PIT-B: 10. 2024 PIT-B Allocation & Apportionment of Income Schedule (2024)
New Mexico · New Mexico TRD · Used for tax years 2024
The 2024 New Mexico Schedule PIT-B allocates nonbusiness income and apportions business and farm income between total federal income and New Mexico income. It calculates the tax amount to enter on Form PIT-1 and includes a worksheet for apportioning business and farm income.
Who files this form
Taxpayers who allocate and apportion income from both inside and outside New Mexico must complete the 2024 Schedule PIT-B. Include it with your New Mexico personal income tax return, Form PIT-1.
What you'll need
Have the following information and forms available to complete PIT-B:
- Your name and Social Security number.
- Your residency dates if you are a first-year or part-year resident, plus your spouse’s dates if different.
- Income amounts for the categories on lines 1 through 8, for both total federal income and New Mexico income.
- Federal Schedule 1, line 26, for federal adjustments to income.
- Schedule PIT-ADJ, lines 1 and 7, if applicable to your nonbusiness interest and dividends.
- Form PIT-1 and the tax rate tables for calculating and transferring the tax.
For each business or farm, the page 2 worksheet asks for its name, business tax identification number, and property, payroll, and sales amounts for everywhere and for New Mexico.
How to file
Include the completed Schedule PIT-B with Form PIT-1, your personal income tax return.
If you have business or farm income, complete a separate page 2 worksheet for each business or farm. Attach each worksheet to your PIT-1 and PIT-B.
Enter the tax from PIT-B, line 14, on PIT-1, line 18. Mark B in the box on PIT-1, line 18a, to show that the tax came from PIT-B.
The supplied form does not state a mailing address or an e-filing method.
Common mistakes
- Not allocating the required income fully to New Mexico. The form notes that resident taxpayers, including people physically present in New Mexico for 185 days or more, must allocate all income and deductions on lines 1, 2, 3, and 7 in full to New Mexico.
- Missing residency periods. First-year and part-year residents must enter their residency period, their spouse’s period if different, and any additional periods.
- Overlooking the line 11 check. Column 1 must equal or exceed federal adjusted gross income on PIT-1, line 9.
- Leaving out business or farm worksheets. Complete and attach a worksheet for each business or farm.
- Forgetting the PIT-1 indicator. After transferring the tax to PIT-1, line 18, mark B on line 18a.
Questions people ask
What if I have no business or farm income?
Skip Section 2 and go to line 9.
What if I used Form PIT-110 to calculate my New Mexico wages?
If you used PIT-110 to calculate line 1, Column 2, mark the box on line 1a.
What if I have more than one business or farm?
Complete a separate worksheet and calculate the result for each business or farm. Add the results and enter the total on PIT-B, line 8, Column 2. Attach all worksheets to PIT-1 and PIT-B.
Does PIT-B have a box for military spouses?
Yes. Mark the appropriate taxpayer or spouse box if that person is a military servicemember’s spouse who qualifies for relief under the Military Spouse Residency Relief Act, is not a New Mexico resident, and is allocating income from services performed in New Mexico to their state of residence.