RPD-41359: RPD-41359 Annual Statement of Pass-through Entity Withholding (2024)
New Mexico · New Mexico TRD · Used for tax years 2024
New Mexico Form RPD-41359 is an annual statement that pass-through entities provide to their owners. It reports the owner’s New Mexico net income, New Mexico tax withheld, composite income tax paid, and credit for entity-level tax, as applicable.
Who files this form
Pass-through entities required to withhold New Mexico tax on a nonresident owner’s share of New Mexico net income must annually report that withholding to the owner. They may use RPD-41359, Form 1099-MISC, or a pro forma Form 1099-MISC.
Entities that elect to pay entity-level tax, or pay composite income tax on behalf of owners who elect it, must use RPD-41359 to report those amounts to owners.
Owners must attach the reporting document to their New Mexico personal or corporate income tax return to claim the credit. Only RPD-41359 supports a credit for entity-level tax or composite income tax.
Owners include partners, members, S corporation shareholders, and, for withholding purposes, beneficiaries of fiduciaries. If no owners received net income from the entity during a calendar year, no withholding statements need to be filed for that year.
When it's due
For tax year 2024 withholding, send the reporting forms to owners by February 15 of the following year.
If February 15 falls on a Saturday, Sunday, or state or national legal holiday, the form is timely if its postmark is dated the next business day.
What you'll need
To complete RPD-41359, have these details ready:
- The tax year.
- The entity’s FEIN, name, address, and phone number.
- The entity’s New Mexico Business Tax Identification Number (NMBTIN), if it has one. This field is optional.
- The owner’s name, address, and federal identification number, identified as an SSN/ITIN or FEIN.
- The owner’s allocated New Mexico net income.
- Any New Mexico tax withheld, composite income tax paid, and share of entity-level tax paid for the owner.
To claim a credit, the owner needs the reporting document and the New Mexico income tax return they are required to file. For a withholding credit, Form 1099-MISC or a pro forma Form 1099-MISC may replace RPD-41359. For entity-level or composite income tax credits, RPD-41359 is required.
How to file
For pass-through entities: File the applicable entity return with the New Mexico Taxation and Revenue Department: PTE, S-Corp, or FID-1, depending on the entity type. Complete the reporting document for each owner and send each owner a copy.
On RPD-41359, enter the entity and owner information, then report the owner’s New Mexico net income on line 1, withholding on line 2, composite income tax on line 3, and share of entity-level tax on line 4, as applicable. Mark the appropriate identification-number box and any applicable address-outside-the-U.S. boxes.
For owners: Attach RPD-41359 to the New Mexico income tax return you are required to file to claim the credit. A Form 1099-MISC or pro forma Form 1099-MISC may also support a withholding credit.
The supplied text does not give a mailing address or electronic filing steps. It refers readers to FYI-330, Income and Withholding Returns and Electronic Filing, for more information.
Common mistakes
- Using someone else’s statement. Do not attach RPD-41359 unless you are listed as the owner or recipient of the income.
- Passing a withholding statement to another taxpayer. An entity that has had tax withheld must claim that withholding on its own New Mexico income tax return.
- Using Form 1099-MISC for an entity-level or composite income tax credit. Only RPD-41359 may support these credits.
- Leaving New Mexico amounts combined with other states’ income on Form 1099-MISC. When reporting income from multiple states, separately state the New Mexico income and New Mexico tax withheld.
- Omitting the supporting document from the owner’s return. Owners must attach the reporting document to claim the credit.
Questions people ask
Can Form 1099-MISC replace RPD-41359?
Yes, for reporting New Mexico withholding tax. A pro forma Form 1099-MISC is also allowed. Only RPD-41359 may be used for entity-level tax or composite income tax credits.
Does the entity need to issue withholding statements if no owners received net income?
No. If no owners received net income from the entity during a calendar year, no withholding statements need to be filed for that year.
Does a Schedule K-1 remove the need to provide New Mexico tax information?
No. An entity using Schedule K-1 or an equivalent form must also provide each owner’s allocated New Mexico net income and the amounts of New Mexico withholding tax, entity-level tax paid, or composite income tax paid.
Where can I get help with this form?
Call the Santa Fe Office at (505) 827-0825, call toll free at (866) 809-2335 and select option 2, or email cit.taxreturnhelp@tax.nm.gov.