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New Mexico Insurance Premium Casualty, Property, and Vehicle Quarterly Return
Extracted from PDF file 2023-new-mexico-form-trd-41396.pdf, last modified February 2024Insurance Premium Casualty, Property, and Vehicle Quarterly Return
New Mexico Taxation and Revenue Department TRD-41396 Rev. 02/10/2024 Insurance Premium Casualty, Property, and Vehicle Quarterly Return NAIC NUMBER: STREET/BOX: FEIN, SSN, or ITIN: CITY, STATE, ZIP E-MAIL: CONTACT NAME: PHONE: WHO MUST FILE: Taxpayers (Insurers) subject to Premium Tax and Health Insurance Premium Surtax as outlined in the Insurance Premium Tax Act must file the Form TRD-41396, Insurance Premium Casualty, Property, and Vehicle (IPP) Quarterly Return. The insurance premium tax estimated payments and returns are due on or before the 15th day of the month following the close of the calendar quarter. Estimated payments must be one-fourth of the payment made during the previous calendar year or one-fifth of the actual payment due for the current calendar year, whichever is greater. The final adjustment for payments due for the prior year shall be made with the return filed on April 15th. E-FILE: You can e-file and e-pay IPP using the Department’s Taxpayer Access Point (TAP) website at https://tap.state.nm.us. Tax Period: q Month Day Check if amended Year through Month Day Year Reason for amending: Casualty Premium Tax 1. Prior Year Casualty Tax Liability (as reported on prior year's annual premium tax filing)..................................................................................... 1. 2. 2. 25% of Total Prior Year Tax Liability (multiply line 1 by 25%)........................................................................................................................ 3. 20% of Actual Payment due for the Current Calendar Year..................................................................................................................... 3. 4. Premium Tax Amount Due (enter greater amount from line 2 and line 3).......................................................................................................... 4. Health Premium Tax 5. Prior Year Health Tax Liability (as reported on prior year's annual premium tax filing)......................................................................................... 5. 6. 25% of Total Prior Year Tax Liability (multiply line 5 by 25%)........................................................................................................................ 6. 7. 20% of Actual Payment due for the Current Calendar Year..................................................................................................................... 7. 8. Premium Tax Amount Due (enter greater amount from line 6 and line 7).......................................................................................................... 8. Health Insurance Premium Surtax 9. Prior Year Surtax Liability (as reported on prior year's annual premium tax filing)............................................................................................... 10. 25% of Total Prior Year Tax Liability (multiply line 9 by 25%)........................................................................................................................ 9. 10. 11. Current Year Surtax Premiums (current quarter premiums multiplied by 4)...................................................................................................... 11. 12. Current Year Surtax Rate......................................................................................................................................................................... 12. 13. Current Year Surtax Liability (multiply line 11 by line 12)............................................................................................................................... 13. 14. 20% Total Current Year Tax Liability (multiply line 13 by 20%) ..................................................................................................................... 14. 15. Surtax Amount Due (enter greater amount from line 10 and line 14)................................................................................................................. 15. 3.75% Property Premium Tax 16. Prior Year Property Tax Liability (as reported on prior year's annual premium tax filing)..................................................................................... 16. 17. 25% of Total Prior Year Tax Liability (multiply line 16 by 25%)....................................................................................................................... 17. 18. 20% of Actual Payment due for the Current Calendar Year..................................................................................................................... 18. 19. Premium Tax Amount Due (enter greater amount from line 17 and line 18)....................................................................................................... 19. Title Insurance Tax 20. Prior Year Title Insurance Liability (as reported on prior year's annual premium tax filing).................................................................................. 20. 21. 25% of Total Prior Year Tax Liability (multiply line 20 by 25%)....................................................................................................................... 21. 22. 20% of Actual Payment due for the Current Calendar Year..................................................................................................................... 22. 