NM TRD RPD-41072 2021-2026 free printable template

This form is used by employers, payers, and gambling establishment operators to reconcile New Mexico income tax withheld from salaries, wages, pension or annuity income, or gambling winnings with

How to fill out new mexico income tax form

How to fill out NM TRD RPD-41072

1. Obtain the NM TRD RPD-41072 form from the New Mexico Taxation and Revenue Department website or office.
2. Fill in your personal information, including your name, address, and contact details at the top of the form.
3. Provide the required tax identification number (TIN) or Social Security Number (SSN).
4. Complete the sections regarding your income sources, including wages, self-employment income, and any other earnings.
5. Fill out any applicable deductions and credits in the designated sections of the form.
6. Review the form for accuracy, ensuring all fields are completed appropriately.
7. Sign and date the form at the bottom to certify that the information provided is true and complete.
8. Submit the completed form either electronically (if applicable) or via mail to the appropriate address indicated on the form.

Who needs NM TRD RPD-41072?

1. Individuals or businesses required to report certain tax information to the New Mexico Taxation and Revenue Department.
2. Taxpayers seeking to claim deductions, credits, or exemptions related to their income.
3. Those who have earned income in New Mexico and must fulfill state tax obligations.

People Also Ask about new mexico withholding form

What is the supplemental tax rate in New Mexico 2023?

New Mexico's 2023 withholding percentage method was released by the state Department of Taxation and Revenue. The tax brackets used in the percentage method were adjusted, and tax rates used continue to range from 1.7% to 5.9%. The supplemental tax rate also remained 5.9%.

Do I need to file state taxes in New Mexico?

Who is required to file? New Mexico's law says every person who meets both of the following conditions must file Form PIT-1, New Mexico Personal Income Tax Return: Every person who is a New Mexico resident or has income from New Mexico sources. Every person who is required to file a federal income tax return.

What is the tax form for New Mexico withholding?

New Mexico withholding taxpayers may file Form RPD- 41072, Annual Summary of Withholding Tax. The report is available for taxpayer's use but is not required to be filed.

What is the NM RPD-41072?

Form RPD-41072 is used to reconcile the total amounts shown as withheld on annual statement of withholding information returns furnished to recipients (Federal Form W2) with the total tax withheld and paid to New Mexico on CRS-1 returns.

What is the tax rate on bonuses in New Mexico?

The percentage method is used if your bonus comes in a separate check from your regular paycheck. Your employer withholds a flat 22% (or 37% if over $1 million). This percentage method is also used for other supplemental income such as severance pay, commissions, overtime, etc.

What is the federal supplemental tax rate for 2023?

The federal tax withholding rate on supplemental wages (e.g., bonus payments) exceeding $1 million during a calendar year remains at 37%. The rate for supplemental wages up to $1 million subject to a flat rate remains unchanged from 2022, at 22%.

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What is NM TRD RPD-41072?

NM TRD RPD-41072 is a form used for reporting certain tax information to the New Mexico Taxation and Revenue Department.

Who is required to file NM TRD RPD-41072?

Taxpayers who have specific income sources or transactions that necessitate reporting to the New Mexico Taxation and Revenue Department are required to file NM TRD RPD-41072.

How to fill out NM TRD RPD-41072?

To fill out NM TRD RPD-41072, taxpayers need to provide their identifying information, report the applicable income or transaction details, and follow the form's instructions for any additional documentation or schedules required.

What is the purpose of NM TRD RPD-41072?

The purpose of NM TRD RPD-41072 is to ensure that the New Mexico Taxation and Revenue Department receives accurate and complete information regarding certain income and transactions for proper tax assessment.

What information must be reported on NM TRD RPD-41072?

The information that must be reported on NM TRD RPD-41072 includes taxpayer identification details, income sources, amounts, and any other relevant data as specified by the form's instructions.