Instructions Draft For Pit-1 - New Mexico Personal Income Tax Return

To determine the amount to enter on

conservation purposes from which

LINE 15

line 10,

complete the Worksheet for

you were approved for the New

Deductions/Exemptions from Fed-

Computing the Amount on Line 10 of

Mexico land conservation tax credit,

eral Adjusted Gross Income

on page

20.

you must add back the charitable de-

the PIT-1 Return

duction amount included in your item-

See the instructions for lines 6 through

LINE 11

ized deductions on your federal Form

21 on 2013 SCHEDULE PIT-ADJ if any

Total Additions for Federal Adjusted

1040, Schedule A. Add the charitable

of the following are true:

Gross Income

deduction amount on Schedule PIT-

• You have interest and dividend

ADJ, line 4.

income on New Mexico state and

See the instructions for lines 1 through

local bonds.

DRAFT 1.2

5 on the 2013 Schedule PIT-ADJ if any

Filers of federal Form 1040EZ enter

• You have a New Mexico net operat-

of the following are true:

the amount from Form 1040EZ, line

ing loss carryover.

5. Because that amount includes both

•

You received interest and dividends

• You have interest income from U.S.

your standard deduction and your de-

from federally tax-exempt bonds.

government obligations.

pendency exemption, leave PIT-1, line

•

You have a net operating loss.

13 blank. See line 13 below.

• You have railroad retirement income

•

You had contributions refunded

10-08-2013

not taxable by New Mexico.

when closing a New Mexico-

LINE 13.

• You or your spouse, or both, are

approved Section 529 college

Federal Exemption Amount

members of an Indian nation, tribe,

savings plan account.

or pueblo and your income was

•

Enter on line 13 the federal exemption

You had certain contributions rolled

wholly earned on the lands of the

amount allowed from federal Form

out of a New Mexico-approved

reservation or pueblo of which the

1040, line 42 or the amount from

Section 529 college savings plan

individual is an enrolled member

federal Form 1040A, line 26. If you

account.

while domiciled on that land, reser-

filed federal Form 1040EZ, leave line

•

You claimed charitable deductions

vation, or pueblo.

13 blank. Your deduction for personal

on federal Form 1040, Schedule

• You or your spouse, or both, are

exemptions is included in the amount

A for a donation of land to private

age 100 or over and you are not

on line 12.

non-profit or public conservation

dependents of another taxpayer.

agencies for conservation pur-

LINE 14

• You or your spouse, or both, are

poses from which you were allowed

New Mexico Low- and Middle-

age 65 or over or blind and your

the New Mexico land conservation

Income Tax Exemption

adjusted gross income is not over

tax credit.

$51,000 for a joint return; $28,500

A New Mexico income tax exemption

for a single taxpayer; or $25,500 for

LINE 12

is allowed for individuals who are

married taxpayers filing separately.

Federal Standard or Itemized

low- and middle-income taxpayers. All

• You have a New Mexico medical

Deduction Amount

taxpayers, including residents, first-

care savings account.

year residents, part-year residents, or

• You contribute to a New Mexico-

Enter on PIT-1, line 12 your allowable

non-residents may claim this exemp-

federal itemized deductions from fed-

approved Section 529 college sav-

tion in full. The maximum is $2,500 for

ings plan.

eral Form 1040, line 40 if you itemized

each qualified exemption for federal

your deductions on your 2013 federal

• You have net capital gains for which

income tax purposes. The amount

Form 1040. Also mark checkbox 12a

you can claim a deduction of up to

varies according to filing status and

and complete line 10.

$1,000 or 50% of your net capital

adjusted gross income.

gains, whichever is greater.

If you did not itemize your deductions,

To claim the exemption, the amount

•

You have military wages or salary

enter on PIT-1, line 12 the allowable

on PIT-1, line 9 must be equal to or

from active duty service.

federal standard deduction from

less than:

•

You or your spouse, or both, are

federal Form 1040, line 40 or from

•

$36,667, if single;

age 65 or over and you have un-

1040A, line 24.

reimbursed or uncompensated

•

$27,500, if married filing separately;

medical care expenses of $28,000

Mark box 12a only if you itemized

or more for yourself, your spouse,

your deductions on federal Form 1040,

•

$55,000, if married filing jointly,

or dependents.

line 40.

qualified widow(er), or head of

•

You, your spouse, or dependents

household.

If you claim a charitable deduction in

have expenses related to donat-

your federal itemized deductions on

ing human organs for transfer to

Use the worksheet on page 22 of

federal Form 1040, Schedule A for a

another person.

these instructions to compute the New

donation of land to private non-profit

Mexico low- and middle-income tax

•

You received a reimbursement from

or public conservation agencies for

exemption.

the New Mexico National Guard

PIT-1

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Instructions Draft For Pit-1 - New Mexico Personal Income Tax Return - 2013 Page 22

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