Rpd 41375 2026

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The document is a guide from the New Mexico Taxation and Revenue Department detailing the 2020 Net Operating Loss (NOL) Carryforward Schedule for Fiduciary Income Tax. It provides instructions for taxpayers to calculate their excludable New Mexico NOL carryforward deduction, including how to report prior-year losses, apply them against current income, and track available carryforwards for future tax years. The document outlines specific columns for reporting various financial figures related to NOLs and includes examples to illustrate the process.

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Click ‘Get Form’ to open the RPD-41375 in the editor.
Begin by entering the taxpayer’s name and FEIN at the top of the form. This information is crucial for identification.
In Column 1, specify the tax year for which you are reporting the net operating loss (NOL). Use subsequent rows for prior-year NOLs.
For Column 2, input the amount of NM NOL incurred during that tax year. Refer to Worksheet 1 if needed.
In Column 3, enter your net income before applying any NOL deduction. This should be calculated using Worksheet 2.
Complete Columns 4 through 7 by detailing how much of the NOL was used, when it was applied, any expired amounts, and what remains for next year.
Review all entries for accuracy before saving your completed form. Ensure that totals match as required by the instructions.

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Versions	Form popularity	Fillable & printable
2021	4.9 Satisfied (32 Votes)
2020	4.8 Satisfied (127 Votes)
2018	4.3 Satisfied (84 Votes)
2016	4.4 Satisfied (53 Votes)
2015	4.4 Satisfied (215 Votes)
2014	3.9 Satisfied (37 Votes)

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

How to find New Mexicos CRS number?

If youve processed payroll in New Mexico before, you can locate your NM Business Tax Identification Number (NMBTIN) (previously called the CRS Identification Number) by: Checking Form CRS-1 or other correspondence from the New Mexico Taxation Revenue Department. Calling the department at (505) 827-0700.

What is the form RPD 41072 annual summary of withholding tax?

New Mexico Taxation and Revenue Department Annual Summary of Withholding Tax. Form RPD-41072 is an Annual Summary of Withholding Tax used to report the total income taxes withheld from employees and taxes remitted to the state. Its also used to claim an overpayment refund or pay if the taxes are underpaid.

What triggers the IRS underpayment penalty?

An underpayment penalty is a charge the IRS imposes on taxpayers who did not pay all of their estimated income taxes for the year or paid their taxes late. Youll face an underpayment penalty if you: Didnt pay at least 90% of the tax on your current-year return or 100% of the tax shown on the prior years return.

What is the new 80% nol rule?

A net operating loss (NOL) occurs when a companys deductions exceed its taxable income. NOLs can be carried forward indefinitely but are limited to offsetting 80% of taxable income.

What is the RPD 41071 application for tax refund?

What is Form 41071 in New Mexico? New Mexico residents may use a form RPD-41071 to apply for a refund on overpaid taxes by filing a form RPD-41071. Note that you may also do so using a letter of your own as long as it contains all the same information on this form.

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What is form rpd 41272?

RPD-41272. Calculation of Estimated Personal Income Tax Underpayment Penalty.

What is the penalty for underpayment of taxes in New Mexico?

The penalty is 2% of the tax due for each month or part of a month the return is not filed or the tax is not paid, to a maximum of 20%. This penalty applies when your failure to file or pay is because of negligence or disregard of the rules and regulations but without intent to defraud.

What is the tax refund form for New Mexico?

Complete form RPD-41071, Application for Tax Refund to request a refund. If it appears that the notice is not correct and an overpayment has not been made, or the amount of the overpayment in the notice is not correct, you should follow the instructions on the notice to make the correction.

Rpd 41375 2026

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