New Mexico 1099 Filing Requirements
The State of New Mexico Mandates
1099 Filing!
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New Mexico State Filing
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New Mexico 1099 Reporting Requirements
The State of New Mexico mandates filing Form 1099 with the state agency under the
following conditions:
| Scenario | If there is any New Mexico State Tax Withholding | If there is no New Mexico State Tax Withholding |
|---|---|---|
| Payments Threshold | Follows Federal Threshold* | |
| Due Date | January 31, 2024 | |
| Filing Method | Direct State Filing | CF/SF |
| Additional Forms | Not Required | |
*The federal threshold varies based on the 1099 form types. Learn more about the federal thresholds for each
1099 form.
The State of New Mexico requires the following Forms:
- Form 1099 (1099-NEC, 1099-MISC, 1099-K, 1099-INT, 1099-R, 1099-DIV, 1099-B, 1099-G, 1099-OID and W-2G)
- Form W-2 - Wages and Tax Statement. Learn more about New Mexico W-2 State Filing Requirements.
TaxBandits supports Form 1099 and W-2 filing with both the Federal
and State.
Frequently Asked Questions
Does New Mexico require 1099 filing?
Yes, the New Mexico Taxation and Revenue Department mandates the filing of 1099 Forms.
- If there is any state tax withholding, you must file 1099 Forms directly with the state.
- If there is no state tax withholding, the IRS will automatically forward your federal 1099 forms to the state agency since New Mexico is part of the CF/SF program.
Does New Mexico have a specific payment threshold for Form 1099?
There are no specific thresholds for reporting 1099s with the state of New Mexico. Instead, New Mexico's 1099 reporting requirements align with federal guidelines. Based on the applicable federal threshold for each specific form, the payer should assess and file a Form 1099.
| Forms | Threshold |
|---|---|
| Form 1099-NEC | $600 |
| Form 1099-MISC | $600 |
| Form 1099-K | $20,000 |
| Form 1099-INT |
|
| Form 1099-DIV |
|
| Form 1099-R | $10 |
| Form 1099-B | - |
| Form 1099-G | - |
| Form 1099-OID | $10 |
What are the 1099 forms New Mexico requires?
New Mexico requires the direct filing of the following 1099 forms if there is state tax withholding.
Does New Mexico require any additional forms when filing 1099?
No, The State of New Mexico does not require any additional forms when filing 1099. However, it is important to note that Form RPD-41072 must be completed and kept in your records. You are not obligated to submit the reconciliation form to the Department unless there are instances where some or all of the income and withholding statements are not provided to the Department through electronic medium.
When is the New Mexico 1099 due?
The due date for filing Form 1099 with New Mexico is January 31. If this due date falls on a weekend or federal holiday, the next business day will be the deadline.
For the 2023 tax year, the deadline for filing 1099 Forms with New Mexico is January 31, 2024.
What are the requirements to file 1099 electronically with New Mexico?
The State of New Mexico mandates filing electronically if you are submitting 25 or more 1099s. However, if you have paid your taxes electronically during the year, you are required to file 1099 electronically.
What are the penalties for not filing or filing 1099 late with New Mexico?
The negligence penalty for late filing or late payment applies if you file late and owe tax, or if you do not pay your tax when due. The penalty is 2% of the tax due for each month or part of a month the return is not filed or the tax is not paid, to a maximum of 20%.
Where do I mail New Mexico 1099 forms?
Mail your Form 1099s to the following address.
P.O. Box 25128, Santa Fe,
NM 87504-5128.
For more information, please visit the State website: https://www.tax.newmexico.gov/
