New Mexico State Income Tax - Tax Year 2012
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Contents
Contents
1.
New Mexico Income Tax Table
| Tax Bracket (Single) [2] | Tax Bracket (Couple) [3] | Marginal Tax Rate |
| $0+ | $0+ | 1.70% |
| $5,500+ | $8,000+ | 3.20% |
| $11,000+ | $16,000+ | 4.70% |
| $16,000+ | $24,000+ | 4.90% |
Learn how marginal tax brackets work 
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New Mexico Income Tax Calculator
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The New Mexico Income Tax
New Mexico collects a state income tax at a maximum marginal tax rate of 4.90%, spread across four tax brackets. Like the Federal Income Tax, New Mexico's income tax allows couples filing jointly to pay a lower overall rate on their combined income with wider tax brackets for joint filers. New Mexico's maximum marginal income tax rate is the 7th lowest in the United States, ranking directly below Utah's 5.00%.
Some states, including New Mexico, increase, but don't double, all or some bracket widths for joint married filers. You are required to file a New Mexico tax return if the IRS requires you to file a federal tax return. There are -40 days left until Tax Day, on April 15th 2013.
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New Mexico Tax Deductions
Income tax deductions are expenses that can be deducted from your gross pre-tax income. Using deductions is an excellent way to reduce your New Mexico income tax and maximize your refund, so be sure to research deductions that you mey be able to claim on your Federal and New Mexico tax returns. For details on specific deductions available in New Mexico, see the list of New Mexico income tax deductions.
4.1 - New Mexico Standard Deduction
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The New Mexico standard deduction is $5,700.00 for individuals and $11,400.00 for married couples filing jointly. The standard deduction may be chosen instead of filing an itemized deduction on your New Mexico tax return.
4.2 - New Mexico Personal Exemptions
- New Mexico's personal income tax exemptions include a personal exemption of $3,650.00. You can deduct one single exemption from your gross income if you are responsible for supporting yourself financially.
4.3 - New Mexico Dependent Deduction
- New Mexico has a dependent exemption of $3,650.00. You may claim one dependent examption for each of the children, relatives, or others who live with and are supported by you as described § 152 of the IRC (Internal Revenue Code).
4.4 - New Mexico Itemized Deductions
- New Mexico allows itemized deductions, and you can claim the same itemized deductions on your New Mexico tax return as you do on your Federal tax return. You must choose between itemizing your deductions and choosing the New Mexico standard deduction, so it's generally only worth itemizing your deductions if your itemized total is more then the New Mexico and Federal standard deductions. For more details, visit the list of New Mexico itemized deductions.
5.
New Mexico Income Tax Forms
Tax-Rates.org provides easy access to of the most commonly used New Mexico income tax forms, in downloadable PDF format. For all of the tax forms we provide, visit our New Mexico tax forms library or the Taxation and Revenue Department 's tax forms page.
03/2013
Printable New Mexico Tax Table & Tax Reference
Tax-Rates.org provides a printable New Mexico datasheet including an income tax table, a list of New Mexico tax deductions, important URLs and addresses, and more. This document is in PDF format.
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How To File Your New Mexico Income Tax Return
Once you've filled out your New Mexico income tax return, you have several options for filing and paying your income tax. You can mail your return to the Taxation and Revenue Department at the correct address below, and include your payment by check or money order. You may also electronically file your New Mexico tax return through a tax preparer or using online tax software, and pay your taxes instantly using direct debit or a credit card (an additional credit card fee may apply).
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Where To Send Your New Mexico Tax Return
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e-Filing: Submit Your New Mexico Tax Return Online
You can save time and money by electronically filing your New Mexico income tax directly with the Taxation and Revenue Department . Benefits of e-Filing your New Mexico tax return include instant submission, error checking, and faster refund response times. Most tax preparers can electronically file your return for you, or you can do it yourself using free or paid income tax software, like the examples listed below.
To e-file your New Mexico and Federal income tax returns, you need a piece of tax software that is certified for eFile by the IRS. While most in-depth tax software charges a fee, there are several free options available through the states, and simple versions are also offered free of charge by most tax software companies.
The two most popular tax software packages are H&R Block At Home, sold by the H&R Block tax preparation company, and TurboTax Federal & State, sold by the Intuit software company. Both companies produce multiple editions for simple to very complex tax returns, so be sure to carefully compare the features offered by each package.
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Getting Your New Mexico Tax Refund
If your state tax witholdings are greater then the amount of income tax you owe the state of New Mexico, you will receive an income tax refund check from the government to make up the difference.
It should take one to three weeks for your refund check to be processed after your income tax return is recieved. E-filing your return and filing early can help ensure your refund check gets sent as quickly as possible.
Once you've filed your tax return, all you have to do is wait for your refund to arrive. If you want to check the status of your New Mexico tax refund, you can visit the New Mexico Taxation and Revenue Department Income Tax Refund page.
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References
- Our state ranking and income tax figures are based on a family of four (married parents with two children) earning the national median household income of $50,000 per year. Deductions and personal exemptions are taken into account, but some state-specific deductions and tax credit programs may not be accounted for.
- Before the official 2013 New Mexico income tax rates are released, provisional 2013 tax rates are based on New Mexico's 2012 income tax brackets.
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The 2013 state personal income tax brackets are updated from the New Mexico Taxation and Revenue Department and Tax Foundation
data.
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New Mexico tax forms are sourced from the New Mexico Taxation and Revenue Department income tax forms page, and are updated on a yearly basis. Please make sure the New Mexico forms you are using are up-to-date.
