ProConnect HelpIntuit HelpIntuit

Form Help - New Mexico

by Lacerte Tax 2023 Updated 4 months ago

Individual

Form PIT-1

PIT 1, Line 18a

PIT-1, Line 18a is marked with an "R" by default. If you want to change it to "B", you can do so by accessing Screen 50.251, New Mexico Income. In the Misc. (PIT-B) section, you need to enter a value in the Resident allocation of Income (MANDATORY for full year resident if alloc.)(Ctrl+T) field. Once this is done, the PIT-B will allocate the income to the PIT-1 Line 18 and mark it as "B".

Form PIT-1

Form PIT-B

PIT B, Section I Line 1, Column 2

To Generate a NM PIT-B go to Screen 50.251, and under the Miscellaneous (PIT-B) section, in the Resident allocation of income (MANDATORY for full yr resident if alloc.), Allocate source income to New Mexico. This will generate PIT-B to allocate all goes to NM for Lines 1, 2, 3, 7 and PIT-B allocates other Lines.

Form PIT-B

Form PIT-CR

Page 1, Line 1

Screen 53.255 will not generate a non-refundable credit when there is no New Mexico taxable income to offset. Please verify income sourced to New Mexico.Screen 53.255 will not generate a non-refundable credit when there is no New Mexico taxable income to offset. Verify income sourced to New Mexico.

Form PIT-CR

Form PIT-1

Page 1, Line 1

Withholdings from W-2-G, W-2, 1099, 1099-R, and 1099-MISC forms should be reported.Withholdings from W-2-G, W-2, 1099, 1099-R, and 1099-MISC forms should be reported.

Form PIT-1

Partnership

Form

Line (apply anchor name here under Advanced on the right)

This is where you will enter the line-specific help.

S Corporation

Form

Line (apply anchor name here under Advanced on the right)

ere)

This is where you will enter the line-specific help.

Corporation

Form

Line (apply anchor name here under Advanced on the right)

This is where you will enter the line-specific help.

Fiduciary

Form

Line (apply anchor name here under Advanced on the right)

This is where you will enter the line-specific help.

Lacerte Tax

Sign in now for personalized help

Ask questions, get answers, and join our large community of Intuit Accountants users.

More like this

Dynamic AdsDynamic Ads