Get NM TRD PIT-110 2015

New Mexico's law says every person who has income from New Mexico sources and who is required to file a federal income tax return must file a personal income tax return in New Mexico. You must also file a New Mexico return if you want to claim: a refund of New Mexico state income tax withheld from your pay, or.

New Mexico uses a seven-bracket, graduated-rate table ranging from 1.7% to 4.9% of taxable income. Two situations require you to file personal income tax returns in New Mexico: If you are required to file a federal tax return with the IRS and you are a New Mexico resident, you must file a st...

Personal income tax 3.2% on taxable income between $5,501 and $11,000. 4.7% on taxable income between $11,001 and $16,000. 4.9% on taxable income of $16,001 and above.

There is not a composite return for New Mexico Subchapter S Corporations, however, the NM income tax withheld is reported on line 13 of NM form PTE.

New Mexico does not have a form equivalent to the federal Form W-4. For New Mexico withholding tax, you should use a federal W-4 and write across the top of that form: "For New Mexico Withholding Tax Only."

New Mexico residents are subject to the state's personal income tax. Additionally, the personal income tax applies to nonresidents who work in the state or derive income from property there. ... Personal income tax rates for New Mexico range from 1.7% to 4.9%, within four income brackets.

Generally, electronically filed returns claiming a refund are processed in two to four weeks. A paper return received in the Department early in the tax season takes six to eight weeks to process. If you file a paper return after March 15, you may not receive your refund for up to 12 weeks.

The regular deadline to file a New Mexico state income tax return is April 15.

New Mexico collects a state income tax across 4 brackets ranging from 1.7% to a top rate of 4.9%.

There is not a composite return for New Mexico Subchapter S Corporations, however, the NM income tax withheld is reported on line 13 of NM form PTE.

Compensating tax helps to protect New Mexico businesses from unfair competition from out-of-state businesses that are not subject to gross receipts tax. The compensating tax is imposed at a rate of 5.125% on certain property used in New Mexico and 5% on certain services used in New Mexico.

The New Mexico (NM) state sales tax rate is currently 5.125%. Depending on local municipalities, the total tax rate can be as high as 9.0625%. New Mexico has a gross receipts tax that is imposed on persons engaged in business in New Mexico.

The state general sales tax rate of New Mexico is 5.125%. Cities and/or municipalities of New Mexico are allowed to collect their own rate that can get up to 8.938% in city sales tax.

Personal income tax rates for New Mexico range from 1.7% to 4.9%, within four income brackets.

New Mexico touted as tax-friendly state in latest ranking Delaware is ranked No. 1. ... Personal income tax rates top out at 4.9 percent on taxable income over $16,000 for single filers and $24,000 for married couples filing jointly. The average combined local and state sales tax rate is 7.4 percent.