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New Mexico Form 1099-OID: What You Should Know
New Mexico Tax Payment and Payment with New Mexico 1099 Filing New Mexico 1099 with payment with tax with state on tax or income tax due. New Mexico requires a 1099-MISC and 1099-W-2. A complete New Mexico State 1099 filing requires payment with tax to state. Paying a New Mexico tax using New Mexico tax payment. A New Mexico tax filing with a 1099-INT would be paid to the IRS, State and state tax. The State uses the 1099-MISC filed by the payee for state tax and then issues the 1099-NEC for New Mexico for tax withheld. New Mexico State Income Tax Return Required The New Mexico State income tax return is required. However, a New Mexico state return may be filed by filing your state tax on a Federal Tax Return. If your state tax is withheld, then the 1099-MISC and W-2 can be attached to your State tax. There are two basic requirements for filing a New Mexico state return and an income tax return with your 1099. The first requirement: the IRS New Mexico state return must be completed. The second requirement: you must submit your tax payment to the New Mexico State Division of Revenue. 1. Income Tax Due. No income tax is due on the first Friday in January. In the month of November, New Mexico taxes the first 466 and 2/3 of the total income. There is a 25 payment penalty. 2. First Federal Tax. In addition to the Federal income tax due January 14, 2023, New Mexico taxes all income in November of this year. This tax is a 7 percent tax. 3. W-2 Tax. The New Mexico income tax is a W-2 tax only if the employer-employee relationship is based on wages. For more information, please visit IRS.gov. New Mexico State Tax Payment Due. You must pay a New Mexico income tax to the New Mexico State Division of Revenue by the 10th of the following month for the month of October or February in each succeeding year you have New Mexico State income tax withheld. If you file a Form 1099-MISC, you must pay to the New Mexico State Tax Division by the 3rd of the following month for the July 1 or November 1 in each year. There is a 1.75 payment penalty if the 1099-MISC includes information about an extension of time to file.
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