New Mexico Estimated Taxes |
New Mexico Quarterly Estimated Taxes – Tax Year 2009
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To make any necessary state estimated tax payments in New Mexico, you can complete and submit New Mexico Form PIT-ES (PDF). You also have the option of making a payment online through New Mexico's E-Services website.
Every individual who must file a personal
income tax return under the Income Tax Act also must pay estimated
income tax. The way to do this is through either withholding or estimated tax payments. There is a penalty for underpayment or non-payment of estimated tax.
There is no penalty for underpayment of estimated income tax if:
- You are a first-year resident;
- Your tax for the current year, less amounts withheld, is under $500; or
- You are a full-year New Mexico resident
whose previous tax year was a 12-month tax year, and you owed zero tax for that tax return.
For more information, please refer to Form PIT-ES Instructions (PDF) or
visit the State of New Mexico Department of Taxation and Revenue website.
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