What's new for tax year 2022?
- Pass-through entities doing business in the state must file a New Mexico Information Return for Pass-Through Entities (Form PTE).
- This requirement includes entities registered to do business in the state, transacting business in, into or from the state, or receiving any income from property or employment within the state, and includes any partnership, joint venture, common trust fund, limited association, pool or working agreement, limited liability company or any other combination of persons or interests required to file a federal partnership return.
Down below we'll go over how to enter PTE for New Mexico on Individual, Partnership, S Corporate and Fiduciary returns in Lacerte.
Table of contents:
- Go to Screen 51.251, New Mexico Modifications.
- Under the New Mexico Subtractions section, enter the amount in the Exemption for net income subject to the entity level tax field.
- This amount flows to PIT-ADJ, line 25.
The RPD-41367 and Ptr. Summary generate automatically for resident partners, and flows to line 12 of RPD-41367.
Go to Screen 7, Partner Information and under the New Mexico Information section, check the Entity Level Tax box. This will generate the RPD-41337 and Ptr. Summary.
Go to Screen 5, Shareholder Information and under the New Mexico Information section, check the Entity Level Tax box. This will generate the RPD-41367 and populate line 12 of Schedule A, page 2.
Go to Screen 6, Beneficiary/Grantor Information and under the New Mexico Information section, check the Entity Level Tax box. This will flow the beneficiary's share to line 12 of FID-D, page 2.