S-CORPNM: 1. 2025 S-Corp NM Sub-Chapter S Corporate Income & Franchise Tax Return (2025)
New Mexico · New Mexico TRD · Used for tax years 2025
This is New Mexico’s 2025 Sub-Chapter S Corporate Income and Franchise Tax Return. It reports corporate income and franchise tax, income taxable to owners, withholding, composite and entity-level tax, credits, payments, and any tax due or refund.
What you'll need
Have these records and details ready for the parts of the return you complete:
- Business information: Corporation name, mailing address, required FEIN and NAICS code, organization details, and New Mexico registered agent information.
- Federal tax records: Federal Form 1120S, Schedule K for owner income and deductions. S-Corp-C also uses Schedule D and the excess net passive income worksheet from the federal 1120S instructions.
- Payment records: Extension payments, estimated payments, and payments applied from the prior year.
- Withholding documents: Line 14 lists 1099-MISC and RPD-41285 as attachments for withholding from oil and gas proceeds. Line 15 lists 1099-MISC and RPD-41359 for withholding from pass-through entities.
- Credit schedule: Attach S-Corp-CR when reporting credits on line 5 or refundable credits on line 22.
- Owner details for S-Corp-D: Names, addresses, SSNs/ITINs/FEINs, residency status, ownership percentages, and income and tax shares.
- Direct deposit information: Routing number, account number, account type, and whether the refund will go to or through an account outside the United States.
How to file
You can e-file and e-pay the S-Corp return through the Department’s Taxpayer Access Point (TAP).
Electronic filing is required if the S corporation reports 51 or more payees on S-Corp-D and S-Corp-D Supplemental.
Select either Original Return or Amended Return. The return includes a signature and date section for an officer, member, or partner.
If you need more room for owner details, print the schedule directly from the website and attach additional S-Corp-D Supplemental forms after the first page as needed.
Common mistakes
- Leaving required entries blank: FEIN, NAICS code, and the Original Return or Amended Return choice are marked required.
- Entering a negative amount on line 6: Income tax less credits cannot be negative.
- Applying too much overpayment to 2026: Line 21a cannot exceed the overpayment on line 21.
- Using direct deposit for an overseas account: You cannot use Refund Express if the refund will go to or through an account outside the United States. Complete all questions in the direct deposit block.
- Copying an already photocopied owner schedule: The form warns that this reduces barcode readability and can delay processing. Print the schedule directly from the website instead.
Questions people ask
How much is the franchise tax?
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.
Which lines apply if I elect entity-level tax?
Complete S-Corp-1, lines 22 through 27, if electing to file and pay entity-level tax.
Can I apply my overpayment to next year?
Yes. Line 21a lets you apply part or all of your overpayment to 2026 income tax liability, up to the amount on line 21. Line 21b is the remaining overpayment to refund.
What goes on line 11 of an amended return?
For an amended 2025 return, enter 2025 refunds received and overpayments applied to 2026. Line 11 is for amended returns only.