Instructions Draft For Pit-1 - New Mexico Personal Income Tax Return - 2013 Page 21
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44lines 22 and 23, and lines 26 through
that person is a child and not eligible to
child was born alive.
41.
be included as a qualified dependent
exemption on line 8 under federal
LINE 9
LINE 10
regulations.
Federal Adjusted Gross Income
Itemized State and Local Tax De-
duction
LINE 8
Enter the federal adjusted gross in-
Dependents
come as reported on your federal form:
If you itemized deductions on your
If you filed
Enter the
2013 federal income tax return, on your
Enter the name, SSN, and date of birth
Federal form
amount from
PIT-1 Return you must add back all or
of each dependent reported on your
DRAFT 1.2
part of the amount shown for Taxes
federal return. If you have more than
1040
Line 38
You Paid (state and local) on federal
five qualifying dependents, enter the
1040A
Line 22
Form 1040, Schedule A, line 5. But,
name, SSN, and date of birth of the
1040EZ
Line 4
the following restrictions apply:
first five qualifying dependents on PIT-
1, line 8 and the remaining qualifying
Royalty Income of Non-Residents
•
The amount cannot be below the
dependents on 2013 Schedule PIT-S.
Non-resident taxpayers who elect to
10-08-2013
standard deduction amount you
Attach Schedule PIT-S to your 2013
compute tax on gross royalty income
would have qualified for if you had
PIT-1 return.
under $5,000 using special procedures
not elected to or if you were re-
instead of filing a PIT-1 return and the
quired to itemize your deductions
IMPORTANT: To avoid processing
Schedule PIT-B, please see Royalty
on your federal return.
delays, do not use Schedule PIT-S
Income of Non-Residents on page 4
if you have five or fewer qualifying
of these instructions to complete the
•
If the amount of the itemized
dependent exemptions.
PIT-1.
deductions allowed on your fed-
eral return is limited because your
Do not file Schedule PIT-S unless
Skip lines 9 through 16a. Then enter Y
federal adjusted gross income
the five dependent lines are filled in
in the box on PIT-1, line 18a instead of
exceeds certain thresholds, your
on PIT-1, line 8 and additional lines
an R for computing tax using the rate
state and local tax deduction add-
are needed for qualifying dependent
table, or B for computing tax using
back is also reduced. The add-
exemptions exceeding five.
Schedule PIT-B.
back is reduced by a percentage
equal to the itemized deductions
Enter only qualifying dependent
Enter your total gross royalty income
allowed and the total itemized
exemptions allowed on your federal
from New Mexico sources on line 17
deductions reported on federal
return. Do not include yourself or your
and compute the tax by applying the
Form 1040,Schedule A, before the
spouse if filing a joint return. New
gross royalty income to the tax rate
limitation is applied.
Mexico uses the same definitions and
tables. Then follow the instructions for
qualifications as the IRS to determine
if someone is a qualified dependent.
Worksheet for Computing the Amount on Line 10 of the PIT-1 Return
See the instructions for Federal Form
1. Enter the
state and local income tax
deduction you
1040, 1040A, or 1040EZ to determine
$
claimed on federal Form 1040, line 5.
who you may claim as a dependent
exemption.
2. Enter
your total itemized deductions from
federal
Form 1040, line 40.
Also enter this amount on PIT-1,
You must enter your dependent’s cor-
$
line 12, and mark the box on line 12a.
rect SSN and be sure that the name
agrees with the individual’s social
3.
Enter the sum of the amounts you reported on federal
security card. If your dependent is not
Form 1040, Schedule A, lines 4, 9, 15, 19, 20, 27, and
eligible to obtain an SSN, use the ITIN
$
28.
required by the IRS. For details on how
4.
Divide line 2 by line 3. Round to 4 decimal places.
to apply, visit the IRS at
$
5. Multiply line 4 by line 1.
You must enter the dependent’s date
of birth in mm/dd/ccyy format.
6. Enter the standard deduction amount you could have
claimed on federal Form 1040, line 40, if you had not
If your qualified dependent child was
$
itemized your federal allowable deductions.
born and died in 2013 and an SSN
7. Subtract line 6 from line 2. If less than zero, enter
was not obtained, enter all 9s in the
$
zero.
Dependent’s SSN column on line 8
and attach a copy of the child’s birth
8. Enter the lesser of lines
5
and 7. Also enter this
certificate, death certificate, or hospital
$
amount on PIT-1, line 10.
records. The document must show the
PIT-1
- 20 -
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