New Mexico Form PIT-1


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What is New Mexico Form PIT-1?

The New Mexico PIT-1 tax form is the state’s personal income tax return. This form used residents and part-year residents who earn income from any source.

What is New Mexico Form PIT-1 used for?

The PIT1 New Mexico is used to calculate and report an individual’s annual New Mexico personal income tax liability. The form is comprised of several sections, which must be completed in full in order for the form to be considered valid.

How to fill out New Mexico Form PIT-1?

The sections of the New Mexico tax form PIT-1 include the following:

  • Personal Information. This section needs enter be completed with the taxpayer’s name, Social Security number, filing status, and contact information.
  • Income. This section must be used to report all sources of income, including wages, salaries, tips, interest, dividends, and other forms of unearned income.
  • Adjustments to income. This section is used to report any adjustments that should be made to the taxpayer’s income, such as alimony payments, moving expenses, and IRA contributions.
  • Deductions. This section is used to report any allowable deductions, such as charitable contributions, medical expenses, and state and local taxes.
  • Credits. This section is used to report any allowable credits, such as the earned income tax credit and the child and dependent care credit.
  • Tax liability. This section is used to calculate the taxpayer’s New Mexico personal income tax liability.
  • Payments. This section is used to report any tax payments that have been made, such as estimated tax payments or withholding from wages.
  • Refund or balance due. This section is used to calculate any refund or balance due on the taxpayer’s New Mexico personal income tax return.

How to submit New Mexico Form PIT-1?

All tax returns must be filed electronically through the New Mexico Taxation and Revenue Department’s website. You can file your PIT-1 New Mexico tax form by mail or by fax.

Who should sign the New Mexico Form PIT-1?

The form must be signed by the taxpayer and their spouse if filing jointly. 

Relevant to New Mexico Form PIT-1 form 2021

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