CIT-S: 02. 2024 CIT-S Supplemental Schedule for Additional Members of a Filing Group (2024)
New Mexico · New Mexico TRD · Used for tax years 2024
The 2024 New Mexico CIT-S is a supplemental schedule for additional corporations in a filing group that are not listed on Form CIT-1. It reports each corporation’s name, FEIN, payments to apply to the return, and franchise tax amount.
Who files this form
Use the 2024 Schedule CIT-S only if your filing group has more than three corporations. List the corporations included in the filing group that do not appear on Form 2024 CIT-1, line I.
What you'll need
You will need your 2024 Form CIT-1 and the following information for each additional corporation listed on Schedule CIT-S:
- Corporation name.
- FEIN.
- Amount of quarterly, tentative, or other payments to apply to this return.
- Whether the corporation pays franchise tax, so you can enter $50 if applicable.
How to file
Enter the filing group's corporations on 2024 Form CIT-1, line I, and list the remaining members on Schedule CIT-S.
For each corporation on CIT-S, enter its name, FEIN, payments to apply to the return, and $50 if it pays franchise tax. Total columns 3 and 4 for this schedule, then add those subtotals to the corresponding totals on CIT-1, line I.
Attach Schedule CIT-S to your 2024 Form CIT-1.
Common mistakes
- Using CIT-S when the filing group has three or fewer corporations. The form says to use it only for groups with more than three corporations.
- Repeating corporations already listed on CIT-1. CIT-S is for the remaining members.
- Leaving CIT-S subtotals out of CIT-1. Add the schedule's column 3 and column 4 subtotals to the corresponding totals on CIT-1, line I.
- Forgetting to attach CIT-S to your 2024 Form CIT-1.
Questions people ask
Do I use CIT-S if my filing group has exactly three corporations?
No. Use Schedule CIT-S only if the filing group has more than three corporations.
Which corporations go on CIT-S?
List the members of the filing group that do not appear on 2024 Form CIT-1, line I.
What payments should I enter in column 3?
Enter the amount of quarterly, tentative, or other payments to apply to this return.
What goes in column 4?
Enter $50 if the corporation pays franchise tax.
Where do the CIT-S subtotals go?
Add the subtotals for columns 3 and 4 to the corresponding totals on CIT-1, line I. Attach CIT-S to your 2024 Form CIT-1.