FID-1: 01. 2024 FID-1 NM Fiduciary Income Tax Return (2024)
New Mexico · New Mexico TRD · Used for tax years 2024
Form FID-1 is the 2024 New Mexico Fiduciary Income Tax Return for estates and trusts. It reports federal income adjustments, New Mexico taxable income, taxes, credits, payments, and any amount due or refund. It also includes sections for withholding and composite income tax for b
When it's due
For tax year 2024, Form FID-1, accompanying schedules, and payments are due on the same day as the required federal return. The form does not print a specific calendar due date.
Enter the original due date of the required federal return before any extension. If you have a federal or New Mexico extension, mark the extension box and enter the extended date.
What you'll need
Have the estate or trust’s required federal employer identification number (FEIN), fiduciary contact information, federal taxable income, and payment information ready.
Include these documents when applicable:
- Credit for taxes paid to another state: A copy of the other state’s return.
- Tax credits: Form FID-CR for credits claimed on line 11 or refundable credits on line 34.
- Withholding on line 24: The annual withholding statement.
- Oil and gas withholding: Form 1099-Misc or RPD-41285.
- Pass-through entity withholding: Form 1099-Misc or RPD-41359.
- New Mexico net operating loss deduction: Form RPD-41375.
- Special calculation of estimated-tax underpayment penalty: Form RPD-41272 if you owe the penalty and qualify for a special method.
- Lump-sum distribution income on FID-B, Schedule 1: Federal Form 4972.
FID-D asks for beneficiary identification numbers, names, addresses, residency status, and income and tax details.
How to file
Online: You can e-file and e-pay the FID return through the Department’s Taxpayer Access Point (TAP) at https://tap.state.nm.us.
By mail: Send the original return and tax due to:
New Mexico Taxation and Revenue Department
P.O. Box 25127
Santa Fe, NM 87504-5127
Include applicable schedules and attachments. Sign and date the return as the fiduciary or officer representing the fiduciary. Pay the tax due in full. Do not send cash.
Common mistakes
- Leaving out the FEIN: The estate or trust’s FEIN is 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 this refund delivery option.
- Entering a negative amount on line 12: Net New Mexico income tax cannot be less than zero.
- Applying too much to next year: The overpayment applied to 2025 on line 33a cannot exceed line 33.
- Photocopying extra FID-D pages: Print additional pages directly from the website. Photocopies can reduce barcode readability and cause processing delays.
- Using separate accounting for a New Mexico business: FID-B, Schedule 1 warns that this method may not be used by a business in New Mexico.
Questions people ask
What if the IRS adjusted a prior year’s federal taxable income?
If that adjustment has not been reported to New Mexico, you must submit an amended New Mexico return.
What extra information is needed for a final return?
Enter the liquidation or distribution date in item C.
What if the estate or trust has income from both inside and outside New Mexico?
The FID-B schedules state that estates or trusts with income from both inside and outside New Mexico must complete them. Schedule 2 directs you to read the instructions before completing it.
Can I apply an overpayment to next year?
Yes. Line 33a lets you apply part or all of the overpayment to your 2025 liability, up to the amount on line 33. Enter the remaining amount to refund on line 33b.