New Mexico Rpd 41338 Form
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People also ask
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Who is tax exempt in New Mexico?
New Mexico considers you a tax-exempt organization if the federal government has first granted the status to you under Section 501(c) of the Internal Revenue Code with a classification as an educational or social entity. Your gross receipts may be exempt from gross receipts tax under Section 7-9-29 NMSA 1978.
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What is the low and middle income tax exemption in New Mexico?
All taxpayers may be eligible for a tax credit equal to 10% of the federal earned income tax credit, and low- and middle-income taxpayers may receive an income exemption up to $2,500 if income less than $36,667; $55,000 if married filing jointly.
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What is the refundable medical care credit in New Mexico?
“Refundable Medical Care Credit for Persons 65 or Older” is allowed if you or your spouse are 65 years of age or older, and you paid unreimbursed and uncompensated medical care expenses of $28,000 or more during tax year, you may claim a tax credit of $2,800.
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Who must file a New Mexico nonresident tax return?
Nonresidents must file if both apply: You are required to file a federal return. You have income from any New Mexico source whatsoever.
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Does New Mexico tax pensions and social security?
Retirement income from a pension or retirement account, such as an IRA or a 401(k), is taxable in New Mexico. As with Social Security, these forms of retirement income are deductible. Income in excess of the deduction, which is $8,000 for seniors, is taxed at New Mexico's income tax rates.
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Do I need to file a tax return in New Mexico?
The personal income tax is filed using Form PIT-1, Personal Income Tax Return. If you are a New Mexico resident, you must file if you meet any of the following conditions: You file a federal return; You want to claim a refund of any New Mexico state income tax withheld from your pay, or.
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Does New Mexico require nonresident withholding?
For New Mexico residents the employer is required to withhold New Mexico income tax from all wages of the employee regardless of the employee's work location. For nonresident employees, the employer is required to withhold New Mexico income tax only from wages the employee earns within the state.
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Does a non-resident have to file taxes?
You must file Form 1040-NR, U.S. Nonresident Alien Income Tax Return only if you have income that is subject to tax, such as wages, tips, scholarship and fellowship grants, dividends, etc. Refer to Foreign Students and Scholars for more information.
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