New Mexico Tax Amnesty Waives All Penalties And Interest On Unreported Income Taxes
New Mexico Taxation and Revenue Department (TRD) will waive all penalties and interest on unreported income taxes if you enroll by December 31, 2018. If you have unreported or underreported individual or small business income taxes due to the State of New Mexico, now is your chance to catch up or amend prior year income tax returns. Unreported means that you did not file New Mexico income tax forms for one or more years, for example.
The New Mexico Fresh Start program will benefit taxpayers living and working in the state of New Mexico. To benefit fully from the program, your income taxes must be paid within 180 days. If you can not pay the full amount within the 180 day period, interest will be charged on the remaining tax due.
New Mexico tax amnesty general guidelines to determine eligibility:
- Demonstrate a willingness and ability to comply with the tax laws.
- Demonstrate the ability to identify and record income and expenses.
- Taxpayer has not been the subject of a criminal tax investigation.
- Taxpayer is not currently in a legal dispute over New Mexico income taxes.
- Tax returns in question are currently not under audit or already assessed.
Examples of taxes and fees not forgiven under the New Mexico tax amnesty program include: federal income tax, other state income tax, local property taxes, and any taxes which are not under the control of the New Mexico Taxation and Revenue Department.
In order to complete your prior year New Mexico Form PIT-1, you may first need to complete your federal tax forms. On our site you can download printable copies of Form 1040, Form 1040A, and Form 1040EZ for prior years. Non-resident filers can download printable copies of Form 1040NR and other state tax forms as well.
Visit the official New Mexico TRD website for instructions and the forms you will need to apply. This is a great opportunity to settle any unpaid New Mexico income tax.
Last updated: November 3, 2019