Instructions Draft For Pit-1 - New Mexico Personal Income Tax Return - 2013 Page 40
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44DETAILED INSTRUCTIONS
Section 529 college savings plan ac-
land conservation incentives tax
count, and received a refund of the
credit.
FOR EACH LINE
contributions, enter the amount of
• You claimed a charitable deduction
contributions refunded. Only enter a
for the same contribution in the
ADDITIONS TO FEDERAL ADJUSTED
refund of contributions if the contribu-
federal itemized deductions on your
GROSS INCOME
tions were deducted on an earlier New
federal personal income tax return.
Mexico personal income tax return.
DRAFT 1.1
LINE 1
Enter the charitable deduction amount
Interest and dividend income from
If you rolled over contributions from
claimed on federal Form 1040, Sched-
federal tax-exempt bonds
a New Mexico-approved Section 529
ule A, from which you were allowed
college savings plan account to a non-
the New Mexico land conservation tax
Enter your interest or dividend income
New Mexico-approved Section 529
credit.
If your federal itemized deduc-
from all state and municipal bonds
college savings plan account, enter
tions on federal Form 1040, Schedule
9/6/2013
that was excluded from your federal
the amount of those contributions.
A, were limited because the amount on
adjusted gross income. This includes
Only enter a rollover of contributions if
Form 1040, line 38 is over $150,000,
all federally tax-exempt interest and
the contributions were deducted on an
use the worksheet on the next page to
dividends reported on federal Forms
earlier New Mexico personal income
compute the amount of the charitable
1040 or 1040A from state and munici-
tax return.
deduction claimed on federal Form
pal obligations.
1040, Schedule A, to be added back
Enter the amount of qualified contribu-
to New Mexico taxable income.
If you subtracted expenses for tax-
tions refunded to you or rolled over dur-
exempt investment income on your
ing the tax year from the New Mexico
DEDUCTIONS/EXEMPTIONS FROM
federal return, add them back on line
Education Trust Fund on line 3.
FEDERAL ADJUSTED GROSS
1 to determine New Mexico taxable in-
INCOME
come. Use line 6 of this Schedule PIT-
Do not include the following earnings
ADJ to claim the deduction for interest
refunded to you as the investor:
LINE 6
and dividends of obligations exempt
New Mexico tax-exempt interest and
• Earnings rolled over from a New
from New Mexico taxable income.
dividends
Mexico-approved Section 529
college savings plan account to a
LINE 2
Enter the total interest or dividend in-
non-New Mexico-approved Section
Net operating loss
come you received from the following
529 college savings plan, or
investments:
Enter the amount of any federal net
• Qualified distributions from the
• State and local bonds exempt
operating loss carryforward or carry-
Section 529 college savings plan
from New Mexico taxable income,
back from Other income on federal
account.
including the State of New Mexico
Form 1040, line 21. Enter the amount
For more information, see Brochure
or its agencies, institutions, instru-
as a positive number.
#6, New Mexico Income Tax and Your
mentalities, or political subdivi-
Education Trust (529) Plan, on the
sions;
You need to add the federal net oper-
Department’s website.
ating loss carryforward to the income
• Obligations of the Commonwealth
you reported on PIT-1 return, line
of Puerto Rico, Guam, Virgin Is-
LINE 4
9, because the rules for applying a
lands, American Samoa, or North-
Char itable deduc tion amount
net operating loss deduction to New
ern Mariana Islands;
claimed on federal Form 1040,
Mexico taxable income are different
• Federally taxable bonds issued by
Schedule A, for a donation of land
from federal rules.
the State of New Mexico; and
to private non-profit or public
• Mutual funds, unit investment
conservation agencies for conser-
For more information on the deduction
trusts, or simple trusts invested
vation purposes from which you
for a New Mexico net operating loss
in obligations of the State of New
were allowed the New Mexico Land
carryforward, see the details for line 7
Mexico or its agencies, institu-
Conservation Tax Credit
later in these instructions.
tions, instrumentalities, or political
subdivisions, or from the Com-
If both of the following are true, you
LINE 3
monwealth of Puerto Rico, Guam,
must add back the charitable deduc-
Contributions refunded when clos-
Virgin Islands, American Samoa, or
tion amount included in the itemized
ing a New Mexico-approved Section
Northern Mariana Islands.
deductions claimed on your federal
529 college savings plan account
Form 1040, Schedule A:
and certain contributions rolled out
You may deduct only the amount
of a New Mexico-approved Section
• You donated land to private non-
shown on the annual statement pro-
529 college savings plan account
profit or public conservation agen-
vided by the mutual fund, unit invest-
cies for conservation purposes from
ment trust, or simple trust as flowing
If you closed a New Mexico-approved
which you claimed a New Mexico
through to the investor from this invest-
PIT-ADJ
- 2 A -
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