FID-CR: 02. 2024 FID-CR Tax Credit Schedule (2024)
New Mexico · New Mexico TRD · Used for tax years 2024
The 2024 New Mexico FID-CR Tax Credit Schedule is used to claim listed tax credits against fiduciary income tax reported on Form FID-1. It reports credit types, approval numbers, amounts applied to tax due, and any refundable credit amounts.
Who files this form
Use the 2024 FID-CR if you are claiming any of the tax credits listed on the schedule against New Mexico fiduciary income tax reported on Form FID-1. You may also use it to claim the refundable portion of approved credits, if applicable.
Attach FID-CR to the estate’s or trust’s Form FID-1.
What you'll need
- Form FID-1: Attach the completed FID-CR to this return.
- Estate or trust information: Enter the name and FEIN on FID-CR and any supplemental schedules.
- Credit details: Have the credit type code, credit approval number, amount applied to tax due, and any amount to refund.
- Credit-specific supporting documents: Attach the claim forms and other documents listed for each credit you claim. Depending on the credit, these include eligibility certificates, approval letters, certifications, or investment vouchers. For example, the Affordable Housing Tax Credit requires Form RPD-41301 and MFA investment vouchers. The Clean Car Tax Credit requires TRD-41419 and a certificate of eligibility.
- FID-CR Supplemental schedules: Use these if claiming more than five credits.
Refer to the applicable credit’s claim form or supporting instructions to calculate the amount you may claim.
How to file
- Enter the estate’s or trust’s name and FEIN.
- Complete columns A through D, rows 1 through 5, as applicable. Enter the credit type code, approval number, amount applied to tax due, and any refundable amount. Nonrefundable credit amounts may be entered only in column C.
- If claiming more than five credits, put the first five on FID-CR and the sixth and later credits on FID-CR Supplemental schedules. Use multiple supplemental schedules if needed.
- Add column C, including supplemental amounts, on line A. Enter that total on Form FID-1, line 11.
- Add column D, including supplemental refundable amounts, on line B. Enter that total on Form FID-1, line 34.
- Attach FID-CR, all supplemental schedules, and the required supporting documents to Form FID-1.
The provided form does not give a mailing address or e-filing directions.
Common mistakes
- Leaving claim information incomplete: Complete columns A through D as applicable. Incomplete claim forms may result in denial of the credit.
- Using a substitute table: You must use the table provided on the form. Substitute schedules or tables are not allowed.
- Forgetting supporting documents: Attach the required backup documentation for each credit.
- Omitting supplemental schedules: Attach FID-CR and all supplemental schedules to FID-1. The Department denies additional credit claims if these schedules are not attached.
- Leaving supplemental amounts out of the totals: Include supplemental column C amounts on line A and supplemental refundable amounts on line B.
Questions people ask
Can I claim a refund using FID-CR?
Yes, if applicable, you may claim the refundable portion of approved credits. Enter refundable amounts in column D, total them on line B, and carry that total to FID-1, line 34.
What if I have more than five credits?
Claim the first five on FID-CR. Use FID-CR Supplemental schedules for the sixth and any additional credits. Attach all schedules to FID-1.
What limit does the form state for credits claimed?
The form states that the sum of credits claimed on FID-CR may not exceed FID-1, line 9, less any credit for tax paid to another state reported on line 10.
How do I calculate a particular credit?
Refer to that credit’s claim form or supporting instructions. The form also points to FYI-106, Claiming Business-Related Tax Credits for Individuals and Businesses, for credit descriptions.