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when closing a New Mexico- or married filing jointly may claim a de- • You have interest income from U.S.
approved Section 529 college sav- duction from net income in an amount Government obligations.
ings plan account. of $4000 for certain dependents. • You have Railroad Retirement in-
• You had certain contributions rolled come not taxable by New Mexico.
out of a New Mexico-approved To calculate the deduction for PIT-1,
Section 529 college savings plan line 13, use Worksheet for Calculating • You, your spouse, or both are
account. Deduction for Certain Dependents on members of an Indian nation, tribe,
page 23 of PIT-1 instructions. or pueblo and your income was
• You claimed a charitable deduction wholly earned on the lands of the
on federal Schedule A, for a dona- LINE 14 reservation or pueblo of which the
tion of land to private non-profit or New Mexico Low- and Middle- individual is an enrolled member
public conservation agencies for Income Tax Exemption while domiciled on that land, res-
conservation purposes from which A New Mexico income tax exemption ervation, tribe, or pueblo.
you were allowed the New Mexico is allowed for low- and middle-income • You, your spouse, or both are age
land conservation tax credit. taxpayers. All taxpayers, including 100 or over and you are not depen-
residents, part-year residents, first- dents of another taxpayer.
For information about calculating year residents, and non-residents may
the additions, see the 2019 PIT-ADJ claim this exemption in full. • You, your spouse, or both are
instructions for lines 1 to 5. age 65 or over or blind, and your
adjusted gross income is not over
The maximum is $2,500 for each $51,000 for a joint return; $28,500
LINE 12 qualified household member reported for a single taxpayer; or $25,500 for
Federal Standard or Itemized on federal Form 1040 or 1040SR, and married taxpayers filing separately.
Deduction Amount PIT-1, line 5 for income tax purposes.
If you did not itemize deductions on • You have a New Mexico Medical
The amount varies according to filing
your 2019 federal return, enter the Care Savings Account.
status and adjusted gross income.
allowable federal standard deduction
from federal Form 1040 or 1040SR, • You contribute to a New Mexico-
line 9. To claim the exemption, the amount on approved Section 529 college sav-
PIT-1, line 9 must be equal to or less ings plan.
If you itemized deductions on your than any of the following: • You have net capital gains for which
2019 federal Form 1040 or 1040SR, • $36,667 (if single) you can claim a deduction of up to
do the following: $1,000 or 40% of your net capital
• $27,500 (if married filing separately)
• Enter the allowable federal itemized gains, whichever is greater.
deductions you reported on Form • $55,000 (if married filing jointly,
• You have armed forces wages or
1040 or 1040SR, line 9. qualified widow(er), or head of
salary from active duty service. This
household)
• Mark box 12a. includes active duty pay earned in
New Mexico by non-resident U.S.
To calculate the exemption, use New
Charitable Deduction of Land Public Health Service (USPHS)
Mexico Low- and Middle-Income Tax
If you claim a charitable deduction in members.
Exemption Worksheet on PIT-1 in-
your federal itemized deductions on
structions, page 24. • You, your spouse, or both are age
federal Schedule A, for a donation
65 or over, and you have unreim-
of land to private non-profit or public
LINE 15 bursed or uncompensated medical
conservation agencies for conserva-
Total Deductions and Exemptions care expenses of $28,000 or more
tion purposes from which you were
from Federal Income for yourself, your spouse, or depen-
approved for the New Mexico land
If you completed Schedule PIT-ADJ, dents.
conservation tax credit, you must add
lines 6 to 22, on PIT-1, line 15, enter
back the charitable deduction amount • You, your spouse, or dependents
the Total Deductions and Exemp-
included in your itemized deductions have expenses related to donat-
tions from PIT-ADJ, line 22.
on your federal Schedule A. To do this, ing human organs for transfer to
add the charitable deduction amount to another person.
Schedule PIT-ADJ, line 4. You are may complete and attach
•
Schedule PIT-ADJ if any of the follow- You received a reimbursement from
the New Mexico National Guard
LINE 13 ing are true:
Service Member’s Life Insurance
Deduction for Certain Dependents • You have interest and dividend Reimbursement Fund.
Beginning tax year 2019, as long as income on New Mexico state and
the exemption amount pursuant to local bonds. • You were required to include, in
Section 151 of the Internal Revenue your federal adjusted gross income,
• You have a New Mexico net operat-
Code is zero (0), a taxpayer who is not taxable refunds, credits, or offsets
ing loss carryover.
a dependent of another individual and of state and local income tax (fed-
files a return as a head of household eral Schedule1,line 1).
PIT-1 - 3 EZ - www.tax.newmexico.gov
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