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New Mexico Fiduciary Income Tax Return
Extracted from PDF file 2023-new-mexico-form-fid-1-nm.pdf, last modified September 2023Fiduciary Income Tax Return
2023 FID-1 NEW MEXICO *238080200* FIDUCIARY INCOME TAX RETURN The FID-1, accompanying schedules and payments are due on the same day as the required federal return. Mail the original return and tax due to the New Mexico Taxation and Revenue Department, P.O. Box 25127, Santa Fe, NM 87504-5127. You must pay tax due in full. Do Not Send Cash. Name of estate or trust A1 A2 Address of fiduciary - (Number and street) A3 Postal/ZIP code A4 Name and title of fiduciary If foreign address, enter country City F1 C. If this is a final fiduciary return, enter liquidation or distribution date. D. Has an adjustment to your federal taxable income for any prior year by the Internal Revenue Service not been reported to New Mexico? YES G1 E. If you owe penalty on underpayment of estimated tax and you qualify for a special calculation method, enter 1, 2, 3, 4, or 5 in the box, and attach Form RPD-41272. Calendar year ending 12-31-23 Federal Employer Identification Number of estate or trust (Required) F2 Fiscal year beginning F3 and ending F4 Grantor Trust G2 Simple Trust G3 G4 Estate G7 NO If yes, you must submit an amended New Mexico return. A5 CHECK APPLICABLE BOXES ____________________ State Foreign province and/or state B. Date trust or estate created. ____________________ FOR DEPARTMENT USE ONLY Type G5 G8 Complex Trust G6 Date G9 a New Mexico resident Iftrust or estate, mark the box. Amended 7-1-13(G) Payment Election ORIGINAL DUE DATE OF REQUIRED FEDERAL RETURN. Prior to extension. See instructions. H1 Date EXTENSION OF TIME TO FILE. If you have a federal or New Mexico state extension, mark the box and enter the extension date. J1 Extended to: J2 K1 Mark if electing entity-level tax. 1. 2. Federal taxable income of fiduciary (Sec. 641(c) federal taxable income ________________ ).................. Additions to federal income (from FID-1, page 2, line 4)................................................................................... 3. Deductions from federal income (from FID-1, page 2, line 10)......................................................................... 4. 5. 6. New Mexico taxable income. Add lines 1 and 2, then subtract line 3............................................................... Tax on line 4 amount. Use the Tax Rate Table in FID-1 instructions, page 9................................................... New Mexico percentage of income (from FID-B, Schedule 1, line 16) ............................................................ 7. 8. 9. 10. 11. 12. New Mexico income tax. Multiply line 5 by the percentage on line 6 and enter here. If you do not need to complete Form FID-B, enter amount from line 5............................................................. Tax on lump-sum distributions (from worksheet in instructions)....................................................................... Total New Mexico tax. Add lines 7 and 8.......................................................................................................... Credit for taxes paid to another state (worksheet in instructions). Include other state return copy......................... Total credits applied against the income tax liability due (from FID-CR, line A). Attach FID-CR...................... Net New Mexico income tax. Subtract lines 10 and 11 from line 9. Cannot be less than zero....................... 1 + = 2 3 4 5 6 + + = = ___.____ % 7 8 9 10 11 12 Calculation of withholding tax and composite income tax (Complete this section if filing withholding tax and/or com- posite tax for beneficiaries. Leave this section blank if filing only fiduciary income tax, or fiduciary income tax and entity level tax.) 13. 14. 15. 16. 17. 18. 19. 20. 21. Total allocable net income................................................................................................................................. Distributions to beneficiaries on which the fiduciary has elected to pay withholding tax................................... Withholding tax rate (5.9%)............................................................................................................................... Amount of withholding tax on distributions to beneficiaries. Multiply line 14 by line 15. ................................... Total withholding tax passed directly to beneficiaries (see instructions)........................................................... Subtract line 17 from line 16. This is the total amount of withholding tax................................................... Distributions the fiduciary has determined will be subject to composite income tax for electing beneficiaries. Composite income tax rate (5.9%).................................................................................................................... Multiply line 19 by line 20. This is the total amount of composite income tax............................................. 13 14 15 17 18 19 20 21 Calculation of entity-level tax (Complete this section only if electing to file entity-level tax. If not electing to file and pay entity-level tax, leave this section blank.) 