CIT-1: 01. 2024 CIT-1 NM Corporate Income & Franchise Tax Return (2024)
New Mexico · New Mexico TRD · Used for tax years 2024
Form CIT-1 is the 2024 New Mexico Corporate Income and Franchise Tax Return. It reports New Mexico taxable income, income and franchise tax, credits, payments, withholding, and any amount due or refund.
What you'll need
Have the corporation’s FEIN, required NAICS code, business details, and payment information ready. The form also asks for incorporation details and the name and address of the registered agent in New Mexico.
Depending on the entries you make, you may need:
- Federal Form 1120 information, including line 29b for federal special deductions and Schedule C information for CIT-C.
- CIT-A if you have income from both inside and outside New Mexico. Attach it to CIT-1.
- CIT-B and CIT-C for the allocation and deduction entries that refer to those schedules.
- CIT-S to list additional corporations if the filing group has more than three members.
- RPD-41379, attached when claiming a net operating loss deduction.
- CIT-CR, attached when claiming tax credits on line 21 or refundable credits on line 38.
- Forms 1099-MISC and RPD-41285 for New Mexico tax withheld from oil and gas proceeds, or Forms 1099-MISC and RPD-41359 for tax withheld from a pass-through entity.
- RPD-41287, attached if you select method 4 to calculate penalty and interest on estimated tax underpayments.
How to file
Mark whether this is an original or amended return. Complete the applicable schedules and attachments, and have an officer sign and date the return and enter their title.
For an amount due on line 34, the form says to mail your check or pay online using TAP. The supplied text does not give a mailing address or instructions for electronically filing the return.
If an IRS audit or amended federal return changed federal income tax liability for a year and that change has not been reported to New Mexico, submit an amended New Mexico Corporate Income and Franchise Tax Return to the New Mexico Taxation and Revenue Department. Include a copy of the amended federal return or Revenue Agent’s Report, if applicable.
Common mistakes
- Leaving required fields blank. The FEIN, NAICS code, and choice of original or amended return are required.
- Skipping the direct-deposit question. You must answer whether the refund will go to or through an account outside the United States. If yes, you cannot use that refund delivery option.
- Not matching filing-group totals. The total of column 3 must equal page 2, line 27. The total of column 4 must equal page 2, line 23.
- Substituting computerized schedules for CIT-A or CIT-B. Both schedules state that the Department cannot accept computerized schedules instead of those forms.
- Leaving CIT-A incomplete. Complete column 1, “Total Everywhere,” and all other applicable line items so the Department can process the return. Round dollar amounts and calculate percentages to four decimal places.
Questions people ask
How much is the franchise tax shown on the form?
Line 23 lists franchise tax as $50 per corporation.
What if the filing group has more than three members?
Complete CIT-S to add the additional corporations.
Is there a limit on the net operating loss deduction?
Yes. Line 17 limits the deduction to no more than 80% of line 16 and requires you to attach RPD-41379.
Can I apply my 2024 overpayment to 2025?
Yes. Enter the amount to apply to your 2025 liability on line 36. It cannot exceed the overpayment on line 35. The remaining overpayment is entered as a refund on line 37.