Knowledge Base Solution - New Mexico PTE - 1065 - Tax Year 2022

New Mexico PTE - 1065 - Tax Year 2022

Article Type:
QA
Last Modified:
03/24/2023

Question

What are some common questions and answers regarding the PTE New Mexico Information Return for Pass-Through Entities with a 1065 return?

Environment

CCH® ProSystem fx® Tax
CCH Axcess™ Tax
Partnership - 1065
New Mexico - NM

Answer

Question	Answer
-Form Name	PTE New Mexico Information Return for Pass-Through Entities
-State Links	New Mexico Department of Taxation and Revenue. This page provides high level information regarding who must file, how to file, and what forms to file. It also includes, at the bottom, a FAQ section regarding direct taxation of the PTE, or Entity Level Tax. https://www.tax.newmexico.gov/businesses/corporate-income-franchise-tax-overview/pass-through-entity/ This provides a directory of many publicly accessible documents, including tax forms and their instructions. The site instructions state to "click on Open File to the right of the title." This is no longer active. Users should click on the title to drill down to the forms they need. For the RPD-41367 follow the path: Income Taxes > Income Taxes (Current year forms) > Pass-through withholding forms. This will get them to the main form, the instructions, and supplemental forms, including payment vouchers and application for refund. It does not include statements of withholding. https://www.tax.newmexico.gov/forms-publications/ *Note that the browser used and security settings, including pop-up blockers will affect whether the main directory of titles will show up on the web page. User may not be allowed to access the forms using Firefox, but likely able to using Chrome.
Election for PTE
-Is an Election Required?	N/A
Generation of State PTE Return
-How do we generate the form above?	Most New Mexico state input will prepare the New Mexico PTE. Common State/City State / City Generation > New Mexico - Generate tax return. State PTE Generation > State PTE Return Generation > NM - Generate State PTE return.
-How do we generate the form above?	Interview Form GEN-ST1, or PTE-ST1 or nearly any New Mexico > NM-series input.
Estimates
-Are there estimates for this form?	No.
Interest/Penalties
-Do interest/penalties apply?	No.
-Is there an underpayment penalty?	No.
Additional PTE Information Common State > State PTE Generation worksheet >Grid 23 (Interview PTE-ST1, boxes 300-364)
-Does this section apply to this state?	No.
Additional Input Available
- Does new input options under State and City Tax Refund flow to the state?	No.
- Does new input options under Taxes and Licenses flow to the state?	No.
- Does new input options under Rent/Royalty flow to the state?	No.
- Does the new input options under Farm flow to the state?	No.

Additional Information

New Mexico RPD-41367 - 1065 - Tax Year 2022

Solution Id	000261531/000261531
Direct Link