22. Total allocable net income................................................................................................................................. 23. Adjustments to allocable net income................................................................................................................. 5.9% 16 22 23 5.9% 2023 FID-1 (page 2) NEW MEXICO FIDUCIARY INCOME TAX RETURN Name of estate or trust as shown on Form FID-1, page 1 24. 25. 26. 27. FEIN of estate or trust *238090200* 24 25 26 27 Subtract line 23 from line 22. Distributions subject to entity-level tax........................................................ Entity-level tax rate (5.9%)............................................................................................................................... Multiply line 24 by line 25. This is the total amount of entity-level tax........................................................ Total New Mexico Tax. Add lines 12, 18, 21, and 26........................................................................................ PAYMENTS AND WITHHOLDING 28. Total Payments. Estimated Extension Applied from prior year................................................ 29. New Mexico income tax withheld not included on lines 30 and 31. Attach annual statement.......................... 30. New Mexico income tax withheld from oil and gas proceeds. Attach 1099-Misc or Form RPD-41285............ 31. 32. 33. 34. 35. 36. 37. 38. 39. 40. New Mexico income tax withheld from a pass-through entity. Attach 1099-Misc or Form RPD-41359........... Amount from lines 30 and 31 passed to beneficiaries...................................................................................... Total payments and tax withheld. Subtract line 32 from the sum of lines 28-31.............................................. Tax Due. If line 27 is more than line 33, enter the tax due............................................................................... Penalty. See instructions.................................................................................................................................. Interest. See instructions.................................................................................................................................. Total amount due. Add lines 34, 35, and 36..................................................................................................... Overpayment. If line 33 is more than line 27, enter the difference................................................................... 38a. Amount of overpayment to apply to 2024 liability. Cannot be more than line 38.................................... 38b. Amount of overpayment to refund. Subtract line 38a from line 38.......................................................... Total portion of tax credits to be refunded (from FID-CR, line B). Attach FID-CR............................................ Total refund of overpaid tax and refundable credit due to you. Add lines 38b and 39..................................... 5.9% 28 29 30 31 32 33 + + + = 34 35 36 37 38 38a + 38b + 39 = 40 ADJUSTMENTS TO FEDERAL INCOME FOR FIDUCIARY ADDITIONS TO FEDERAL INCOME Non distributed shares of: 1. Federal net operating loss carryover................................................................................................................ 2. Non-New Mexico municipal bond interest........................................................................................................ 3. Amount of tax paid by a pass-through entity on allocable net income............................................................. 4. Total additions. Add lines 1, 2, and 3. Enter on FID-1, page 1, line 2............................................................... DEDUCTIONS FROM FEDERAL INCOME Non distributed shares of: 5. New Mexico net operating loss (attach RPD-41375)....................................................................................... 6. 7. 8. 