PIT-ADJ: 06. 2024 PIT-ADJ Schedule of Additions & Deductions and Exemptions (2024)
New Mexico · New Mexico TRD · Used for tax years 2024
The 2024 New Mexico PIT-ADJ reports additions, deductions, and exemptions to federal adjusted gross income used to compute New Mexico taxable income. Attach this schedule to your New Mexico Personal Income Tax Return, Form PIT-1.
Who files this form
Complete the 2024 New Mexico Schedule PIT-ADJ if you must make certain additions to federal adjusted gross income or are eligible to claim certain deductions or exemptions to calculate New Mexico taxable income.
What you'll need
- Form PIT-1, Personal Income Tax Return: Attach Schedule PIT-ADJ to this return.
- Form RPD-41369: Attach this form if claiming a New Mexico net operating loss on line 8.
- Forms RRB-1099 and RRB-1099-R: Attach these forms for Railroad Retirement Act annuities and benefits and Railroad Unemployment Insurance Act sick pay reported on line 10.
How to file
Print your name and enter your Social Security number on Schedule PIT-ADJ.
- Add lines 1 through 5. Enter the total on line 6 and on Form PIT-1, line 11.
- Add lines 7 through 27. Enter the total on line 28 and on Form PIT-1, line 15.
- Attach Schedule PIT-ADJ to your Form PIT-1.
The supplied form does not give a mailing address or e-filing instructions.
Common mistakes
- Submitting a statement instead of Schedule PIT-ADJ: The form says statements cannot be accepted in place of this schedule.
- Missing the age 100 exemption boxes: If you or your spouse is age 100 or older, you must mark the applicable boxes on line 12 to claim the exemption.
- Leaving out required attachments: Attach Form RPD-41369 for line 8 and Forms RRB-1099 and RRB-1099-R for line 10, when applicable.
- Not attaching the schedule to your return: Schedule PIT-ADJ must be attached to Form PIT-1.
Questions people ask
Where do I report my total additions?
Add lines 1 through 5 and enter the total on Schedule PIT-ADJ, line 6. Also enter it on Form PIT-1, line 11.
Where do I report my total deductions and exemptions?
Add lines 7 through 27 and enter the total on Schedule PIT-ADJ, line 28. Also enter it on Form PIT-1, line 15.
Does the schedule include a deduction for education savings contributions?
Yes. Line 15 is for contributions to a New Mexico-approved Section 529 education savings plan. Line 3 separately lists additions for contributions refunded when closing such an account and certain contributions rolled out of such an account.
Can I send a statement instead of this schedule?
No. The form says statements cannot be accepted instead of Schedule PIT-ADJ.