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The New Mexico income tax has five tax brackets, with a maximum marginal income tax of 5.900% as of 2024. Detailed New Mexico state income tax rates and brackets are available on this page.
Personal Income Tax Rates. Forms & Publications : Taxation and Revenue New Mexico. Property Tax Division : Taxation and Revenue New Mexico. CRS Redesign Project : Taxation and Revenue New Mexico. Request Non-Taxable Transaction Certificates (NTTC’s)
Use our income tax calculator to find out what your take home pay will be in New Mexico for the tax year. Enter your details to estimate your salary after tax.
Personal income tax in New Mexico starts with the Federally Adjusted Gross Income (FAGI) from your federal return. You are then able to use the Form PIT-1 to make any adjustment necessary in claiming exemptions or deductions allowed by New Mexico law.
New Mexico has a graduated state individual income tax, with rates ranging from 1.70 percent to 5.90 percent. New Mexico has a graduated corporate income tax, with rates ranging from 4.8 percent to 5.9 percent.
The 2024 tax rates and thresholds for both the New Mexico State Tax Tables and Federal Tax Tables are comprehensively integrated into the New Mexico Tax Calculator for 2024. This tool is freely available and is designed to help you accurately estimate your 2025 tax return .
New Mexico has an income tax with a top rate of 5.9%, but your income taxes are waived if you reached 100 years of age. Property taxes in New Mexico are relatively low, and the state's gas tax...
Personal income tax rates for New Mexico range from 1.7% to 4.9%, within four income brackets. [9] . The individual income tax rates are listed in the table below. [10]
You must file Form PIT-1 to report and pay personal income tax. The rates vary depending upon your filing status and income. The top tax bracket is 4.9%. The Department offers taxpayers the ability to file their tax return online. Online filing provides a faster turnaround time than filing a paper return.
Discover the New Mexico tax tables for 2023, including tax rates and income thresholds. Stay informed about tax regulations and calculations in New Mexico in 2023.