.  Crosslink doesn't automatically calculate the penalty.