PIT-B - New Mexico Allocation And Apportionment Of Income Schedule


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What Is New Mexico Tax Form PIT-B?

The Form PIT-B is a vital document that taxpayers in New Mexico need to complete and submit during the tax filing process. This form, also known as the New Mexico Allocation and Apportionment of Income Schedule, helps determine the correct tax amount for taxpayers with incomes sourced within and outside the state.

New Mexico Allocation And Apportionment Of Income Schedule Screenshot

Essential components of form PIT-B

When filling out the NM form PIT-B, there are several important sections that taxpayers must complete. These include:

  • Allocation: taxpayers are required to list income specifically assigned to New Mexico or another state. The form provides guidance on which types of income should be allocated, such as compensation for services, business income, and property sales.
  • Standard Apportionment: taxpayers who are eligible for standard apportionment, which requires dividing their total income between New Mexico and other states based on ratios such as property, payroll, and sales. The three-factor formula helps in determining what proportion of income should be attributed to New Mexico.
  • Special Industry Apportionment: in some cases, taxpayers may qualify for special industry apportionment rules, which include unique calculations for specific industries. These industries may include transportation, construction, and certain types of manufacturing.

Filling Out the New Mexico PIT-B Form

Completing the PIT-B form requires patience, accuracy, and attention to detail. Follow the steps provided below to ensure your form is filled out correctly:

  1. Start filling out the form by entering your Social Security Number in the field provided in the top right corner.
  2. Enter your spouse's Social Security Number if you are married and filing jointly.
  3. Fill in your first, middle, initial, and last names in the fields provided.
  4. If you are married and filing jointly, provide your spouse's first and middle initial and last names.
  5. Fill in your mailing address, including street, city, state, and ZIP code.
  6. In Part 1, allocate your income according to the specific instructions provided for each line item. Enter the allocated amount for each income source in Columns A and B, and the remainder in Column C.
  7. In Part 2, apportion your income by first calculating the average for each line item. Enter the amounts for Property, Payroll, and Sales in each of the three columns.
  8. Add the amounts for each line item in the three columns and enter the totals in the respective boxes.
  9. Divide each total by the sum of the three column totals and enter the result as a percentage in the corresponding line of the Apportionment factor.
  10. Multiply the amount in Column C of Part 1 by the apportionment factor calculated in Part 2 for each income line item and enter the result in Column D.
  11. Add the amounts in Column D for lines 1 through 5 and enter the total on Line 6.
  12. Transfer the line 6 total to the appropriate line on your New Mexico Form PIT-1 or Form CIT-1.
  13. Review your filled-out form to ensure all the information is accurate and complete.

NM PIT-B form filing tips

Now that you know how to fill out the form, follow these tips to ensure a smooth tax-filing process:

  • Always keep detailed records of your income sources and their respective locations.
  • Be accurate when completing the PIT-B form to avoid possible penalties.
  • Use a tax professional if you're unsure of the process or need assistance.
  • Submit your form and all other tax documents before the deadline to prevent any late fees.

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