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New Mexico state tax basis is the Federal Adjusted Gross Income (AGI).

Interest/Divident Income: Interest and Divident income from U.S. government bonds are exempt from State Taxes.

Rent Income: Same as federal.

Capital Gain: Deduct the greater of 30% or $1,000 of federally taxable gains.

Unemployment Income: Same as federal.

Social Security Benefits: Same as federal.

State Bond Interest: Taxable except New Mexico obligations

Health Savings Accounts: Same as federal

Disability: Same as federal

Lottery: Same as federal

Federal Income Tax: Not deductible

Other Taxes: Deduction of up to $8,000 if age 65 or over or blind if meet certain income limits and for income of a person aged 100 or more if not claimed as a dependent. Deductions for special needs adoptions, contributions to a New Mexico Education Trust Board account, contributions to a New Mexico medical care savings account, portion of unreimbursed medical care expenses, additional deduction for medical care expenses for persons aged 65 or older, organ donation related expenses, and 2005 New Mexico energy rebate amounts included in federal AGI.

Check other state tax links below.

Last Updated ( Friday, 11 September 2009 04:25 )