Personal Income Tax 2008 Sheet - New Mexico Taxation And Revenue Department Page 28
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41FEDSTATE Unformatted Record Layout
PIT-RC cont’d
Field
Identification
Forms
Field
Field Description
Number
Ref.
Length
162
Section II - LICTR Total exemptions
PIT-RC
2
Numeric
from line 3
P2,13a
230
Section II – Low income
PIT-RC-
12
Monetary. Refer to PIT-RC instructions.
Low Income Comprehensive Tax
P2,14
Rebate(LICTR)
235
Section III – 65 or Older (prop tax
PIT-RC-
12
Monetary. If Primary Taxpayer Age < 65 and Spouse
rebate) Property Owned Tax Billed
P2,15
Age < 65 then this field must be equal to zero.
240
Property rented - Rent Paid
PIT-RC-
12
Monetary. If Primary Taxpayer Age < 65 and Spouse
P2,16a
Age < 65 then this field must be equal to zero.
242
Rent paid by government entity
PIT-RC-
1
Numeric, enter ‘1’ if true
P2,16
245
Rent Paid Allowable
PIT-RC-
12
Monetary. Multiply Rent Paid [240] by .06.
P2,16b
250
Total Property Tax Billed and Rent
PIT-RC-
12
Monetary. Add Property Tax Billed and Rent Paid
Allowable
P2,17a
Allowable. [235+245]
255
Maximum Property Tax Liability
PIT-RC-
12
Monetary. Derived according to Modified Gross Income
P2,17b
[160] and reference to the 2008 Maximum Property Tax
Liability Table included with the 2008 PIT form
instructions. If Modified Gross Income [160] is greater
than $16,000 then this field must equal zero.
260
Property Tax Rebate
PIT-RC-
12
Monetary. Subtract Maximum Property Tax Liability
P2,17c
[255] from Total Property Tax Billed and Rent Allowable
[250]. Maximum is $250. If Federal Filing Status [150] is
equal to 3 (Married Filing Separate) then this value
must be divi ded by two and the maximum value is
($125). If Modified Gross Income [160] is greater than
$16,000 then this field must equal zero. The values of:
,
Resident Question [50]
Physically Present Question
[55], and Dependent Question [60] must be “Y”, “Y” and
“N” respectively for this field to have a value > zero.
265
Section IV – (LICTR) Los Alamos
PIT-RC-
12
Monetary. Positive numeric. Los Alamos County
Los Alamos Property Owned
P2,18a
residents only
270
Los Alamos Property Tax
PIT-RC-
12
Percentage. Positive numeric. Two decimal places to
Percentage
P2,18b
the right of the decimal point. Derived according to MGI
[160] and reference the 2008 Los Alamos County
Property Tax Rebate Percentage Table included with
the 2008 PIT form instructions. If MGI [160] is >
$24,000 this field must be zero.
New Mexico Fed/State Electronic Filing Specifications for 2008
28
Revised 12/10/2008
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