23. Title Insurance Tax Amount Due (enter greater amount from line 21 and line 22).............................................................................................. 23. Vehicle Premium Tax 24. Prior Year Vehicle Tax Liability (as reported on prior year's annual premium tax filing)....................................................................................... 24. 25. 25% of Total Prior Year Tax Liability (multiply line 24 by 25%)....................................................................................................................... 25. 26. 20% of Actual Payment due for the Current Calendar Year..................................................................................................................... 26. 27. Premium Tax Amount Due (enter greater amount from line 25 and line 26)....................................................................................................... 27 Total Tax Due 28. Tax Due (add amounts reported on lines 4, 8, 15, 19, 23 and 27)........................................................................................................................ 28. 29. Penalty..................................................................................................................................................................................................... 29. 30. Interest..................................................................................................................................................................................................... 30. 31. Total Amount Due .................................................................................................................................................................................... 31. Taxpayer's Signature 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. Authorized Signature Title Date Phone Number ***This program has an electronic filing mandate. An e-file exception or waiver can be requested to submit a paper return.*** NAME OF INSURER: TRD-41396 Rev. 02/10/2024 New Mexico Taxation And Revenue Department Insurance Premium Casualty, Property, and Vehicle Tax Quarterly Return Instructions WHO MUST FILE Every taxpayer, insurer, and surplus lines broker subject to the provisions of the Insurance Premium Tax Act shall pay any applicable fees and charges as are required under the Insurance Code. Companies that have written zero premiums are still required to file both quarterly and annual premium tax returns. Lines of business may not be combined on a single return. Premium tax returns must be submitted for each line of business in which the company is licensed to transact business. Important: This tax program has an electronic filing (e-file) mandate. E-filing is fast, easy, and secure using the Department's Taxpayer Access Point (TAP) located here: https:// tap.state.nm.us. COMPLETED RETURNS All fields in the form must be completed. No field should be left blank. For numeric fields requiring a balance, mark the field as zero if there no activity or balance related to that field. For forms to be considered complete, they must be signed, with the Title and Date entered by Authorized Representative. QUARTERLY PREMIUM TAX RETURNS As specified in NMSA 1978, Section 7-40-7(A), for each calendar quarter, an estimated payment of the premium tax and the health insurance premium surtax shall be made on April 15, July 15, October 15 and the following January 15 Quarterly Filing Period Begins Period Ends Due Date 1 January 1st March 31st April 15th 2 April 1st June 30th July 15th 3 July 1st September 30th October 15th 4 October 1st December 31st January 15th PAYMENTS The estimated payments shall be equal to at least one-fourth of the payment made during the previous calendar year or one-fifth of the actual payment due for the current calendar year, whichever is greater. Refer to FYI 401, Special Payment Methods for more information. Make the check or money order payable to New Mexico Taxation and Revenue Department. Mail the payment and all required documenta- tion to Taxation and Revenue Department, P.O. Box 5557, Santa Fe, NM 87502 Email: INSPremium.Outreach@tax. nm.gov. Certified or overnight mailing address: Attn-Insurance Premium Tax, 1200 S. St. Francis Drive, Santa Fe, New Mexico 87504. NOTE: When you provide a check as payment, you authorize us to use information from your check to make a onetime electronic fund transfer from your account. When we use information from your check to make an electronic fund transfer, funds may be withdrawn from your account as soon as the same day you make your payment. LINE INSTRUCTIONS Line 1. Prior Year Casualty Tax Liability. Enter the prior year tax liability as reported on Net Premium Tax Liability line of the prior year annual premium tax filing. Line 2. 25% of Total Prior Year Tax Liability. Multiply Line 1 by 25%. Line 3. 20% of Actual Payment due for the Current Calendar Year. This amount must be equal to 20% of the actual payment due for the calendar year. Note: This amount is not calculated using the quarterly tax due. This amount must be 20% of the projected annual tax due. Line 4. Premium Casualty Tax Amount Due. Enter the greater amount from Line 2 and Line 3. Line 5. Prior Year Health Tax Liability. Enter the prior year tax liability as reported on Net Premium Tax Liability line of the prior year annual premium tax filing. Line 6. 25% of Total Prior Year Tax Liability. Multiply Line 5 by 25%. Line 7. 