Category: New Mexico
New Mexico Other Withholdings
Tax Withheld from Oil and Gas Proceeds
Enter the total of all New Mexico income tax withheld from oil and gas proceeds as shown on your annual withholding statements, 1099-MISC, or RPD-41285, Annual Statement of Withholding of Oil and Gas Proceeds. Also include tax withheld and reported on New Mexico Form WT, Statement of Certain Trust Distributions of Withholding From Oil and Gas Proceeds. Be sure to include a copy of the forms with your PIT-1.
An entity that has had tax withheld cannot pass a withholding statement directly to another taxpayer. Generally, the recipient of the withholding statement must file and report the tax withheld on its New Mexico income tax return. However, if a person is a remittee that receives oil and gas proceeds from which tax was withheld to another remittee, the person may do so by issuing an annual withholding statement, Form RDP-41285, Annual Statement of Withholding of Oil and Gas Proceeds, to the next remittee.
Enter the total payments made toward the 2011 personal income tax liability (estimated payments) as shown in your records. Include you last installment even if you pay it in 2012. Also be sure to include any 2010 overpayments you applied to 2011 estimated payments. Important - Do not include any extension payments with Form PIT-EXT or return payments made with Form PIT-PV. Report extension payments and return payments on Line 27. Report only overpayments from prior year returns and estimated payments made with Form PIT-ES.