NM TRD RPD-41359 2024-2025 free printable template

Send the forms RPD 41359 Form 1099-MISC or pro forma Form 1099 MISC to owners by February 15 of the year following the year for which you withheld New Mexico state tax from their net income. Depending on the type of entity you will file either PTE New Mexico Pass-through Entities Tax Return S-Corp Sub-Chapter S Corporate Income and Franchise Tax Return or FID-1 Fiduciary Income Tax Return. To report New Mexico withholding tax to the owner one of the following forms may be used New Mexico...

How to fill out new mexico rpd 41359 form

How to fill out NM TRD RPD-41359

1. Obtain the NM TRD RPD-41359 form from the New Mexico Taxation and Revenue Department website or local office.
2. Fill in your personal information at the top of the form, including name, address, and Social Security number or taxpayer ID.
3. Indicate the type of tax return you are filing by selecting the appropriate option.
4. Provide details about your income, deductions, and any applicable credits in the designated sections.
5. Calculate your total tax liability or refund based on the information provided.
6. Review the form for accuracy and completeness before signing it at the bottom.
7. Submit the completed form to the New Mexico Taxation and Revenue Department by the specified deadline, either electronically or by mail.

Who needs NM TRD RPD-41359?

1. Individuals filing state income tax returns in New Mexico.
2. Businesses that need to report tax information to the New Mexico Taxation and Revenue Department.
3. Tax professionals assisting clients with tax filings in New Mexico.

• Who needs an RPD-41359 form?
• What is the purpose of the RPD-41359 form?
• What other forms and documents must accompany the RPD-41359 form?
• • When is the RPD-41359 form due?
  • What information must be provided in the RPD-41359 form?
  • What do I do with the RPD-41359 form after its completion?

Who needs an RPD-41359 form?

This form is used by the pass-through entities of New Mexico which are subject to reporting and withholding New Mexico tax from each owner’s share of the net income. The form is prepared by the pass-through entity for each owner of the entity.

What is the purpose of the RPD-41359 form?

The annual statement is required to prepare the New Mexico state income tax return by the owners of business entities. This form provides the information about the New Mexico tax withheld from the income of each owner. If the owner didn’t receive income, the pass-through entity doesn’t have to file this form.

What other forms and documents must accompany the RPD-41359 form?

The owner of the business entity must attach this statement to the New Mexico state income tax return. This form can be substituted by the form 1099-MISC or pro forma form 1099-MISC. The pass-through entity has to attach the RPD-41367 to this statement.

When is the RPD-41359 form due?

This statement is to be sent to the owners by the 15th of February for the appropriate fiscal year. The entity's owner must file this form together with the New Mexico income tax return.

What information must be provided in the RPD-41359 form?

The annual statement asks for the following information:

• Tax year
• Federal employer identification number of the pass-through entity
• CRS identification number of the pass-through entity
• The identification number of the owner
• Name, address of the pass-through entity
• Name, address of the owner
• New Mexico state tax withheld from the income
• New Mexico net income of the owner

What do I do with the RPD-41359 form after its completion?

The statement form is sent to the owner.

People Also Ask about new mexico taxation and revenue department

What is exempt from New Mexico Gross Receipts Tax?

The state imposes a governmental gross receipts tax of 5.00% on the receipts of New Mexico state and local governments. The exceptions are the gross receipts of public school districts and entities licensed by the Department of Health that are principally engaged in providing health care.

Does New Mexico have a pass-through entity tax?

Under legislation passed by the 2022 New Mexico Legislature and signed into law by Gov. Michelle Lujan Grisham, pass-through entities such as partnerships, S-Corporations and Limited Liability Companies now have the option of filing directly if they elect to do so.

What taxes does an LLC pay in New Mexico?

This means that the LLC doesn't pay taxes; instead, the profits from the LLC pass-through to the taxes of the LLC members. Members will then pay taxes on their share of the LLC's income at the self-employment rate of 15.3% (12.4% for Social Security and 2.9% for Medicare).

What is a RPD 41359 form?

Annual statements of withholding should not be submitted to the Department, but must be submitted to the taxpayer using form RPD-41359, Annual Statement of Pass-Through Entity Withholding, or 1099-Misc.

Do I need to file New Mexico tax return?

Who is required to file? New Mexico's law says every person who meets both of the following conditions must file Form PIT-1, New Mexico Personal Income Tax Return: Every person who is a New Mexico resident or has income from New Mexico sources. Every person who is required to file a federal income tax return.

What is the gross receipts tax in New Mexico for LLC?

Instead of a sales and use tax like most states, New Mexico has a gross receipts tax (GRT). The GRT is imposed on anyone engaged in business in the state. The tax rate is 5.125%. This means for every $100 you make in sales, you'll need to send $5.125 cents to the state.

What is the New Mexico non-resident withholding tax?

The State of New Mexico requires pass-through entities (which may be a state law partnership or a limited liability company taxed as a partnership) to withhold tax at 5.9% on earnings of non-resident partners or members if the owner's distributive share of net income is over $100 in a year.

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What is NM TRD RPD-41359?

NM TRD RPD-41359 is a form used in New Mexico for reporting specific tax information to the New Mexico Taxation and Revenue Department.

Who is required to file NM TRD RPD-41359?

Taxpayers who need to report certain tax-related information as specified by the New Mexico Taxation and Revenue Department are required to file NM TRD RPD-41359.

How to fill out NM TRD RPD-41359?

To fill out NM TRD RPD-41359, taxpayers must gather the required financial documentation, complete the relevant sections of the form accurately, and ensure all information is correct before submission.

What is the purpose of NM TRD RPD-41359?

The purpose of NM TRD RPD-41359 is to collect necessary tax information to ensure compliance with New Mexico tax laws and to facilitate appropriate tax assessment.

What information must be reported on NM TRD RPD-41359?

The information that must be reported on NM TRD RPD-41359 includes details regarding income, deductions, and any credits applicable to the taxpayer's situation.