PIT-RC: 08. 2024 PIT-RC Rebate & Credit Schedule (2024)
New Mexico · New Mexico TRD · Used for tax years 2024
The 2024 New Mexico PIT-RC is a schedule for claiming refundable rebates and tax credits with your personal income tax return, Form PIT-1. It reports household qualifications, modified gross income, and the rebates and credits you claim.
Who files this form
Use the 2024 New Mexico PIT-RC to claim one or more refundable rebates and credits for which you qualify. Include it with your New Mexico personal income tax return, Form PIT-1.
The form lists these possible benefits based on modified gross income:
- $36,000 or less: Low income comprehensive tax rebate.
- $16,000 or less and age 65 or older: Property tax rebate.
- $24,000 or less and living in Los Alamos, Santa Fe, or Doña Ana County: Additional low income property tax rebate.
- $30,160 or less: New Mexico child day care credit.
These income limits alone do not establish eligibility. The form directs you to the PIT-RC instructions for complete eligibility requirements.
Section 6 also lists the refundable medical care credit for persons 65 or older, special needs adopted child tax credit, and Child Income Tax Credit.
What you'll need
Have the following information and forms available, as applicable to your claim:
- Form PIT-1: PIT-RC uses the exemptions from line 5 and federal adjusted gross income from line 9.
- Household and income information: You need information about household members, ages, blindness, and taxable and nontaxable income. If married filing separately, include your spouse’s income and the exemption count requested from your spouse’s PIT-RC.
- Property tax and rent amounts: The property tax rebate sections ask for tax billed for the calendar year on your principal residence. Section 3 also asks for rent paid during the tax year.
- Child day care documents: Attach the child day care worksheet from the instructions and Forms PIT-CG. You also need the portion of the federal child care credit applied against your federal tax from federal Schedule 3, line 2.
- PIT-RC instructions: The form refers to these for eligibility details, rebate tables, and worksheets. They were not included in the supplied text.
How to file
Include Schedule PIT-RC with your personal income tax return, Form PIT-1.
- Enter your name and Social Security number, including your Social Security number on page 2.
- Complete Section 1 to claim rebates and credits in Sections 2 through 5. Mark qualification statements only when they are true, calculate exemptions, and calculate modified gross income.
- Complete the applicable rebate and credit sections, using the tables or worksheets identified on the form.
- If claiming the child day care credit, attach the worksheet and Forms PIT-CG.
- Add the claimed amounts on line 26 and enter the total on Form PIT-1, line 24.
The supplied form does not give a mailing address or e-filing directions.
Common mistakes
- Checking statements that are not true: Leave those boxes blank. If you are not married, leave the spouse-column boxes blank.
- Leaving out a spouse’s income: The form specifically says to include it when married filing separately.
- Using losses to reduce modified gross income: Enter zero for a business, farm, or rental loss on line 8. Report capital gains without reducing them by capital losses. Line 12 must equal or exceed federal adjusted gross income on PIT-1, line 9.
- Completing sections above their income limits: Do not complete line 14 if line 13 exceeds $36,000, Section 3 if it exceeds $16,000, or Section 4 if it exceeds $24,000.
- Missing property rebate limits: Line 17c cannot exceed $250, or $125 if married filing separately. Line 18c cannot exceed $350, or $175 if married filing separately. You must identify your county in Section 4.
- Missing child day care requirements: Attach the worksheet and Forms PIT-CG. On line 19, use the worksheet’s Column G total or $1,200, whichever is less.
- Missing separate-return adjustments: Married couples filing separately must divide the low income comprehensive tax rebate and the calculated child day care credit by two.
Questions people ask
What is modified gross income?
The form describes it generally as all taxable and nontaxable income of the taxpayer and household members, without reducing it by losses. It directs you to the instructions for income you do not need to include.
Can renters use the property tax rebate section?
Section 3, for persons age 65 or older, includes a calculation based on rent paid for a principal residence. It asks you to mark a box if the reported rent includes amounts a government entity paid on your behalf. The section’s modified gross income limit is $16,000.
Which counties are covered by the additional low income property tax rebate?
Section 4 is only for residents of Los Alamos, Santa Fe, or Doña Ana County with modified gross income of $24,000 or less. Its calculation applies to property owned, and you must indicate your county.
Where do I report the total rebates and credits?
Add lines 14, 17c, 18c, 22, 23, 24, and 25. Enter the total on PIT-RC, line 26, and Form PIT-1, line 24.