9. Interest from U.S. government obligations....................................................................................................... Net capital gains deduction. See instructions................................................................................................... Deduction for income set aside for future distribution from an estate or trust to a nonresident individual....... Deduction for certain expenses related to a New Mexico licensed cannabis business................................... 10. Total deductions. Add lines 5, 6, 7, 8, and 9. Enter on FID-1, page 1, line 3.................................................... !! REFUND EXPRESS !! HAVE YOUR REFUND DIRECTLY DEPOSITED. SEE INSTRUCTIONS AND FILL IN 1, 2, 3, AND 4. RE1 1. Routing number: RE2 2. Account number: RE3 3. Type: Checking Enter X Savings Enter X + + + = 1 + + + + + = 5 WILL THIS REFUND GO TO OR THROUGH AN ACCOUNT LOCATED OUTSIDE THE UNITED STATES? If yes, you may not use this refund delivery option. See instructions. Print preparer's name Title Taxpayer's email address Contact phone number NO Signature of preparer if other than employee of the taxpayer P1 Date 7 8 9 10 You must answer this question. Paid preparer's use only: I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer or an employee of the taxpayer) is based on all information of which preparer has any knowledge. Signature of fiduciary or officer representing fiduciary 6 4. REQUIRED: RE4 Y E S Taxpayer's signature 2 3 4 P2 FEIN P3 NMBTIN P4 Preparer's PTIN P5 Preparer's phone number Date 2023 FID-B Schedule 1 COMPUTATION OF NEW MEXICO PERCENTAGE *238180200* FEIN of estate or trust Name of estate or trust as shown on Form FID-1, page 1 ESTATES OR TRUSTS WITH INCOME FROM BOTH INSIDE AND OUTSIDE NEW MEXICO MUST COMPLETE THIS SCHEDULE. NOTE: The separate accounting method may not be used by a business in New Mexico. Column 1 Gross 1. Dividends........................................... 1 2. Interest, including non-New Mexico municipal bond interest..................... 2 3. Income from other fiduciaries, S corporations, partnerships, and limited liability entities ....................... 3 4. Rents and royalties............................ 4 5. Profit or loss from the sale or exchange of assets........................... 5 Column 2 Less related expenses/ distributions Column 3 Net Column 4 Allocation to New Mexico 6. Net business and farm income. Complete Form FID-B Schedule 2. See instructions............................. 6 7. Other income. Attach schedule......... 7 8. Total of lines 1 through 7................. 8 8a. Calculate allocation percentage for deductions. Divide line 8, column 4 by line 8, column 3......................................................................................................................... 8a _ _ _ . _ _ _ _% For lines 9, 10, and 11, multiply the amount in Column 3 by the percentage in line 8a to get the allocation to New Mexico in Column 4. 9. Deduction for exemption ................................................................................................. 9 10. Deduction for distributions not shown above.................................................................... + 10 11. Other deductions. Attach schedule................................................................................... + 11 12. Total of lines 9, 10, and 11................................................................................................ = 12 13. Taxable income of estate or trust. Subtract line 12 from line 8......................................... 13 14. Income from lump-sum distributions. Attach federal Form 4972...................................... + 14 15. Total income. Add lines 13 and 14.................................................................................. = 15 6. New Mexico percentage of income. Divide line 15, column 4 by line 15, column 3. 1 Calculate to four decimal places; for example, 22.6246%. Enter here and on FID-1, page 1, line 6.................................. 16 _ _ _ . _ _ _ _ % 2023 FID-B Schedule 2 BUSINESS INCOME APPORTIONMENT FORMULA *238190200* Name of estate or trust as shown on Form FID-1, page 1 FEIN of estate or trust ESTATES OR TRUSTS WITH INCOME FROM BOTH INSIDE AND OUTSIDE NEW MEXICO MUST COMPLETE THIS SCHEDULE. SEE INSTRUCTIONS BEFORE COMPLETING THIS SCHEDULE. Calculate each percentage below to four decimal places; for example, 22.6246%. Column 2 Inside New Mexico Percent Inside New Mexico 1. Property factor. Divide Total property, Column 2 by Column 1 and then multiply by 100.................................................... 