Additions to Federal Adjusted Gross Income
You are required to report the following additions to your federal adjusted gross income on Schedule PIT-ADJ:
• Interest and dividends from federal tax-exempt bonds.
• A net operating loss carryover.
• Contributions refunded when closing, or certain contributions rolled out of, a New Mexico approved Section 529 college savings plan account.
• A charitable deduction claimed on federal Form 1040, Schedule A, for a donation of land to private non-profit or public conservation agencies for conservation purposes from which you were allowed the New Mexico land conservation tax credit
Deductions and Exemptions from Federal Adjusted Gross Income
Use PIT-ADJ to claim the following deductions and exemptions:
•New Mexico tax-exempt interest and dividend income.
•A New Mexico net operating loss carryforward.
•Interest on U.S. government obligations.
•Railroad retirement income or Railroad Unemployment Insurance Act sick pay not taxable by New Mexico.
•You, your spouse, or both are members of an Indian nation, tribe, or pueblo, and the income of the member was wholly earned on the lands of the reservation or pueblo of which one of you is a member while domiciled on that land, reservation, or pueblo. If either you or your spouse are not a member of an Indian nation, tribe, or pueblo, your income is taxable even when earned on the lands of the reservation or pueblo. • Please enter the name of the Indian nation, tribe or pueblo of which you or your spouse is a member.
• You, your spouse, or both are age 100 or over, and not dependents of another taxpayer.
•You, your spouse, or both are age 65 or over or blind, and adjusted gross income is not over $51,000 for a joint return; $28,500 for a single taxpayer; or $25,500 for married taxpayers filing separately.
• Federally taxable contributions to or distributions from a New Mexico Medical Care Savings Account.
• Contributions to a New Mexico-approved Section 529 college savings plan.
• Net capital gains deduction.
• Armed forces active duty pay.
• You, your spouse, or both are age 65 or over, and claiming unreimbursed or uncompensated medical care expenses of $28,000 or more for yourself, your spouse, or dependents.
• Expenses related to donating human organs to another person.
• Reimbursement from the New Mexico National Guard Service Member’s Life Insurance Reimbursement Fund.
• Taxable refunds, credits, or offsets of state and local income taxes included from your federal adjusted gross income (Form 1040, Schedule 1, line 10).
• Active duty pay of a non-resident U.S. Public Health Service (USPHS) member.