New Mexico Adjustments

Article ID: 33469  

Question
New Mexico Adjustments

Answer

Complete the Schedule PIT-ADJ and attach it to Form PIT-1 if you are required, or eligible, to make New Mexico adjustments to income.

File Schedule PIT-ADJ if you have any of the following additions to federal adjusted gross income:
- interest and dividends from federal tax-exempt bonds;
- a net operating loss;
- contributions refunded when closing a New Mexico-approved Section 529 college savings plan account, or
- certain contributions rolled out of a New Mexico-approved Section 529 college savings plan account.

File Schedule PIT-ADJ if you received any of the following income not taxable by New Mexico or if you qualify for one or more of the following deductions or exemptions:
- interest and dividend income on New Mexico state and local bonds;
- a New Mexico net operating loss carryover;
- interest income from U.S. Government securities;
- railroad retirement income not taxable by New Mexico;
- you or your spouse, or both, are members of an Indian nation, tribe or pueblo with income earned on the lands of that nation, tribe or pueblo;
- you or your spouse, or both, are age 100 or over and you are not dependents of another taxpayer;
- you or your spouse, or both, are age 65 or over or blind and your 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;
- you have a New Mexico Medical Care Savings Account;
- you contribute to a New Mexico-approved Section 529 college savings plan;
- you had net capital gains for which you can claim a deduction of up to $1,000, or 50% of your net capital gains, whichever is greater;
- you have military wages or salary from active duty service;
- you or your spouse -- or both -- are age 65 or over and you have unreimbursed or uncompensated medical care expenses of $28,000 or more for yourself, your spouse or dependents;
- you, your spouse or dependents have expenses related to donating human organs for transfer to another person;
- you are a member of the New Mexico National Guard and received a reimbursement from the Service MemberÆs Life Insurance Reimbursement Fund, or
- you received the tax energy rebate.


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