RPD-41272: RPD-41272 2024 Calculation of Estimated PIT Underpayment Penalty Form (2024)
New Mexico · New Mexico TRD · Used for tax years 2024
New Mexico Form RPD-41272 calculates the penalty for underpayment of estimated personal income tax for 2024. It records your required annual payment, estimated payments, withholding, and installment underpayments to determine any penalty.
Who files this form
Submit RPD-41272 with your 2024 New Mexico PIT-1 return only if you qualify for an exception method and using it lowers your estimated tax underpayment penalty.
The exception methods cover:
- Using the actual dates when all withholding tax was withheld.
- Income that varied during the year, when your income through March 31, 2024, was too small to require an estimated payment.
- Qualified farmers or ranchers who expect at least two-thirds of their 2024 gross income, or received at least two-thirds of their prior-year gross income, from farming or ranching.
First-year residents in 2024 are not required to make estimated payments. Also, do not file this form if your 2024 tax, minus rebates, credits, and withholding, is less than $1,000. No underpayment penalty applies in that case.
If you are not using an exception method, you may use the form to calculate your penalty, but do not submit it. The Department calculates any penalty using the standard method.
When it's due
For tax year 2024, the form prints these calendar-year estimated payment installment dates:
- April 15, 2024
- June 15, 2024
- September 15, 2024
- January 15, 2025
The instructions say a due date that falls on a Saturday, Sunday, or federal or state holiday moves to the next business day. Payment timeliness is based on the postmark or delivery service date.
For tax year 2024, the instructions also provide these exceptions:
- Filing the return and paying in full by January 31 of the following year avoids a penalty on the fourth estimated payment.
- Qualified farmers and ranchers may make one required annual payment by January 15 of the following year, or file and pay in full by March 1 of the following year.
What you'll need
Have these returns and payment details available:
- Your 2024 PIT-1, including net New Mexico income tax, rebates, credits, and withholding.
- Your 2023 PIT-1, if you filed a full, 12-month New Mexico return for that year.
- Estimated tax payment amounts and dates, including amounts carried forward from your prior-year PIT-1.
- Actual withholding dates and amounts if you are using that exception.
- Income information for the relevant periods if you are using the varying-income exception.
- Farming or ranching gross income information if using that exception. For a joint return, include your spouse’s gross income in the two-thirds test.
Enter your name and Social Security number on the form.
How to file
Complete Sections 1 through 4, complete the exception box on PIT-1, and attach RPD-41272 to your return.
To have the Department calculate the penalty, mark the box at the top of page 3. You do not need to complete Sections 5 or 6. To calculate it yourself, complete Section 5 and, if needed, Section 6.
Payment options described in the instructions:
- Online: Visit https://tap.state.nm.us. Under PAYMENTS, select Make a Payment, then Individual. Electronic check payments have no charge. Credit card payments have a convenience fee.
- By mail: Send a check or money order with a completed PIT-ES payment voucher. Write your Social Security number, “PIT-ES,” and the applicable tax year on the payment.
Mail the payment and voucher to:
NM Taxation and Revenue Dept.
P.O. Box 8390
Santa Fe, NM 87504-8390
This address is printed for payments with PIT-ES. The text does not provide a separate mailing address or e-filing procedure for RPD-41272.
Common mistakes
- Leaving the PIT-1 exception box blank or completing it incorrectly. The Department may use the standard method instead.
- Omitting RPD-41272 or submitting an incomplete or inaccurate form. This also causes the Department to use the standard method.
- Skipping Sections 1 through 4 when asking the Department to calculate the penalty. Those sections are still required.
- Not showing all actual withholding dates when using that exception. Without them, the Department treats withholding as paid equally on the installment due dates.
- Completing the 2023 column without a full, 12-month 2023 New Mexico PIT-1 return. The form says to leave that column uncompleted.
- Using another tax year’s instructions or the wrong year on PIT-ES. Use the instructions for the year you are filing and show the correct payment tax year on each voucher.
Questions people ask
Can the Department calculate my penalty for me?
Yes. Complete Sections 1 through 4 and mark the box at the top of page 3. You can leave Sections 5 and 6 uncompleted.
How is the required annual payment determined?
The instructions describe it as the smaller of 90% of the current year’s tax or 100% of the prior year’s tax, if the prior-year return covered a full 12-month year. Section 2 provides the calculation.
Does a balance due of $1,000 or more automatically mean a penalty?
No. The Department checks whether the required annual payment was made in timely installments. If it was, there is no penalty.
How are estimated payments applied?
Payments first cover the earliest unpaid or underpaid installment. Any remaining amount goes toward the next installment.
What if I think a penalty assessment is wrong?
The instructions say you can protest the assessment and provide more information.