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New Mexico State Income Tax
Tax Year 2023
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Contents
Contents
1.
New Mexico Income Tax Table
| Tax Bracket (Single) [2] | Tax Bracket (Couple) [3] | Marginal Tax Rate |
| $0+ | $0+ | 1.700% |
| $5,500+ | $8,000+ | 3.200% |
| $11,000+ | $16,000+ | 4.700% |
| $16,000+ | $24,000+ | 4.900% |
| $210,000+ | $315,000+ | 5.900% |
Note: We don't currently have New Mexico's income tax brackets for tax year 2024. Until updated 2024 tax rates become available for New Mexico, the tax brackets shown above and used in the income tax calculator will be from tax year 2023.
Learn how marginal tax brackets work 
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New Mexico Income Tax Calculator
3.
The New Mexico Income Tax
New Mexico collects a state income tax at a maximum marginal tax rate of %, spread across tax brackets. Like the Federal Income Tax, New Mexico's income tax allows couples filing jointly to pay a lower overall rate on their combined income with wider tax brackets for joint filers.
New Mexico's maximum marginal income tax rate is the 1st highest in the United States, ranking directly below New Mexico's %. You can learn more about how the New Mexico income tax compares to other states' income taxes by visiting our map of income taxes by state.
Some states, including New Mexico, increase, but don't double, all or some bracket widths for joint married filers. You are required to file a New Mexico tax return if the IRS requires you to file a federal tax return.
There are 151 days left until Tax Day, on April 16th 2025. The IRS will start accepting eFiled tax returns in January 2020 - you can start your online tax return today for free with TurboTax .
4.
New Mexico Tax Deductions
Income tax deductions are expenses that can be deducted from your gross pre-tax income. Using deductions is an excellent way to reduce your New Mexico income tax and maximize your refund, so be sure to research deductions that you mey be able to claim on your Federal and New Mexico tax returns. For details on specific deductions available in New Mexico, see the list of New Mexico income tax deductions.
4.1 - New Mexico Standard Deduction
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Unlike many other states, New Mexico has no standard deduction. Certain itemized deductions (including property tax, qualified charitable contributions, etc) may be allowed depending on the income level and filing type of the taxpayer. Keep in mind that not all deductions allowed on your federal income tax return are necessarily going to be allowed on your New Mexico income tax return.
4.2 - New Mexico Personal Exemptions
- New Mexico has no personal exemption. The Federal Income Tax, however, does allow a personal exemption to be deducted from your gross income if you are responsible for supporting yourself financially.
4.3 - New Mexico Dependent Deduction
- Unlike most states, New Mexico does not have a dependent deduction. You can, however, claim dependent deductions on your Federal Tax Return.
4.4 - New Mexico Itemized Deductions
- New Mexico allows itemized deductions, and you can claim the same itemized deductions on your New Mexico tax return as you do on your Federal tax return. You must choose between itemizing your deductions and choosing the New Mexico standard deduction, so it's generally only worth itemizing your deductions if your itemized total is more then the New Mexico and Federal standard deductions. For more details, visit the list of New Mexico itemized deductions.
5.
New Mexico Income Tax Forms
Tax-Rates.org provides easy access to five of the most commonly used New Mexico income tax forms, in downloadable PDF format. For all of the tax forms we provide, visit our New Mexico tax forms library or the 's tax forms page.
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Form PIT-1 - Individual Income Tax FormEveryone who is require to file a New Mexico Individual Income Tax Form needs to fill out and file a FORM PIT-1.
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Form PIT-ES - Estimated Tax Payment VoucherIf you are self employed or otherwise need to file estimated income taxes (if your employer doesnt wothhold your taxes), file Form PIT-ES.
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Form PIT-ES Instructions - Estimated Tax InstructionsReference this booklet for information on who qualifies to file Form PIT-ES and for instructions on how to fill out and file Form PIT-ES.
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Form PIT-PV - Payment VoucherWhen making a payment towards your taxes file this payment voucher along with your payment.
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Income Tax Instructions - Individual Income Tax InstructionsReference this booklet to help you fill out and file Form PIT-1.
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Printable New Mexico Tax Table & Tax Reference
Tax-Rates.org provides a printable New Mexico datasheet including an income tax table, a list of New Mexico tax deductions, important URLs and addresses, and more. This document is in PDF format.
If you are not a resident of New Mexico, have a complicated tax return, or have other specialized circumstances you may need to download additional tax forms from the website. You can find all of New Mexico's 2024 income tax forms on the income tax forms page .
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6.
How To File Your New Mexico Income Tax Return
Once you've filled out your New Mexico income tax return, you have several options for filing and paying your income tax. You can mail your return to the at the correct address below, and include your payment by check or money order. You may also electronically file your New Mexico tax return through a tax preparer or using online tax software, and pay your taxes instantly using direct debit or a credit card (an additional credit card fee may apply).
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Where To Send Your New Mexico Tax Return
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e-Filing: Submit Your New Mexico Tax Return Online
You can save time and money by electronically filing your New Mexico income tax directly with the . Benefits of e-Filing your New Mexico tax return include instant submission, error checking, and faster refund response times. Most tax preparers can electronically file your return for you, or you can do it yourself using free or paid income tax software, like the examples listed below.
To e-file your New Mexico and Federal income tax returns, you need a piece of tax software that is certified for eFile by the IRS. While most in-depth tax software charges a fee, there are several free options available through the states, and simple versions are also offered free of charge by most tax software companies.
The two most popular tax software packages are H&R Block At Home, sold by the H&R Block tax preparation company, and TurboTax Federal & State, sold by the Intuit software company. Both companies produce multiple editions for simple to very complex tax returns, so be sure to carefully compare the features offered by each package.
9.
Getting Your New Mexico Tax Refund
If your state tax witholdings are greater then the amount of income tax you owe the state of New Mexico, you will receive an income tax refund check from the government to make up the difference.
It should take one to three weeks for your refund check to be processed after your income tax return is recieved. E-filing your return and filing early can help ensure your refund check gets sent as quickly as possible.
Once you've filed your tax return, all you have to do is wait for your refund to arrive. If you want to check the status of your New Mexico tax refund, you can visit the New Mexico Income Tax Refund page.
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10.
References
- Our state ranking and income tax figures are based on a family of four (married parents with two children) earning the national median household income of $50,000 per year. Deductions and personal exemptions are taken into account, but some state-specific deductions and tax credit programs may not be accounted for.
- Before the official 2024 New Mexico income tax rates are released, provisional 2024 tax rates are based on New Mexico's 2023 income tax brackets.
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The 2024 state personal income tax brackets are updated from the New Mexico and Tax Foundation data.
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New Mexico tax forms are sourced from the New Mexico income tax forms page, and are updated on a yearly basis. Please make sure the New Mexico forms you are using are up-to-date.
