Instructions Draft For Pit-1 - New Mexico Personal Income Tax Return - 2013 Page 30
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44tax penalty. Also leave the box blank if
purposes by the IRC.
you do not owe estimated tax using the
LINE 31
standard method of computing the un-
The IRC rate changes quarterly. The
Total Payments and Credits
derpayment of estimated tax penalty.
annual rate for the four quarters of the
2012 tax year ranged between 3% and
Add lines 24 through 30. Enter the
Generally, taxpayers who pay penalty
4%. The IRC rate for each quarter is
total here.
on underpayment of estimated tax do
announced by the IRS in the last month
not need to mark the box on line 34 or
of the previous quarter. The annual and
LINE 32
file RPD-41272. However, if you owe
daily interest rate for each quarter is
Tax Due/Amount You Owe
penalty for underpayment of estimated
posted on our website at
DRAFT 1.2
payments, you may be able to reduce
newmexico.gov.
If line 23 is greater than line 31, the dif-
or eliminate penalty if you qualify for
ference is the amount of tax you owe.
a special penalty calculation method.
The formula for calculating daily inter-
Enter the difference on line 32.
You must mark line 34 to indicate the
est is Tax due x the daily interest
special method used.
rate for the quarter x number of
LINE 33
days late = interest due.
Penalty on Underpayment of
10-08-2013
You must attach Form RPD-41272
Estimated Tax
to your 2013 New Mexico personal
LINES 38 through 41
income tax return to be allowed the
Overpayment/Refund
Enter the amount of penalty on un-
special penalty calculation.
derpayment of estimated tax that you
If line 23 is less than line 31, you have
owe. You may leave this line blank if
LINE 35
an overpayment. Enter the difference.
you owe underpayment of estimated
Penalty
If you have penalty or interest due
personal tax penalty and you want the
from lines 33, 35, or 36, reduce the
Department to compute the penalty for
Add penalty if you file late and owe
overpayment by the sum. If you do not
you. The Department sends you a bill
tax, or if you do not pay the tax on
want to compute any penalty or interest
or if a refund is due, reduces your re-
or before the date the return is due.
due, enter the difference. The Depart-
fund by the amount of the penalty due.
Calculate penalty by multiplying the
ment reduces your overpayment by
unpaid amount on line 32 by 2% (0.02),
the amount of penalty and/or interest
If you want to compute your under-
then by the number of months or partial
computed.
payment of estimated tax penalty,
months for which the payment is late,
see the instructions for PIT-ES, Per-
not to exceed 20% of the tax due. You
What Happens To Your Overpay-
sonal Income Estimated Tax Payment
may leave this line blank if you want
ment
Voucher.
the Department to compute the penalty
You can decide what to do with your
for you. The Department sends you a
overpayment by entering an amount on
LINE 34
bill. See Interest and Penalties in these
lines 39, 40, and 41. If you want your
Special Method Allowed for
instructions for more information.
overpayment:
Calculation of Underpayment of
Estimated Tax Penalty
• Used for voluntary fund contribu-
LINE 36
If you owe penalty for underpayment of
tions, enter an amount on line 39
Interest
estimated personal income tax using
(see Schedule PIT-D, New Mexico
the standard method of computing the
Voluntary Contributions Schedule);
Add interest if you do not pay the in-
penalty and you qualify for a special
• Applied to your 2014 estimated tax,
come tax due on or before the original
penalty calculation method, enter 1,
enter an amount on line 40;
due date of your return even if you
2, 3, 4, or 5 in the box on PIT-1, line
• Refunded to you, enter an amount
receive an extension of time to file. You
34 to indicate the method you elect to
on line 41;
may leave this line blank if you want
calculate your underpayment penalty.
or
the Department to compute the interest
Attach Form RPD-41272, 2013 Calcu-
• Any combination, enter amounts on
for you. The Department bills you for
lation of Estimated Personal Income
lines 39, 40, or 41 to indicate how
any penalty or interest due.
Tax Underpayment Penalty, to your
to apply your overpayment.
PIT-1 return.
IMPORTANT: When your principal
An overpayment credited toward your
tax liability is paid, interest stops ac-
See RPD-41272 or the instructions for
2014 estimated tax cannot be refunded
cruing. Therefore, you do not need to
PIT-ES, Personal Income Estimated
until you have filed your 2014 tax
figure the amount of interest due on
Tax Payment Voucher, for a descrip-
return in 2015. The Department does
your return beyond the date the prin-
tion of the calculation methods and the
not refund an amount of one dollar or
cipal tax is paid.
meaning of the entries 1, 2, 3, 4, or 5.
less unless you attach to your return a
signed statement asking for it.
Beginning January 1, 2008, interest is
Leave the box blank if you do not
computed on a daily basis at the rate
qualify for a special method of com-
REFUND EXPRESS
established for individual income tax
puting the underpayment of estimated
PIT-1
- 29 -
newmexico.gov
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