New Mexico Form 1041 (Schedule K-1) 2024-2025

New Mexico Form 1041 (Schedule K-1): What You Should Know

New Mexico tax withholding will be made upon the receipt of your Form 1040 or 1040-SR. Each federal and state return of income may include one or more New Mexico withholding sunless the tax is paid under a tax agreement or agreement under section 64-21-15. Payment of the New Mexico tax levy will be by electronic funds transfer on your behalf during the due date of January 17 and March 16. For more information please see “Form 1040 for New Mexico Estate, Trust or Fiduciary Income Tax.” For more information about other New Mexico withholding, please see “Form 1041 for Federal Estate, Trust or Fiduciary Income Tax.” New Mexico income tax rates are: New Mexico Personal Income Tax Schedule I/S A New Mexico tax year begins July 1 and ends on December 31. New Mexico Corporation Income Tax Schedule L/R New Mexico tax year begins December 31 and ends on June 30. New Mexico Estate, Trust, and Fiduciary Income Tax Schedule P New Mexico tax year begins July 1 and ends on June 15. New Mexico Individual Income Tax Table: New Mexico tax brackets are determined by filing status (Single or Married filing jointly, etc.) for the year. All New Mexico tax brackets on the table are indexed for inflation and the federal minimum rate. Tax brackets for those with more than one rate of tax are as follows: New Mexico Single Taxable Income Tax Bracket: 11.65 cents per 100-percentile taxable wage New Mexico Married Filing Jointly or Qualified Widow/Widower Income Tax Bracket: 6.00 cents per 100-percentile taxable wage for unmarried dependents over the age of 21 who have no qualifying dependents. New Mexico Deduction for Nontaxable Wages: 0.90 per 100 of wages New Mexico Deduction for Taxable Wages and Other Income: 8.

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