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Click ‘Get Form’ to open the RPD-41072 in the editor.
In Part I, enter your Business Information. Fill in your NMBTIN, reporting year, name, address, and select your filing frequency (Monthly, Quarterly, or Semiannually).
Move to Part II and complete the Schedule of New Mexico Income Tax Withheld. For each month of the reporting year, input the amount of tax withheld. Ensure you sum all amounts in the 'TOTAL' box.
In Part III, provide Qualifying Information. Enter the number of annual statements submitted on line 1. On line 2, input the total New Mexico income tax withheld for the taxable year as shown on Federal Forms W-2, W-2G or 1099R.
Continue with line 3 by entering the total New Mexico income tax withheld and reported during the reporting year. Finally, calculate and enter any difference on line 4.
In Part IV, sign and date the form to declare that all information is accurate. If necessary, prepare any attachments before submitting it to the Taxation and Revenue Department.
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The personal income tax is filed using Form PIT-1, Personal Income Tax Return. If you are a New Mexico resident, you must file if you meet any of the following conditions: You file a federal return; You want to claim a refund of any New Mexico state income tax withheld from your pay, or.
What is New Mexico withholding tax?
New Mexico bases its withholding tax on an estimate of an employees State income tax liability. The State credits taxes withheld against the employees actual income tax liability on the New Mexico personal income tax return. State withholding tax is like federal withholding tax.
What is the RPD 41071 application for refund?
The RPD-41071 is a form to apply for a tax refund from the New Mexico Taxation and Revenue Department. This application is necessary for those who have overpaid taxes, fees, or surcharges. Completing this form accurately is crucial to avoid delays or denials.
What is the New Mexico gross receipts tax?
The Gross Receipts Tax rate varies throughout the state from 4.875% to 8.9375%. It varies because the total rate combines rates imposed by the state, counties, and, if applicable, municipalities where the businesses are located.
Why do I pay withholding tax?
Not only can tax withholding prevent you from having to pay estimated taxes quarterly, but it also can help you avoid penalties and interest payments for paying too little in taxes earlier in the year.
form rpd 41072
Rpd 41072 pdftrd-31109New Mexico RPDTRD-41406NM Taxation and Revenue form ACD 31015NM TAP
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 is New Mexicos wage withholding tax?
Employers must withhold a part of the employees wages for payment of income tax. New Mexico bases its withholding tax on an estimate of an employees State income tax liability. The State credits taxes withheld against the employees actual income tax liability on the New Mexico personal income tax return.
nm form rpd 41072
New Mexico Payroll Tax Setup
NM withholding taxpayers may file Form RPD-41072, Annual Summary of Withholding Tax. The report is available for taxpayers use but is not required to be
Aug 16, 2021 Form RPD-41072 should be completed on or before the last day of January of the year following the calendar year in which the tax was withheld.
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