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Form 1040 - New Mexico Income Tax Energy Rebate Can Now Be Reported On Irs - Taxation And Revenue Department

DIVISIONS

STATE OF NEW MEXICO

Office of the Secretary

Taxation and Revenue Department

(505) 827-0341

Administrative Services

(505) 827-0369

An Equal Opportunity Employer

Audit and Compliance

(505) 827-0900

Motor Vehicle

(505) 827-2296

Property Tax

(505) 827-0870

Revenue Processing

(505) 827-0800

Tax Fraud Investigations

FOR IMMEDIATE RELEASE

Bill Richardson

(505) 841-6544

March 3, 2006

Governor

Jan Goodwin

Secretary

CONTACT: David Harwell (505) 827-0313

New Mexico Income Tax Energy Rebate Can Now Be Reported On IRS ‘Short Form”

SANTA FE – In order to make it easier for residents of New Mexico to report the “Income Tax Energy

Rebate” check amounts on their 2005 federal income tax returns, the Internal Revenue Service today adjusted

its tax return procedures to allow the rebate to be reported on the short-form federal tax returns.

Jan Goodwin, secretary of the state Taxation and Revenue Department was pleased with the IRS decision.

“New Mexico taxpayers will have an easier time listing their energy tax rebate checks on federal filing forms.

The IRS moved quickly to address our concerns.”

Taxpayers who would normally use a short-form IRS Form 1040EZ or Form 1040A may now report the rebate

on either of these forms, rather than having to use the long-form IRS Form 1040 solely because of the rebate.

“Although this procedural change comes after many have already filed their tax returns, more than 60 percent of

taxpayers still have yet to file,” says IRS spokesman Bill Brunson. “We wanted to do what we could, as soon

as it was possible, to make the process easier for those still working on their taxes.”

Under these special procedures, short-form filers should report these rebate payments on the line normally

designated for reporting unemployment compensation.

For Form 1040EZ filers, this is line 3.

For Form 1040A filers, this is line 13.

No special identification or notation needs to be written on either form.

Taxpayers who also received unemployment compensation during 2005 should add the amount of the rebate to

the amount of unemployment compensation received and then enter the combined amount on the appropriate

line of whichever short form is used.

Taxpayers who must file using IRS Form 1040 for other reasons should report the amount of the rebate received

as “other income” on line 21.

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Form 1040 - New Mexico Income Tax Energy Rebate Can Now Be Reported On Irs - Taxation And Revenue Department

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