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The document provides detailed instructions for filing the 2019 New Mexico Personal Income Tax Return (PIT-1). It includes information on checking refund status, contacting the Department, eligibility for filing, residency requirements, and various tax credits and deductions. The document emphasizes the importance of accurate information, deadlines for electronic and paper filings, and procedures for handling refunds and payments. Additionally, it outlines taxpayer rights under New Mexico tax law and offers guidance on using online services for filing and payment.

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Who pays GRT in NM?

In a nutshell, GRT is a substitute for the traditional sales tax that shoppers in other states pay when they make a purchase. In New Mexico, the seller pays the tax on the sales price of a product or service even if the seller doesnt collect it from the buyer and even if the buyer lives out of state.

What is the gross receipts tax in New Mexico sales tax?

Collecting Sales Tax The Gross Receipts tax rate now is calculated based on where the goods or products of services are delivered. The New Mexico gross receipts tax rate is 5.125%.

Who must file a New Mexico nonresident tax return?

New Mexico imposes a tax on the net income of every resident and on the net income of every nonresident employed or engaged in business in, into or from this state or deriving any income from any property or employment within this state. The personal income tax is filed using Form PIT-1, Personal Income Tax Return.

How does GRT work in New Mexico?

The business pays the total Gross Receipts Tax to the state, which then distributes the counties and municipalities portions to them. Changes to the tax rates may occur twice a year in January or July.

Who must pay New Mexico gross receipts tax?

The tax is imposed on the gross receipts of persons who: sell property in New Mexico; property includes real property, tangible personal property, including electricity and manufactured homes, licenses (other than the licenses of copyrights, trademarks or patents) and franchises.

Who is exempt from gross receipts tax in New Mexico?

The state imposes a governmental gross receipts tax of 5.00% on the receipts of New Mexico state and local governments. The exceptions are the gross receipts of public school districts and entities licensed by the Department of Health that are principally engaged in providing health care.

How much does New Mexico tax retirement income?

New Mexico retirement taxes for retirees Most New Mexicans dont pay state income tax on their Social Security benefits. Taxpayers age 65 and older can deduct up to $8,000 from their taxable income, and income for residents 100 years and older is completely tax-exempt in New Mexico.

What are the steps for a tax return?

Steps to file your federal tax return You will need the forms and receipts that show the money you earned and the tax-deductible expenses you paid. Choose your filing status. Decide how you want to file your taxes. Determine if you are taking the standard deduction or itemizing your return.

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