S-CORPNM: 01. 2024 S-Corp NM Sub-Chapter S Corporate Income & Franchise Tax Return (2024)
New Mexico · New Mexico TRD · Used for tax years 2024
This is New Mexico’s 2024 Sub-Chapter S Corporate Income and Franchise Tax Return. It reports corporate income and franchise tax, withholding, composite and entity-level tax, credits, payments, and any amount due or refund.
What you'll need
Have the following information and records ready, as applicable:
- Business information: Corporation name, mailing address, FEIN, required NAICS code, organization details, and New Mexico registered agent information.
- Federal tax records: Federal Form 1120S, Schedule K, for income and deductions. S-Corp-C also uses Schedule D and the federal excess net passive income worksheet.
- Payment records: Extension payments, estimated payments, and payments applied from the prior year.
- Withholding documents: Line 14 lists Forms 1099-MISC and RPD-41285 for withholding from oil and gas proceeds. Line 15 lists Forms 1099-MISC and RPD-41359 for withholding from pass-through entities. Attach the applicable documents.
- Tax credit schedule: Attach S-Corp-CR if claiming credits on line 5 or refundable credits on line 22.
- Owner information: S-Corp-D asks for each owner's identification number, name, address, residency status, ownership percentage, and income and tax shares.
- Apportionment and allocation records: S-Corp-A uses property, payroll, and sales figures. S-Corp-B uses non-business income figures.
How to file
You can e-file and e-pay the S-Corp return through the Department's Taxpayer Access Point (TAP).
On the return, select either Original Return or Amended Return. Complete the taxpayer signature area, including the signature of an officer, member, or partner and the date.
If you need more room for owner details, print additional S-Corp-D Supplemental forms directly from the website and attach them after the first page of S-Corp-D.
Common mistakes
- Leaving required fields blank: The FEIN, NAICS code, and choice of original or amended return are required.
- Skipping the direct-deposit question: You must answer whether the refund will go to or through an account outside the United States. If yes, you cannot use this refund delivery option.
- Photocopying supplemental owner forms: The form warns that reproducing a photocopy reduces barcode readability and can delay processing. Print S-Corp-D directly from the website instead.
- Entering a negative amount on line 6: Income tax after credits cannot be negative.
- Applying too much overpayment to 2025: Line 21a cannot exceed the overpayment on line 21.
- Using too few decimal places: S-Corp-A says to calculate each percentage to four decimal places, such as 22.5431%.
Questions people ask
How much is the franchise tax on the 2024 return?
Line 7 lists a $50 franchise tax per S corporation or entity taxed as an S corporation.
When do I complete S-Corp-C?
Complete S-Corp-C if you are an S corporation with federal taxable income.
Can I receive my refund by direct deposit?
The form offers direct deposit through Refund Express. Provide your routing number, account number, account type, and an answer to the foreign-account question. You cannot use this option if the refund will go to or through an account outside the United States.
Can I apply my overpayment to next year's tax?
Yes. On the 2024 return, line 21a lets you apply some or all of the overpayment on line 21 to your 2025 income tax liability. The remaining amount goes on line 21b as the overpayment to refund.
Which lines cover the entity-level tax election?
Complete S-Corp-1, lines 22 through 27, if electing to file and pay entity-level tax.