Instructions Draft For Pit-1 - New Mexico Personal Income Tax Return - 2013 Page 28
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
44pension income) unless you are
•
Advanced Energy Tax Credit
resident of, or domiciled in, that state.
LINES 25 and 25a
• Geothermal Ground-Coupled Heat
For example, you receive a pension
Working Families Tax Credit
Pump Tax Credit
from your former California employer
• Agricultural Biomass Tax Credit
and you now reside in New Mexico.
Enter the amount of Earned Income
• Film Production Tax Credit (applied
California may not tax your retirement
Credit (EIC) reported on your 2013
to tax due)
income. The retirement income is tax-
federal Form 1040, 1040A, or 1040EZ
able in New Mexico because you are
on PIT-1, line 25a. Multiply the amount
• Cancer Clinical Trial Tax Credit
a New Mexico resident.
on line 25a by 10% (0.10) and enter
• Veterans Employment Tax Credit
the result on line 25. Round the result
DRAFT 1.2
Some taxpayers have permanent
You must attach Schedule PIT-CR and
to the nearest dollar.
homes in other states, but they are
any required forms or documentation
physically present in New Mexico for
to support your claim.
IMPORTANT: You must complete
at least 185 days during the tax year.
both lines 25 and 25a, or the credit
They must file as residents of New
LINE 22
will be denied.
Mexico. They allocate their income
Net New Mexico Income Tax
10-08-2013
to New Mexico as a resident on the
An individual who was a New Mexico
PIT-B allocation and apportionment
Add lines 18 and 19, then subtract the
resident during any part of 2013 and
schedule, and if they qualify, they also
sum of lines 20 and 21. This amount
who files a New Mexico personal
may take a credit for taxes paid to their
cannot be less than zero.
income tax return may claim a credit
home state on PIT-1, line 20.
in an amount equal to 10% of the EIC
If you used Schedule PIT-B to calculate
for which that individual is eligible for
LINE 21
New Mexico tax liability on line 18 and
the same tax year. An individual who
Non-Refundable Credits
also used the federal special tax option
qualified for the working families tax
See the instructions for Schedule
and New Mexico averaging methods
credit may receive a refund if the credit
PIT-CR, lines 1 through 20, if you are
to calculate tax on a lump-sum distri-
exceeds the income tax liability for the
eligible to claim one or more of the
bution on line 19, DO NOT add line
tax year of the claim.
following non-refundable credits or if
19 when completing PIT-1, line 22.
you are claiming any film production
Instead, subtract the sum of lines 20
The EIC is a refundable federal income
tax credit against the tax due on your
and 21 from line 18. See the instruc-
tax credit for low income working
return:
tions for line 19 for more information.
individuals and families. The credit
reduces the amount of federal tax
•
Preservation of Cultural Property
LINE 24
you may owe and may increase your
Credit
Rebates and Credits
refund from the IRS. To see if you
•
Business Facility Rehabilitation
may claim the credit, read the rules in
Credit
Complete and attach Schedule PIT-RC
the federal 1040, 1040A, or 1040EZ
•
Rural Job Tax Credit
if you claim any of the special New
tax packages or see IRS Publication
Mexico rebates or refundable credits.
596, Earned Income Credit (EIC). You
•
Technology Jobs (Additional) Tax
The PIT-RC, New Mexico Rebate and
may also read about the EIC credit on
Credit
Credit Schedule, is a separate sched-
the IRS website at and
•
Electronic Card-Reading Equip-
ule used by PIT-1 return filers to claim
download the publication there.
ment Tax Credit
any of the following refundable credits:
•
Job Mentorship Tax Credit
LINE 26
• Low income comprehensive tax
New Mexico Income Tax Withheld
rebate,
•
Land Conservation Incentives
Credit
• Property tax rebate (for low-income
Enter the total of all New Mexico in-
persons 65 or older),
•
Affordable Housing Tax Credit
come tax withheld as shown on your
• Additional low income property tax
•
Solar Market Development Tax
annual withholding statements and
rebate for Los Alamos or Santa Fe
Credit
Form(s) W-2, W-2G, 1099, 1099-R,
county residents,
or 1099-MISC other than income from
•
Blended Biodiesel Fuel Tax Credit
• Child day care credit,
oil and gas proceeds. Include a copy
• Sustainable Building Tax Credit
• Refundable medical care credit for
of the forms with your PIT-1. Do not
• Angel Investment Credit
persons 65 years of age or older,
include income tax withheld from your
• Rural Health Care Practitioners Tax
• Special needs adopted child tax
share of the net income from a PTE or
Credit
credit,
from oil and gas proceeds.
• Renewable energy production tax
• Agricultural Water Conservation Tax
credit,
If you had New Mexico tax withheld in
Credit
or
error on your wages, salary, or tips, and
you had no income tax responsibility
• Refundable portion of the film pro-
to New Mexico on that income, obtain
duction tax credit.
PIT-1
- 27 -
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial