Requirements to file W-2/1099 Forms with New Mexico
Form W2
Employers in the State of New Mexico must file Form W2 even if there was no state tax withholding, to the New Mexico Taxation and Revenue Department.
Generally, Form W-2 is an information return and the annual statement of the total employee’s total gross wages, taxes withheld (Social Security, Medicare, Income tax withheld).The State of New Mexico mandates requires electronic filing when you are filing for more than 50 employees.
The State of New Mexico mandates the filing of Annual Summary of Withholding Tax for CRS-1 Filers, Form RPD-41072 along with the W2 Form, but only if you are paper-filing.
Required 1099 Forms for the State of New Mexico include:
Form 1099-MISC - Reports the total amount of miscellaneous income made during the year for non-employee compensation, rents, royalties, federal income tax withheld, Medical and healthcare payments etc.,
Form 1099-INT - Reports interest income which includes interest on bank deposits, corporate bonds, certificates of deposit.
Form 1099-DIV - Reports Dividends and Distributions from any type of investment during the entire year
Form 1099-R - Reports the number of distributions from Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.,
Form 1099-S - Reports gross proceeds from the sale or exchange of real estate and certain royalty payments.
Form 1099-B - Report the proceeds From Broker and Barter
Exchange Transactions
Note: The State of New Mexico requires you to file the
Form RPD-41072 along with the Form 1099-R if you filed by paper.
Annual Summaries (Yearly Reconciliation Forms)
The annual summary reconciles tax paid to the Department to totals withheld from payments and reported on income (like 1099s) and withholding(like W-2s ) information returns. The Department has two annual summaries,
- Forms RPD-41072, Annual Summary of Withholding Tax for CRS Filers
- RPD-41283, Annual Summary of Withholding of Oil and
Gas Proceeds
Annual Summary of Withholding Tax
for CRS-1 Filers
Employers, payers and gambling establishment operators who have withheld New Mexico income tax from the employees'/individuals’ salaries or wages, from pension or annuity income, or from gambling winnings, may use Form RPD-41072, Annual Summary of Withholding Tax for CRS-1 Filers, to reconcile the total amounts. The State of New Mexico mandates to file the Form RPD-41072 along with the Form 1099-R if you file by paper.
Annual Summary of Oil and Gas Proceeds
Withholding Tax
The Form RPD-41283, Annual Summary of Oil and Gas Proceeds Withholding Tax, would reconcile the Quarterly Oil and Gas Proceeds Withholding Tax Return, Form RPD-41284 filed each quarter. You need to complete the Annual Reconciliation Form RPD-41283 and keep for your reference. Don't submit it to Taxation and Revenue Department.
DUE DATE TO FILE 2020 W-2/1099 TAX FORMS WITH THE STATE OF NEW MEXICO
Form W-2
31thJanuary 2021
Form 1099
28th February 2021
Avoid last minute filing! Start e-filing your W-2/1099
Forms now.
Information Required to file W-2/1099 Forms for the State of New Mexico
Business Details
Name, EIN/SSN, and Address
Employee/Recipient Details
Name, Address, EIN/SSN and Contact Information.
Federal & State Details
Employees’ Wages/1099-Payments, Federal & State Taxes Withheld.
Make sure to have the above information ready before you start filing your tax returns
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