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New Mexico state income tax rates range from 1.70 percent to 5.90 percent. As of the 2022 tax year, most seniors in New Mexico are exempt from Social Security taxes, thanks to changes in the law.
Uniquely, New Mexico has an income tax exemption for centenarians since tax year 2002, [11] provided that they turn 100 (or older) at the end of the tax year they claim for exemption and they're not claimed as a dependent by another New Mexico taxpayer. Unmarried centenarians are not required to file a return unless they want to claim rebates ...
New Mexico taxes retirement income using state income tax rates, which range from 1.7% to 5.9% in 2024. Residents ages 65 and older can claim an $8,000 exemption to offset their tax burdens.
New Mexico. New Mexico increased the income threshold for state tax on Social Security benefits in 2022. ... Income between $60,000 and $75,000 is eligible for a partial tax exemption, with no ...
New Mexico Taxation and Revenue Department; Department overview; Type: Taxation & Revenue Services: Jurisdiction: State of New Mexico: Headquarters: 1100 South St. Francis Drive Santa Fe, New Mexico 87504-1028: Employees: 803: Annual budget: US$ 90,078,526.00 [1] Department executive
Beginning in 2008, personal income tax rates for New Mexico range from 1.7% to 4.9%, within four income brackets. [42] Beginning in 2007, active-duty military salaries are exempt from the state income tax. [43] New Mexico imposes a gross receipts tax on businesses.
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