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RPD-41367 (2013)

New Mexico Taxation and Revenue Department

Rev. 08/08/2013

2013 Annual Withholding of Net Income From a Pass-Through Entity Detail Report

Instructions

Page 3 of 5

does not report that amount with the withholding of its owners.

Line 6. Subtract the sum of lines 4 and 5 from line 3. This is

the amount of withholding tax due on this report. The amount

Column 5. I f the PTE has a valid signed Form RPD-41353,

entered must not be less than zero. If the amount is negative,

check that your figures are correct and see the instructions

Owner’s or Remittee’s Agreement to Pay Withholding on Behalf

of a Pass-through Entity or Remitter, on file, mark the box in

for amending this report.

column 5. The agreement must not be revoked and the PTE

cannot be a personal service business*. Form RPD-41353

Line 7: Add penalty if the entity fails to file timely or to pay

is required documentation showing that the PTE and owner

the amount on line 6 when due. Calculate the penalty by

have entered into an agreement that the non-resident owner

multiplying the unpaid amount on line 6 by 2%, then by the

agrees to pay the New Mexico tax on the owner’s share of

number of months or partial months for which the return or

the allocable net income of the PTE.

payment is late, not to exceed 20% of the tax due. The penalty

may not be less than $5.00.

*A PTE that is a personal service business cannot enter into

an agreement with its owners.

Line 8: Interest accrues daily on the unpaid principal of tax

due, and can change on a quarterly basis. The effective an-

Complete line 2 for each page, entering the sum of column

nual and daily interest rates are posted on the Department’s

4 for the page. Also complete line 3 on the first page show-

web page at

or can be obtained by

ing the total tax withheld by the PTE, reported in column 4,

contacting the Department.

from all pages.

The formula for computing interest is:

Line 4. Enter the amount of Withholding tax passed to

Tax due x the daily interest rate for the quarter

owners. If a PTE has had tax withheld from the oil and gas

x number of days late = interest due.

proceeds received or the allocable net income of another

Line 9: Add lines 6, 7 and 8 to compute the total due.

PTE, the PTE may pass the tax withheld to its owners by is-

suing the owner a 1099-Misc, pro forma 1099-Misc or New

Signature: The form is not complete until the PTE or the

Mexico Form RPD-41359, Annual Statement of Pass-Through

PTE’s authorized agent has signed and dated the report.

Entity Withholding. Do not include any tax that was withheld

Enter the e-mail address of the PTE’s authorized agent.

and paid by the PTE who files this report. The withholding

tax passed to the owners must be subtracted from the total

owner’s share of withholding tax to determine the amount of

IMPORTANT DEFINITIONS

tax due on this report.

“Net Income” means, for any pass-through entity (PTE), the

income reported to an owner, by the PTE for federal income

About Tax Credits: A PTE may not report tax credits on the

tax purposes, including ordinary business income or loss,

PTE return or on this Form RPD-41367, Annual Withholding

net rental income or loss, guaranteed payments to a part-

of Net Income From a Pass-Through Entity Detail Report.

ner of a partnership, dividends, royalties and capital gain or

When a PTE passes approved tax credits to the owners, each

loss, less associated deductions, plus interest earned on a

owner must apply the credit against its income tax liability. A

state or local bond, less interest earned on a bond issued

PTE that passes tax credits to its owners, must refer to the

by the State of New Mexico or its political subdivisions, less

forms applicable to the specific tax credit to determine how

income from obligations of the United States less expenses

the tax credit is passed from the PTE to its owners.

incurred to earn that income; in the case of a subchapter S

corporation, “net income” also includes income taxable to

Line 5. Enter the withholding tax payments made directly by

the corporation for federal income tax purposes. Net income

the PTE towards the liability due on this report. Report pay-

also includes appropriate allocation and apportionment of

ments made whether submitted by mail or through the Depart-

that income to New Mexico in accordance with the Uniform

ment’s website. Do not include payments that are submitted

Division of Income for Tax Purposes Act.

with this Form RPD-41367. Withholding tax paid by the PTE

is subtracted to determine the amount due on this report.

“Pass-through entity” means a personal services business

or any other business association other than:

If you are claiming a refund of payments made towards your

• A sole proprietorship;

liability due on this report, enter the amount of withholding tax

• An estate or trust that does not distribute income to ben-

due and attach Form RPD-41373, Application for Refund of

eficiaries;

Tax Withheld From Pass-through Entities, to claim a refund

• A corporation, limited liability company, partnership or other

of an overpayment.

entity not a sole proprietorship taxed as a corporation for

Form Rpd-41367 - Annual Withholding Of Net Income From A Pass-Through Entity Detail Report - 2013 Page 5

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