20% of Actual Payment due for the Current Calendar Year. This amount must be equal to 20% of the actual payment due for the calendar year. Note: This amount is not calculated using the quarterly tax due. This amount must be 20% of the projected annual tax due. Line 8. Premium Health Tax Amount Due. Enter the greater amount from Line 6 and Line 7. Line 9. Prior Year Surtax Liability. Enter the prior year health insurance premium surtax liability as was reported on the prior year's annual premium tax filing. ***This program has an electronic filing mandate. An e-file exception or waiver can be requested to submit a paper return.*** LEGISLATION Effective January 1, 2020 under new legislation the Insurance Premium Tax Act was created transferring the duty to collect Insurance Premium Taxes to the Taxation and Revenue Department. Effective January 1, 2022, the Health Insurance Premium Surtax rate was increased to 3.75%. TRD-41396 Rev. 02/10/2024 New Mexico Taxation And Revenue Department INSURANCE PREMIUM CASUALTY, PROPERTY, AND VEHICLE TAX RETURN INSTRUCTIONS Line 11. Current Year Surtax Premiums. Current quarter premiums multiplied by 4 to get the total estimated tax due for the current year. Line 12. Current Year Surtax Rate. The rate for quarters starting January 1, 2022 the surtax rate is 3.75%. Line 13. Current Year Surtax Liability. Multiply line 11 by line 12. Line 14. 20% Total Current Year Tax Liability. Multiply line 13 by 20% Line 15. Surtax Amount Due. Enter the greater amount from Line 10 and Line 14. Line 16. Prior Year Property Tax Liability. Enter the prior year Property Tax Liability as reported on Total Premium Tax Due line of the prior year annual premium tax filing. Line 17. 25% of Total Prior Year Tax Liability. Multiply Line 16 by 25%. Line 18. 20% of Actual Payment due for the Current Calendar Year. This amount must be equal to 20% of the actual payment due for the calendar year. Note: This amount is not calculated using the quarterly tax due. This amount must be 20% of the projected annual tax due. Line 19. Premium Property Tax Amount Due. Enter the greater amount from Line 17 and Line 18. Line 20. Prior Year Title Insurance Tax Liability. Enter the prior year Title Insurance Tax Liability as reported on Total Title Insurance Tax Due line of the prior year annual filing. Line 21. 25% of Total Prior Year Tax Liability. Multiply Line 20 by 25%. Line 22. 20% of Actual Payment due for the Current Calendar Year. This amount must be equal to 20% of the actual payment due for the calendar year. Note: This amount Line 23. Title Insurance Tax Amount Due. Enter the greater amount from Line 21 and Line 22. Line 24. Prior Year Vehicle Tax Liability. Enter the prior year Vehicle tax liability as reported on Total Premium Vehicle tax Due line of the prior year annual premium tax filing. Line 25. 25% of Total Prior Year Tax Liability. Multiply Line 24 by 25%. Line 26. 20% of Actual Payment due for the Current Calendar Year. This amount must be equal to 20% of the actual payment due for the calendar year. Note: This amount is not calculated using the quarterly tax due. This amount must be 20% of the projected annual tax due. Line 27. Premium Vehicle Tax Amount Due. Enter the greater amount from Line 25 and Line 26. Line 28. Total Due. Add amounts reported on lines 4, 8, 15, 19, 23 and 27. Line 29. Penalty. Add penalty if the entity fails to file timely or to pay the amount on Line 28 when due. Calculate the penalty by multiplying the amount on Line 28 by 2%, then by the number of months or partial months for which the return or payment is late, not to exceed 20% of the tax due. Penalty for failure to file or pay on time may not be less than $5.00. Line 30. Interest. Interest accrues daily on the unpaid principal of tax due, and it can change on a quarterly basis. You can find the effective annual and daily interest rates on the Department's web page at www.tax.newmexico.gov or by contacting the Department. Line 31. Total due. Enter the total of Lines 28, 29, and 30. Pay this amount. ***This program has an electronic filing mandate. An e-file exception or waiver can be requested to submit a paper return.*** Line 10. 25% of Total Prior Year Tax Liability. Multiply Line 9 by 25%. Enter number here. is not calculated using the quarterly tax due. This amount must be 20% of the projected annual tax due.
Form TRD-41396
More about the New Mexico Form TRD-41396 Individual Income Tax TY 2023
Taxpayers subject to Premium Tax and Health Insurance Premium Surtax are required to file form TRD-41396. This form has an e-file mandate, and you must file either form RPD-41351 or RPD-41350 to request a waiver or exception from filing online
We last updated the Insurance Premium Casualty, Property, and Vehicle Quarterly Return in February 2024, so this is the latest version of Form TRD-41396, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form TRD-41396 directly from TaxFormFinder. You can print other New Mexico tax forms here.
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Form Sources:
New Mexico usually releases forms for the current tax year between January and April. We last updated New Mexico Form TRD-41396 from the Taxation and Revenue Department in February 2024.
About the Individual Income Tax
The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.
Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!
Historical Past-Year Versions of New Mexico Form TRD-41396
We have a total of two past-year versions of Form TRD-41396 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
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