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New Mexico Schedule of Additions & Deductions and Exemptions
Extracted from PDF file 2023-new-mexico-form-pit-adj.pdf, last modified August 2023Schedule of Additions & Deductions and Exemptions
2023 PIT-ADJ NEW MEXICO SCHEDULE OF ADDITIONS, DEDUCTIONS, AND EXEMPTIONS We cannot accept statements instead of this schedule. *230280200* Print your name (first, middle, last) YOUR SOCIAL SECURITY NUMBER Taxpayers who are required to make certain additions or who are eligible to take certain deductions or exemptions from federal adjusted gross income to compute New Mexico taxable income must complete this schedule. Please refer to the instructions when completing this schedule. NEW MEXICO ADDITIONS TO FEDERAL ADJUSTED GROSS INCOME 1. Interest and dividends from federal tax-exempt bonds........................................................................................... 1. 2. Federal net operating loss carryover. See PIT-ADJ instructions............................................................................. Contributions refunded when closing a New Mexico-approved Section 529 college savings plan account and certain contributions rolled out of a New Mexico-approved Section 529 college savings plan account................. 2. Charitable deduction amount claimed on federal Schedule A, Line 12, for a donation of land to private non-profit or public conservation agencies, for conservation purposes, from which you were allowed the New Mexico Land Conservation Tax Credit.......................................................................................................................................... 4. 5. Amount of tax paid by a Pass-Through-Entity on distributed net income............................................................... 5. 6. TOTAL ADDITIONS. Add lines 1 through 5. Also enter on Form PIT-1, line 11................................................... 6. 3. 4. 3. NEW MEXICO DEDUCTIONS AND EXEMPTIONS FROM FEDERAL ADJUSTED GROSS INCOME 7. New Mexico tax-exempt interest and dividends...................................................................................................... 7. 8. New Mexico net operating loss. See PIT-ADJ instructions. Attach Form RPD-41369.......................................... 8. 9. Interest received on U.S. Government obligations.................................................................................................. 9. 10. Taxable Railroad Retirement Act annuities and benefits, and taxable Railroad Unemployment Insurance Act sick pay. Attach Forms RRB-1099 and RRB-1099-R..................................................................................... 10. 11. Income of a member of a New Mexico federally recognized Indian nation, tribe, or pueblo that was earned within the boundaries of the reservation or pueblo grant or within the boundaries of land defined as "Indian country" of which the individual is an enrolled member while domiciled within the boundaries of the reservation or pueblo grant or within the boundaries of land defined as "Indian country".. 11. 11a. I am enrolled as a member of the New Mexico federally recognized Indian nation, tribe, or pueblo. 11a. 11b. My spouse is enrolled as a member of the New Mexico federally recognized Indian nation, tribe, or pueblo. 11b. Income of persons age 100 years or older. If you or your spouse is age 100 or older, you must mark the boxes to 12. claim your exemption. 12a. 100 or older q 12b. Spouse 100 or older q 13. Exemption for persons age 65 or older, or blind...................................................................................................... 13. 14. Exemption for New Mexico medical care savings account. See PIT-ADJ instructions......................................... 14. 15. Deduction for contributions to a New Mexico-approved Section 529 college savings plan.................................... 15. 12. 16. Net capital gains deduction. See PIT-ADJ instructions........................................................................................ 16. 17. Active duty pay for United States armed forces. See PIT-ADJ instructions......................................................... 17. 18. Medical care expense exemption for persons age 65 years or older...................................................................... 18. 19. Deduction for organ donation-related expenses..................................................................................................... 19. 20. New Mexico National Guard member life insurance reimbursements tax exemption............................................. 20. 21. Taxable refunds, credits, or offsets of state and local income taxes from federal Form 1040, Schedule 1............. 21. 22. Non-resident U.S. Public Health Service members' active duty pay....................................................................... 22. 23. Liquor license lessor deduction. See PIT-ADJ Instructions.................................................................................. 23. 24. Exemption for armed forces retirement pay. See PIT-ADJ Instructions. .............................................................. 24. 25. Exemption for social security income. See PIT-ADJ Instructions. ....................................................................... 26. Deduction for certain expenses related to a New Mexico licensed cannabis business........................................... 25. 26. 27. TOTAL DEDUCTIONS AND EXEMPTIONS. Add lines 7 through 26. Enter here and on Form PIT-1, line 15.... 27. Attach this Schedule PIT-ADJ to your Personal Income Tax Return, Form PIT-1.
Form PIT-ADJ
More about the New Mexico Form PIT-ADJ Individual Income Tax TY 2023
Used to make additions or deductions/exemptions to one’s Federal Adjusted Gross Income due to a wide variety of reasons.
We last updated the Schedule of Additions & Deductions and Exemptions in January 2024, so this is the latest version of Form PIT-ADJ, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form PIT-ADJ directly from TaxFormFinder. You can print other New Mexico tax forms here.
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TaxFormFinder has an additional 80 New Mexico income tax forms that you may need, plus all federal income tax forms.
| Form Code | Form Name |
|---|---|
| Form PIT-ES | Estimated Payment Voucher |
| Form PIT-1 | Personal Income Tax Return |
| Income Tax Instructions | Individual Income Tax Instructions |
| Form PIT-RC | Rebate & Credit Schedule |
| Form PIT-ADJ | Schedule of Additions & Deductions and Exemptions |
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 PIT-ADJ from the Taxation and Revenue Department in January 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 PIT-ADJ
We have a total of thirteen past-year versions of Form PIT-ADJ 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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