1 _ _ _ . _ _ _ _% PROPERTY FACTOR Average annual value of inventory...................................................... Average annual value of real property................................................ Average annual value of personal property......................................... Rented property. Multiply annual rental value by 8............................. Total property....................................................................................... Column 1 Everywhere 1a 1b 1c 1d 1e PAYROLL FACTOR Wages, salaries, commissions, and other compensation of employees related to apportionable income...................................... 2a 2. Payroll factor. Divide Column 2 by Column 1 and then multiply by 100.......................................................................... + 2 _ _ _ . _ _ _ _% SALES FACTOR Gross receipts....................................................................................... 3a 3. Sales factor. Divide Column 2 by Column 1 and then multiply by 100............................................................................. + 3 4. _ _ _ . _ _ _ _% 4 _ _ _ . _ _ _ _% Divide line 4 by the number of factors entered in line 4a.......................... 5 _ _ _ . _ _ _ _% TOTAL of lines 1, 2, and 3............................................................................................................................................. = 4a Count of factors..................................................................................... 5. Average New Mexico Percentage. Have you changed your reporting of any class or type of allocated or apportioned income from the way it was reported in a prior taxable year? Yes No This entity submitted written notification of its election to use one of the special methods of apportionment of business income for tax year ending _______________. The effective date of the election is ________________. Month/Day/Year Month/Day/Year Mark the box indicating the special method elected. Manufacturers See instructions. Headquarters Operation 2023 FID-D Fiduciary as Pass-Through Entity Detail of Beneficiary Withholding, Composite and Entity-Level Tax FEIN *238480200* You can e-file and e-pay the FID return using the Department’s Taxpayer Access Point (TAP) website at https://tap.state.nm.us. 1a. Beneficiary SSN/ITIN/FEIN 1b. ID Provided q SSN/ITIN q FEIN 2 Beneficiary Name (First, Middle, Last) 1 5. Withholding required 6. Reason Code 1b. ID Provided q SSN/ITIN q FEIN 2 Beneficiary Name (First, Middle, Last) 3d. ZIP/Postal 7. Beneficiary share of allocable net income 8. Beneficiary share of withholding tax 3e. Mark if outside of the US/ Country Code 11. Beneficiary share of entity-level tax paid by the entity 3a. Beneficiary Address (Number Street) 3b. City 3c. State 3d. ZIP/Postal 3e. Mark if outside of the US/ Country Code q ____ 4. Residency Status 5. Withholding required 9. Amount of Beneficiary composite tax 6. Reason Code 7. Beneficiary share of allocable net income 10. Beneficiary share of allocable net income subject to entity-level tax 1a. Beneficiary SSN/ITIN/FEIN 1b. ID Provided q SSN/ITIN q FEIN 2 Beneficiary Name (First, Middle, Last) 8. Beneficiary share of withholding tax 11. Beneficiary share of entity-level tax paid by the entity 3a. Beneficiary Address (Number Street) 3b. City 3c. State 3d. ZIP/Postal 3e. Mark if outside of the US/ Country Code q ____ 4. Residency Status 5. Withholding required 9. Amount of Beneficiary composite tax 6. Reason Code 7. Beneficiary share of allocable net income 10. Beneficiary share of allocable net income subject to entity-level tax 1a. Beneficiary SSN/ITIN/FEIN 1b. ID Provided q SSN/ITIN q FEIN 2 Beneficiary Name (First, Middle, Last) 4 3c. State 10. Beneficiary share of allocable net income subject to entity-level tax 1a. Beneficiary SSN/ITIN/FEIN 3 3b. City q ____ 4. Residency Status 9. Amount of Beneficiary composite tax 2 3a. Beneficiary Address (Number Street) 8. Beneficiary share of withholding tax 11. Beneficiary share of entity-level tax paid by the entity 3a. Beneficiary Address (Number Street) 3b. City 3c. State 3d. ZIP/Postal 3e. Mark if outside of the US/ Country Code q ____ 4. Residency Status 5. Withholding required 9. Amount of Beneficiary composite tax 6. Reason Code 7. Beneficiary share of allocable net income 10. Beneficiary share of allocable net income subject to entity-level tax 8. Beneficiary share of withholding tax 11. Beneficiary share of entity-level tax paid by the entity If you need more space, print this Schedule FID-D directly from the website and attach the additional FID-D Supplemental forms as needed after the first page of this form. Reproducing from a photocopy reduces the readability of the barcode on scanning equipment and can cause processing delays. 