PTENEW: 01. 2024 PTE New Mexico Pass-Through Entities Tax Return (2024)
New Mexico · New Mexico TRD · Used for tax years 2024
The 2024 New Mexico Pass-Through Entities Tax Return reports a pass-through entity’s New Mexico net income and calculates withholding tax, composite income tax for electing owners, and entity-level tax if elected. It also reports payments, credits, and any tax due or overpayment.
What you'll need
Have the following information ready, as applicable:
- The entity’s FEIN, NMBTIN, NAICS code, address, tax-year dates, and organization details.
- Federal Form 1065, Schedule K information for business income, other income, and allowable deductions.
- Property, payroll, and sales information for PTE-A, plus allocated non-business income information for PTE-B.
- Owner names, tax identification numbers, addresses, residency status, ownership percentages, and income and tax shares for PTE-D.
- Estimated payment and extension payment amounts.
Attach these documents when applicable:
- Oil and gas proceeds withholding: Form 1099-Misc or RPD-41285 for line 30.
- Withholding from another pass-through entity: Form 1099-Misc or RPD-41359 for line 31.
- Approved film production credits: RPD-41228 for lines 33 through 35.
- Refund or overpayment applied to next year: RPD-41373.
- Additional owner entries: PTE-D Supplemental forms.
How to file
You can e-file and e-pay the PTE return through the Department’s Taxpayer Access Point (TAP).
Electronic filing is required if the PTE reports 51 or more payees on PTE-D.
The provided form does not print a mailing address.
Common mistakes
- Not choosing a return type: The form requires you to check either Original Return or Amended Return.
- Missing the electronic filing requirement: A PTE reporting 51 or more payees on PTE-D must file electronically.
- Photocopying extra owner schedules: Print PTE-D directly from the website and add PTE-D Supplemental forms as needed. The form warns that reproducing from a photocopy reduces barcode readability and can cause processing delays.
- Leaving out the refund attachment: Attach RPD-41373 to claim a refund or apply an overpayment to the next year.
- Missing the amended-return adjustment: On an amended return, line 38 asks for 2024 refunds received and overpayments applied to 2025.
Questions people ask
Can the entity elect to pay entity-level tax?
Yes. The form includes an election box at item D. If electing to file and pay entity-level tax, complete lines 22 through 29.
What tax rates are printed on the 2024 return?
The form prints a 5.9% rate for withholding tax, composite income tax, and entity-level tax.
How do I request a refund or apply an overpayment to the next year?
Line 44 instructs you to attach RPD-41373 to claim a refund or apply the overpayment to the next year.
What if I need more room to list owners?
Print additional PTE-D Supplemental forms as needed and attach them after the first page of PTE-D. Avoid reproducing from a photocopy because barcode readability problems can delay processing.
Who signs the return?
The form provides a signature line for an officer, member, or partner. It also has a separate signature line for a preparer who is not an employee of the taxpayer.