PTENEW: 1. 2025 PTE New Mexico Pass-Through Entities Tax Return (2025)
New Mexico · New Mexico TRD · Used for tax years 2025
The 2025 New Mexico Pass-Through Entities Tax Return reports a pass-through entity’s New Mexico net income and withholding, composite income, or entity-level tax. It also reports payments and credits and calculates tax due or an overpayment.
What you'll need
Have these records and details ready for the 2025 return, as applicable:
- Entity information: Name, FEIN, NMBTIN, NAICS code, address, entity type, tax-year dates, and organization details.
- Federal Form 1065, Schedule K: The return uses ordinary business income, other income, and allowable deductions from this schedule.
- Income and apportionment records: Bond interest, deductions, property values, payroll, gross receipts, and allocated non-business income for PTE-A and PTE-B.
- Owner information for PTE-D: Names, tax identification numbers, addresses, residency status, ownership percentages, and each owner's income and tax shares. Use PTE-D Supplemental forms if more space is needed.
- Payment records: Estimated payments, extension payments, and overpayments applied from the prior year.
Attach these documents when reporting the related withholding or credits:
- Line 30, oil and gas proceeds withholding: Form 1099-Misc or RPD-41285.
- Line 31, pass-through entity distributions withholding: Form 1099-Misc or RPD-41359.
- Lines 33 through 35, approved film production credits: Form RPD-41228.
For direct deposit, have the bank routing number, account number, and account type ready.
How to file
You can e-file and e-pay the PTE return through the Department's Taxpayer Access Point (TAP) at https://tap.state.nm.us.
Electronic filing is required if the PTE reports 51 or more payees on PTE-D and PTE-D Supplemental.
When completing the return:
- Select original or amended return and mark the legal entity type.
- Compute New Mexico net income in Section 1.
- Complete the applicable sections for withholding tax, composite income tax, or entity-level tax based on the elections made.
- Enter payments and credits, then calculate tax due or overpayment.
- Complete the officer, member, or partner signature block.
If additional owner reporting space is needed, print the forms directly from the website and attach PTE-D Supplemental forms after the first PTE-D page.
Common mistakes
- Leaving the return type unmarked: The form requires you to choose original or amended return.
- Rounding percentages incorrectly: Round each percentage to four decimal places, such as 22.6270%.
- Photocopying extra PTE-D pages: The form warns that reproducing from a photocopy reduces barcode readability and can delay processing. Print the forms directly from the website instead.
- Applying too much overpayment to 2026: Line 45 cannot exceed the overpayment on line 44.
- Leaving direct-deposit questions incomplete: Complete all questions in the Refund Express block. You cannot use this refund method if the refund will go to or through an account outside the United States.
Questions people ask
What tax rates are printed on the 2025 return?
The form lists a 5.9% rate for withholding tax, composite income tax, and entity-level tax.
Can I file and pay online?
Yes. The form directs you to TAP to e-file and e-pay. Electronic filing is required when the PTE reports 51 or more payees on PTE-D and PTE-D Supplemental.
Can I apply an overpayment to next year's tax?
Yes. Line 45 lets you apply some or all of the overpayment to your 2026 tax liability. That amount cannot exceed line 44. The remaining amount is entered on line 46 as the refund.
Can my refund be directly deposited?
Yes. Complete all questions in the Refund Express block, including routing number, account number, and checking or savings account type. This method is not available if the refund will go to or through an account outside the United States.