Form Cit-1 - New Mexico Corporate Income And Franchise Tax Return - 2014 Page 2
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1
22014 CIT-1
*146090200*
(page 2)
NEW MEXICO CORPORATE INCOME AND FRANCHISE TAX RETURN
Federal Employer Identification Number (FEIN)
1. Taxable income before federal NOL and special deductions (from federal Form 1120) ..................................
1
1a
1a. If federal taxable income is negative, enter the federal NOL incurred..
2
2. Interest income from municipal bonds, excluding New Mexico bonds .............................................................
3
3. Federal special deductions (from federal Form 1120). Enter only a positive number. ......................................
4
4. New Mexico base income. Add lines 1 and 2, and then subtract line 3 ............................................................
5
5. New Mexico NOL carryover. Attach schedule...................................................................................................
6
6.
Interest from U.S. government obligations or federally taxed New Mexico bonds ..........................................
7
7. Subtotal. Subtract the sum of lines 5 and 6 from line 4 .....................................................................................
8
8. Deduction for foreign dividends from CIT-D, line 5 ...........................................................................................
9
9. New Mexico net taxable income. Subtract line 8 from line 7 ............................................................................
10
10. Income tax computation. Tax on the amount on line 9. See tax table on page 9 of instructions .....................
_ _ _ . _ _ _ _
%
11
11. New Mexico percentage. Enter 100% OR percentage from CIT-C, line 5 .......................................................
12
12. New Mexico income tax. Multiply line 10 by the percentage on line 11 ............................................................
13
13. Total tax credits applied against the income tax liability on line 12 (from CIT-CR, line A). Attach CIT-CR ....
14
14. Net income tax. Subtract line 13 from line 12. Amount cannot be negative .....................................................
15
15. Franchise tax ($50 per corporation) ..................................................................................................................
16
16. Total income and franchise tax. Add lines 14 and 15... .....................................................................................
17. Amended Returns Only. Enter amount of all 2014 refunds received or overpayments applied to 2015.
17
Also see instructions for line 19. ........................................................................................................................
18
18. Subtotal. Add lines 16 and 17. ............................................................................................................................
19
19. Total Payments: Quarterly Extension Applied from prior year ........................................
Mark this box if you wish to use method 4 to calculate penalty and interest on underpayment of
19a
estimated tax. See instructions, attach RPD-41287. ............................................................................
20
20. New Mexico income tax withheld from oil and gas proceeds. Attach Forms 1099-Misc or RPD-41285 ......
21
21. New Mexico income tax withheld from a pass-through entity. Attach Forms 1099-Misc or RPD-41359 .....
22
22. Total payments and tax withheld. Add lines 19 through 21 ...............................................................................
23
23. Tax due. If line 18 is greater than line 22, subtract line 22 from line 18. ...........................................................
24
24. Penalty. See CIT-1 Instructions .........................................................................................................................
25
25. Interest. See CIT-1 Instructions .........................................................................................................................
26
26. Total amount due. Add lines 23, 24, and 25 ......................................................................................................
27
27. Overpayment. If line 22 is greater than line 18, enter the difference...................................................................
27a
27a. Amount of overpayment to be applied to 2015 liability (not more than line 27) .......................................
27b
27b. Amount of overpayment to be refunded. Subtract line 27a from line 27 ..................................................
28. Refundable part of film production and renewable energy production tax credits claimed
28
(from CIT-CR, line B). Attach CIT-CR ..................................................................................................................
29
29. Total refund of overpaid tax and refundable credit due to you. Add lines 27b and 28 ......................................
Paid preparer's use only:
Taxpayer's signature
I declare that I have examined this return, including accompanying schedules and statements, and
to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer
(other than taxpayer or an employee of the taxpayer) is based on all information of which preparer
Signature of preparer if other than employee of the taxpayer
Date
has any knowledge.
NM CRS identification number
P1
____________________________
Signature of officer
Date
FEIN
P2
______________________ _
Preparer's PTIN
_____________________
P3
Title
Contact phone number
Preparer's phone number
____________________________
P4
Taxpayer's email address
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