Instructions Draft For Pit-1 - New Mexico Personal Income Tax Return - 2013 Page 24
ADVERTISEMENT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44servicemember’s life insurance
Worksheet for Computing Medical Care Expense Deduction
reimbursement fund.
or
1. Determine your eligible medical care expenses paid
during the tax year and enter here.
Also
•
You were required to include in your
IMPORTANT:
$
enter this amount on line 16a.....................................................1._______________
federal adjusted gross income tax-
able refunds, credits, or offsets of
2. From the Medical Care Expenses table below, enter the
state and local income tax (Form
correct Percentage of Paid Medical Expenses based on
1040, line 10).
%
your filing status and your adjusted gross income. ................... 2._______________
LINE 16
$
3. Multiply line 1 by line 2. Enter on PIT-1, line 16......................... 3._______________
DRAFT 1.2
Medical Care Expense Deduction
Medical Care Expenses
Any taxpayer who files a New Mexico
Surviving Spouses and Married Individuals Filing Joint Returns
PIT-1, Personal Income Tax Return,
including out-of-state residents with
If Adjusted Gross Income Is
Percentage of Paid
income tax responsibility to New
Medical Expenses
10-08-2013
Mexico, may claim a deduction for
Not over $30,000
25%
From
$30,001 to $70,000
15%
medical care expenses paid during
Over
$70,000
10%
the tax year for medical care of the
taxpayer, the taxpayer’s spouse, or
Single Individuals and Married Persons Filing Separate Returns
a dependent. Use the worksheet on
If Adjusted Gross Income Is
Percentage of Paid
this
page to determine your deduction
Medical Expenses
amount to enter on PIT-1, line 16.
Not over $15,000
25%
From
$15,001 to $35,000
15%
IMPORTANT: To claim the medical
Over
$35,000
10%
care expense deduction, both lines
Head of Household
16 and 16a must be completed or
any medical care expense deduc-
If Adjusted Gross Income Is
Percentage of Paid
tion will be denied.
Medical Expenses
Not over $20,000
25%
From
$20,001 to $50,000
15%
When medical expenses are incurred
Over
$50,000
10%
for services provided by a medical
doctor, osteopathic physician, dentist,
NOTE: If you or your spouse are 65
3. Unreimbursed insurance premiums
podiatrist, chiropractic physician, or
years of age or older and you paid
and co-payments not deducted for fed-
psychologist, the person providing
unreimbursed and uncompensated
eral purposes. NOTE: Premiums paid
the service must be licensed or cer-
medical care expenses over $28,000
with pre-tax dollars through payroll
tified to practice in New Mexico or
during the current tax year, you may
deductions are not eligible.
the medical expenses incurred cannot
also be eligible to claim an exemption
be included to compute the deduction
of $3,000 and a tax credit of $2,800.
For purposes of this deduction:
for medical care expenses.
An excep-
See the instructions for Schedule PIT-
tion to the requirement for the doctor to
ADJ, line 17 and Schedule PIT-RC, line
1. “Health care facility” means a hos-
be licensed or certified in New Mexico,
23 for details.
pital, outpatient facility, diagnostic and
applies when the medical expenses
treatment center, rehabilitation center,
are for qualified long-term care ser-
Reimbursed and compensated insur-
free-standing hospice, physician’s
vices as defined in Section 7702B (c)
ance premiums, like those paid with
office, or other similar facility, regard-
of the Internal Revenue Code.
pre-tax dollars under cafeteria and
less of location, where medical care is
similar benefit plans, are also ineli-
provided and which is licensed by any
For purposes of the medical care
gible. Some of the expenses you may
governmental entity;
expense deduction, you may claim
include are:
only unreimbursed and uncom-
2. “Medical care” means the diag-
pensated medical expenses NOT
1. Amounts paid as premiums under
nosis, cure, mitigation, treatment or
included in your itemized deduction
Part B of Title XVIII of the Social
prevention of disease, or care for the
amount on the federal Form 1040
Security Act (Medicare),
purpose of affecting any structure or
return, Schedule A. Medical care
function of the body;
expenses not included in the itemized
2. Amounts paid for a qualified long-
deduction amount, because they are
term care insurance contract defined
3. “Medical care expenses” means
part of the federal 7.5% of adjusted
in Section 7702B(b) of the Internal
amounts paid for:
gross income floor amount, can be
Revenue Code, and
included here.
a. The diagnosis, cure, mitigation,
PIT-1
- 23 -
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial