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New Mexico Rebate & Credit Schedule
Extracted from PDF file 2023-new-mexico-form-pit-rc.pdf, last modified October 2023Rebate & Credit Schedule
2023 PIT-RC NEW MEXICO REBATE AND CREDIT SCHEDULE This schedule may be used by individuals who qualify for one or more refundable rebates and credits offered by New Mexico. Include Schedule PIT-RC with your personal income tax return, Form PIT-1. Print your name (first, middle, last) *230380200* YOUR SOCIAL SECURITY NUMBER SECTION 1: QUALIFICATIONS FOR REBATES AND CREDITS REPORTED IN SECTIONS 2 TO 5. Complete Section 1 to claim the following rebates and credits in Sections 2 through 5. IMPORTANT: To claim any refundable tax credits in Section 6, you do not need to complete Section 1. Persons with Modified Gross Income of: $36,000 or less may qualify for the low income comprehensive tax rebate (Section 2) $16,000 or less who are age 65 or older may qualify for the property tax rebate (Section 3) $24,000 or less who live in Los Alamos County, Santa Fe County, or Doña Ana County ONLY may qualify for additional low income property tax rebate (Section 4) $30,160 or less may qualify for the New Mexico child day care credit (Section 5) FOR COMPLETE ELIGIBILITY REQUIREMENTS, READ REBATE AND CREDIT SCHEDULE INSTRUCTIONS Qualifications for Credits and Rebates Reported in Sections 2 to 5. You and your spouse, if applicable, must mark the box to indicate whether the statement is true. If the statement is not true, leave the box blank. If you are not married, leave the boxes in the spouse column blank. TAXPAYER SPOUSE A. I was a resident of New Mexico during any part of the tax year................................................................. TRUE .................... TRUE B. In 2023, I was physically present in New Mexico for at least six months..................................................... TRUE .................... TRUE C. In 2023, I was NOT eligible to be claimed as a dependent of another taxpayer for income tax purposes.. TRUE .................... TRUE D. In 2023, I was NOT an inmate of a public institution for a period of more than six months......................... TRUE .................... TRUE 1. Number of exemptions from Form PIT-1, line 5................................................................................................................................. 2. a. Enter number of household members who DO NOT qualify. If all exemptions qualify, leave blank.............................................. See PIT-RC instructions b. Subtract 2a from 1. Number of allowable household members.................................................................................................... c. Extra Exemption: Enter 1 if you or your spouse (if married filing jointly) are blind for federal income tax purposes. Enter 2 if you and your spouse (if married filing jointly) are blind.................................................................................................. d. Add lines 2b and 2c...................................................................................................................................................................... e. If you are 65 or older, enter 2........................................................................................................................................................ f. If married filing jointly and your spouse is 65 or older, enter 2....................................................................................................... g. Add lines 2d, 2e, and 2f................................................................................................................................................................ h. If you checked filing status (3) married filing separately on your Form PIT-1, enter the number of exemptions, if any, your spouse claimed on line 2g of your spouse's PIT-RC................................................................................................... 3. Total. Add lines 2g and 2h. Enter here and on line 13a on page 2 of this form................................................................................ 1 = + = + + = 2a + 2h = 3 2b 2c 2d 2e 2f 2g CALCULATE MODIFIED GROSS INCOME. Modified gross income, generally, is all income of the taxpayer and household members, both taxable and nontaxable, and undiminished by losses. See instructions for types of income you do not need to include in modified gross income. NOTE: If married filing separately, be sure to include your spouse's income. 4. Wages, salaries, tips, etc....................................................................................................................................................... 5. Social security benefits, pensions, annuities, and Railroad Retirement................................................................................. 6. Unemployment and workers' compensation benefits.............................................................................................................. 7. Public assistance, TANF and Supplemental Security Income (SSI)...................................................................................... 8. Net profit from business, farm, or rentals. If a loss, enter zero, DO NOT enter a negative number.................................. 9. Capital gains undiminished by capital losses.......................................................................................................................... 11. All other income such as interest, dividends, gambling winnings, insurance settlements, scholarships, grants, VA benefits, trust income and inheritance, alimony, and child support....................................................................... + + + + + + + 12. Modified Gross Income. Add lines 4 through 11. Enter the total on line 12 and on line 13 of page 2. (Total must equal or exceed Federal Adjusted Gross Income from Form PIT-1, line 9)................................................ + 10. Gifts of cash or marketable tangible items received. (You must give the items a reasonable value.).................................... 4 5 6 7 8 9 10 11 12 2023 PIT-RC (page 2) NEW MEXICO REBATE AND CREDIT SCHEDULE YOUR SOCIAL SECURITY NUMBER *230390200* SECTION 2: LOW INCOME COMPREHENSIVE TAX REBATE(If line 13 is MORE than $36,000, DO NOT complete line 14.) 13. Enter Modified Gross Income from line 12............................................................................................................................. 13 a. Enter Total Exemptions from line 3..................................................................................................................................... 14. Low income comprehensive tax rebate. On Table 1 in the instructions, find the Modified Gross Income range that includes the amount on line 13, then move across to the column that matches the number of exemptions online 13a. Married couples filing separately must divide the result by two 13a 14 SECTION 3: PROPERTY TAX REBATE FOR PERSONS 65 OR OLDER. (If line 13 is more than $16,000, DO NOT complete this section.) 15. PROPERTY OWNED. Tax billed for the calendar year on principal place of residence........................................................ 15 16. PROPERTY RENTED a. Amount of rent paid during the tax year for principal place of residence 16a b. If the amount entered on line 16a includes rent a government entity paid on your behalf, mark here................ 16b c. Multiply line 16a by 0.06 and enter the amount here........................................................................................................ 16c 17. REBATE AMOUNT a. Add lines 15 and 16c and then enter the total here........................................................................................................... 17a b. Find the Modified Gross Income range, on Table 2 in the instructions, that corresponds to the amount on line 13. Read across the table to the Column showing your maximum property tax liability and enter the amount here............... 17b c. Property tax rebate. Subtract line 17b from 17a. Do not enter more than $250, or if married filing separately, more than $125 .................................................................. 17c SECTION 4: ADDITIONAL LOW INCOME PROPERTY TAX REBATE for Los Alamos, Santa Fe County, or Doña Ana County residents only. (If line 13 is over $24,000, DO NOT complete this section.) 18. REBATE AMOUNT You must indicate the county. 18 LA Los Alamos County 18 SF Santa Fe County 18 DA Doña Ana County a. PROPERTY OWNED only. Tax billed for the calendar year on principal place of residence............................................. 18a b. Find the Modified Gross Income range, on Table 3 in the instructions, that corresponds to the amount on line 13. Read across the table to the Column showing your property tax rebate percentage and enter here............................... 18b c. Multiply line 18a by line 18b and enter here. Do not enter more than $350, or if married filing separately, more than $175................................................................... 18c __ % SECTION 5: NEW MEXICO CHILD DAY CARE CREDIT. If Modified Gross Income on line 13 is $30,160 or less, use the worksheet in the instructions to calculate your available child day care credit. Attach the worksheet and Forms PIT-CG. 19. Enter either the total of Column G on the worksheet or $1,200, WHICHEVER IS LESS...................................................... 19 20. Number of qualified dependents under age 15 receiving child day care............................................................................... 20 21. Enter the portion of the federal child care credit applied against your federal tax from federal Schedule 3, line 2............... 21 22. New Mexico child day care credit. Subtract line 21 from line 19. Married couples filing separately must divide the result by two............................................................................................. 22 SECTION 6: REFUNDABLE TAX CREDITS. 23. Refundable medical care credit for persons 65 or older. See PIT-RC instructions.................................................. 23 24. Special needs adopted child tax credit..................................................................................................................... 24 25. Child Income Tax Credit .......................................................................................................................................... 25 SECTION 7: TOTAL REBATES AND CREDITS CLAIMED 26. Add lines 14, 17c, 18c, 22, 23, 24, and 25. Enter here and on Form PIT-1, line 24......................................... 26
Form PIT-RC
More about the New Mexico Form PIT-RC Individual Income Tax Tax Credit TY 2023
Use PIT-RC to calculate rebates and tax credits in your New Mexico income tax return.
Form PIT-RC requires you to list multiple forms of income, such as wages, interest, or alimony 
.
We last updated the Rebate & Credit Schedule in January 2024, so this is the latest version of Form PIT-RC, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form PIT-RC directly from TaxFormFinder. You can print other New Mexico tax forms here.
Other New Mexico Individual Income Tax Forms:
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-RC from the Taxation and Revenue Department in January 2024.
Form PIT-RC is a New Mexico Individual Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.
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-RC
We have a total of thirteen past-year versions of Form PIT-RC 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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