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New Mexico 2024 IRS 1040: What You Should Know

New Mexico for tax on net income. The amount of the tax is computed at the filing or place of business location and is imposed on all income from any source, including the business income of both resident and nonresident persons. Net income is net income of resident and nonresident taxpayers. In contrast to other U.S. states and other U.S. federal tax jurisdictions, there are no “net income” tax brackets. Net income is defined as income before subtractions and before adjustments. Net income includes income from and wages received by residents and nonresidents, including income of partners and owners of incorporated or unincorporated business. Net income earned by foreign individuals, and U.S. residents who are deemed resident by the Internal Revenue Service for purposes of the U.S. Foreign Tax Credit, is included as income of a resident. New Mexico Personal Income Tax Rates The tax rate for the gross income of resident individuals is 5.99% (all taxable income) plus 0.75 for each dependent. The tax rate for the gross income of nonresident individuals is 9.98% (all taxable income) plus 1.95 per dependent. All residents and nonresidents are considered to pay a flat 10 cents per square foot for municipal real property and other property taxes but only 5 cents per square foot for personal property taxes, subject to certain exceptions. Net Income Taxes for the Year The net income tax rate is computed by multiplying a taxpayer's taxable income by the tax rate, including applicable personal and dependent exemptions on the taxpayer's earned income and other income. The net income tax rate is also the rate at which capital gains would have to be made for any capital gain or qualified dividend to be recognized. For the purpose of computing net income, a taxpayer is considered to have earned taxable income only if the taxpayer earned income from sources, such as business income or interest, with an amount equal to zero or less, that is subject to taxation. For this purpose it will be presumed that earned income from sources that are not subject to taxation, such as wages, wages paid in currency other than U.S. dollars, dividends paid in other than U.S. dollars, annuities and trusts are not taxable income.

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