Instructions Draft For Pit-1 - New Mexico Personal Income Tax Return - 2013 Page 27
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44Worksheet for Computation of Allowable Credit for
Taxes Paid to Other States by New Mexico Residents
NOTE: Complete a separate worksheet for each state that
imposed tax on income also taxed in New Mexico.
DRAFT 1.2
Column 1
Column 2
From the New
From the other
Mexico return
state’s return
Name of other state___________________
10-08-2013
1. Enter amount of tax paid to the state...........................................
1._____________
1.____________
2. Enter taxable income on which you calculated the tax on line 1.
If applicable, enter the state’s taxable income after applying the
state’s allocation and apportionment percentage. For New
Mexico, this is from PIT-1, line 17 (New Mexico Taxable
Income) multiplied by the New Mexico percentage, if any, on
PIT-B, line 12...............................................................................
2._____________
2.____________
3. DIVIDE line 1 by line 2. This is the average effective tax rate on
the state’s income. Calculate to four decimal places
(e.g., 0.0463)...............................................................................
3._____________
3.____________
4. From each state’s return, enter the portion of income subject to
tax in both states, but not more than the amount on line 2..........
4._____________
4.____________
5. MULTIPLY line
3 by line
4............................................................
5._____________
5.____________
6. Enter the lesser of line 5, column 1 and line 5, column 2.
This is the credit allowed for tax paid to the other state..............
6._____________
Enter the amount from line 6 of this worksheet on the 2013 PIT-1 return, line 20. If you claim a credit for tax paid
to multiple states, sum the amounts on line 6 from the worksheets you completed for each state, and enter the
amount on the 2013 PIT-1 return, line 20.
Please attach this worksheet(s) to your 2013 PIT-1 return
if you are claiming credit for taxes paid to another
state on page 1, line 20 of the PIT-1 return.
PIT-1
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