New Mexico Form 1041 (Schedule I) 2023-2024

New Mexico Form 1041 (Schedule I): What You Should Know

New Mexico Estate/Trust Income Tax : All Estate, Trust, and Fiduciary Income Tax Sep 23, 2024 — Every fiduciary who must file a federal Fiduciary Income Tax Return (federal Form 1041) also files a FID-1, New Mexico Fiduciary Income Tax  Form 1K, Personal Estate Income Tax Return (Form 1041, Part I), or Form 1K-F, Personal Estate Income Tax Return (Form 1041, Part II), whichever is  most applicable. Estate tax on net income does not apply for the  death of a deified individual. (For more information, write to:  New Mexico Department of Revenue P.O. Box 308224 Santa Fe, NM 87502) Estate of a person who dies without a will. 1. Gross income (Form 3278. The gross income includes gain or  loss which is included in income on either Form 3278 or Form 3471. 2. Exemption for amounts deducted under section 703 of chapter 4,  section 703-A, section 7006 or in computing the gross income of a qualified domestic relations order. For more information,  file by filing Form 1040-B or 1040-C. This exemption will be withdrawn if any portion has been paid to or used in a qualified  domestic relations order. The person to whom such exemption was given may receive an additional exemption for any item deemed by the administrator to be a  tax on an income or gain. There will be an additional withholding tax. 3. Exemption for payments made to a qualified domestic relations order (DO). For more information, file by filing Form 1040-B or Form 1040-C. (Not applicable to a DO which was entered at a court of competent jurisdiction under a divorce decree.  Form 706 must be attached if the DO is on file in the local tax office.) For more information, file by filing Form 1040-B or 1040-C. This exemption will be withdrawn if any portion has been paid to or used in a DO. The person to whom such exemption was given may receive an additional exemption for any item deemed by the administrator to be a tax on an income or gain. There will be an additional withholding tax. 4. For joint filers, the exemption is equal to the gross income from all joint filers.

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