2023 FID-D Supplemental Detail of Beneficiary Withholding, Composite and Entity-Level Tax FEIN *238490200* You can e-file and e-pay the FID return using the Department’s Taxpayer Access Point (TAP) website at https://tap.state.nm.us. 1a. Beneficiary SSN/ITIN/FEIN 1b. ID Provided q SSN/ITIN q FEIN 2 Beneficiary Name (First, Middle, Last) 1 5. Withholding required 6. Reason Code 1b. ID Provided q SSN/ITIN q FEIN 2 Beneficiary Name (First, Middle, Last) 3d. ZIP/Postal 7. Beneficiary share of allocable net income 8. Beneficiary share of withholding tax 3e. Mark if outside of the US/ Country Code 11. Beneficiary share of entity-level tax paid by the entity 3a. Beneficiary Address (Number Street) 3b. City 3c. State 3d. ZIP/Postal 3e. Mark if outside of the US/ Country Code q ____ 4. Residency Status 5. Withholding required 9. Amount of Beneficiary composite tax 6. Reason Code 7. Beneficiary share of allocable net income 10. Beneficiary share of allocable net income subject to entity-level tax 1a. Beneficiary SSN/ITIN/FEIN 1b. ID Provided q SSN/ITIN q FEIN 2 Beneficiary Name (First, Middle, Last) 8. Beneficiary share of withholding tax 11. Beneficiary share of entity-level tax paid by the entity 3a. Beneficiary Address (Number Street) 3b. City 3c. State 3d. ZIP/Postal 3e. Mark if outside of the US/ Country Code q ____ 4. Residency Status 5. Withholding required 9. Amount of Beneficiary composite tax 6. Reason Code 7. Beneficiary share of allocable net income 10. Beneficiary share of allocable net income subject to entity-level tax 1a. Beneficiary SSN/ITIN/FEIN 1b. ID Provided q SSN/ITIN q FEIN 2 Beneficiary Name (First, Middle, Last) 4 3c. State 10. Beneficiary share of allocable net income subject to entity-level tax 1a. Beneficiary SSN/ITIN/FEIN 3 3b. City q ____ 4. Residency Status 9. Amount of Beneficiary composite tax 2 3a. Beneficiary Address (Number Street) 8. Beneficiary share of withholding tax 11. Beneficiary share of entity-level tax paid by the entity 3a. Beneficiary Address (Number Street) 3b. City 3c. State 3d. ZIP/Postal 3e. Mark if outside of the US/ Country Code q ____ 4. Residency Status 5. Withholding required 9. Amount of Beneficiary composite tax 6. Reason Code 7. Beneficiary share of allocable net income 10. Beneficiary share of allocable net income subject to entity-level tax 8. Beneficiary share of withholding tax 11. Beneficiary share of entity-level tax paid by the entity If you need more space, print the Schedule FID-D directly from the website and attach the additional FID-D Supplemental forms as needed after the first page of this form. Reproducing from a photocopy reduces the readability of the barcode on scanning equipment and can cause processing delays.
Form FID-1 NM
More about the New Mexico Form FID-1 NM Corporate Income Tax Tax Return TY 2023
Used by a fiduciary to file estate or trust income when the estate or trust has income from a source in New Mexico.
We last updated the Fiduciary Income Tax Return in January 2024, so this is the latest version of Form FID-1 NM, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form FID-1 NM directly from TaxFormFinder. You can print other New Mexico tax forms here.
Related New Mexico Corporate Income Tax Forms:
TaxFormFinder has an additional 80 New Mexico income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the New Mexico Form FID-1 NM.
| Form Code | Form Name |
|---|---|
| Form FID-1-2018 (Obsolete) | Instructions for Form FID-1 Fiduciary Income Tax Return |
View all 81 New Mexico Income Tax Forms
Form Sources:
New Mexico usually releases forms for the current tax year between January and April. We last updated New Mexico Form FID-1 NM from the Taxation and Revenue Department in January 2024.
Form FID-1 NM is a New Mexico Corporate Income Tax form. Like the Federal Form 1040, states each provide a core tax return form on which most high-level income and tax calculations are performed. While some taxpayers with simple returns can complete their entire tax return on this single form, in most cases various other additional schedules and forms must be completed, depending on the taxpayer's individual situation, to create a complete income tax return package.
About the Corporate Income Tax
The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.
Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).
Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.
Historical Past-Year Versions of New Mexico Form FID-1 NM
We have a total of ten past-year versions of Form FID-1 NM in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2014 Form FID-1 NM
FID-1 NM
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