Waiting months for a tax refund can be financially painful. In 2014, New Mexico residents who filed paper returns often waited six to twelve weeks before seeing their money. By contrast, electronic filers typically receive refunds within two to four weeks. That difference of several weeks could mean missed bill payments, added stress, or lost opportunities to put your money to use sooner.
Filing your New Mexico state tax return correctly and on time is more than checking off a yearly obligation. Mistakes like using the wrong filing status, forgetting to attach key forms, or submitting past the deadline can cost you hundreds of dollars in penalties and weeks of refund delays. On the other hand, filing early, filing electronically, and claiming all eligible deductions and credits can help secure your refund quickly and reduce the risk of costly errors.
This guide will walk you through how to file your 2014 New Mexico tax return. You’ll learn who must file, what forms to use, the step-by-step process, and how to avoid common mistakes. Whether you are a resident, part-year resident, non-resident, or military personnel, this guide will provide clear instructions tailored to your situation. By following along, you’ll meet your legal obligations and protect your finances, save time, and gain peace of mind.
Filing requirements in New Mexico are closely tied to federal income tax returns. If you are required to file a federal return, there is a strong chance you must also file with the New Mexico Taxation and Revenue Department. The rules depend on your residency status, the type of income you earn, and your family circumstances.
If you lived in New Mexico during 2014 and filed a federal income tax return, you must also file a state return. Even if you were not required to file federally, you may want to file with New Mexico to claim a refund, credit, or exemption. For example, a resident with New Mexico taxes withheld from wages can only recover that money by filing Form PIT-1.
Non-residents must also file if they had any New Mexico-sourced income and filed a federal return. This applies even if your permanent home was in another state or country. For example, if you lived in Arizona but owned a rental property in Albuquerque, the rental income is taxable to New Mexico. It must be reported on a non-resident return.
You are considered a part-year resident if you moved into or out of New Mexico during 2014. You must file if you filed a federal return and had income while living in New Mexico. In this case, Form PIT-B allocates income earned inside and outside the state.
Military members often have unique filing obligations. Suppose New Mexico was your legal residence when you enlisted and you never changed it for tax purposes. In that case, you must continue filing as a resident, even if you were stationed elsewhere. The good news is that New Mexico allows a deduction for active duty military pay, which helps lower taxable income.
Skipping a return can have serious consequences. Failure to file when required may result in penalties, loss of refunds, and the inability to claim valuable credits such as the child tax credit or the earned income tax credit. Filing ensures compliance with state and federal law while protecting your right to refunds and rebates that could add hundreds of dollars back to your pocket.
Every tax year comes with adjustments that can affect how much you owe or how much you can claim back. For 2014, New Mexico introduced several changes that residents and non-residents needed to understand before filing their personal income tax returns. Ignoring these updates meant missing out on valuable credits or miscalculating taxable income.
For losses beginning on or after January 1, 2013, New Mexico extended the net operating loss (NOL) carryover period to 19 years. This rule allowed businesses and individuals who experienced financial setbacks to spread those losses across nearly two decades. This adjustment offered flexibility and potential tax relief for small business owners or corporations facing tough years.
Qualifying manufacturers in New Mexico could use a single weighted sales factor for corporate income tax apportionment. This change aimed to enhance the state's competitiveness for manufacturers and stimulate economic activity. If your business manufactures goods and sells them across multiple states, this option could lower your taxable portion of corporate income within New Mexico.
The Working Families Tax Credit remained 10 percent of the federal income tax credit (EITC). This credit could provide substantial relief for households with low to moderate income. For example, if you were a parent with two children who qualified for the federal EITC, New Mexico’s Working Families Tax Credit added a state-level benefit.
While the major updates involved business rules and credits for families, individuals should also be aware of recurring rebates and exemptions that continued into 2014. Press releases from the Taxation and Revenue Department highlighted the importance of double-checking eligibility for low-income rebates, child-related credits, and senior exemptions.
The rules governing taxes are constantly evolving. Changing how losses are carried over or how credits are calculated can significantly affect your return. By paying attention to these details, you protect yourself from overpaying and ensure you claim every dollar. Failing to adapt to yearly updates may reduce your refund and create reporting errors that delay processing.
Every taxpayer in New Mexico uses Form PIT-1, but depending on your income sources and credits, you may need additional schedules or attachments. Filing without the correct form is one of the fastest ways to delay a refund or receive a notice from the Taxation and Revenue Department.
You can access 2014 forms directly from the New Mexico Taxation and Revenue Department in several ways:
A form mismatch can cause problems. For example, filing as a part-year resident without attaching PIT-B may lead the department to treat you as a full-year resident, resulting in a higher assessed value of income and possibly larger tax payments. Always review the instructions on each form carefully and check whether a schedule or supporting document applies to your situation.
Filing your 2014 New Mexico tax return does not need to feel overwhelming. By breaking the process into clear steps, you can prepare an accurate return, avoid unnecessary penalties, and ensure you receive your refund as quickly as possible.
Before filling out forms, gather every document related to your income and deductions. You will need:
On Form PIT-1, complete your name, address, and Social Security numbers exactly as they appear on your federal return. Select your residency status from the RNFP method:
New Mexico bases its personal income tax on your federal adjusted gross income (AGI). Transfer the number from your federal return (Form 1040, line 37 for 2014) to Line 9 of PIT-1. From there:
Use the 2014 New Mexico tax tables to determine your tax. Then apply credits such as:
Double-check your math, attach all W-2s, 1099s, and schedules, and sign the return. If you are filing jointly, both spouses must sign.
Breaking the return into these smaller tasks ensures accuracy and reduces stress. Missing one exemption or failing to attach one document could cost you hundreds of dollars or weeks of waiting. By carefully preparing each section, you protect yourself from penalties and maximize your refund.
When submitting your 2014 New Mexico tax return, you had two main choices: paper filing or electronic filing. While both methods are valid, the differences in speed, accuracy, and convenience are significant.
The New Mexico Taxation and Revenue Department encouraged residents to file electronically through its secure online system. Choosing this method offered several benefits:
Paper returns were still an option, but they came with drawbacks:
While both options were legally valid, filing electronically was the most intelligent for most taxpayers. It saved time, reduced stress, and helped taxpayers secure refunds faster. Double-checking attachments and mailing early were essential for those who still chose to mail sender returns to avoid costly delays.
If you owed money on your 2014 New Mexico tax return, paying on time was critical to avoid penalties and interest. The Taxation and Revenue Department provided several options to make payments as convenient as possible.
Many taxpayers chose to pay online through the Taxpayer Access Point (TAP) system:
If you preferred traditional methods, you could mail a check or money order payable to the New Mexico Taxation and Revenue Department. Important steps included:
New Mexico offered installment agreements for taxpayers who could not pay the full balance. You could:
Failing to pay on time could trigger penalties of five percent per month for unpaid balances and interest charges. Even if you could not pay the full amount, filing on time and setting up a payment plan protected you from larger penalties. Taking action quickly ensured you remained in compliance while managing costs.
Once your return is filed, the next concern is knowing when you will receive your refund or how to check an outstanding balance. The New Mexico Taxation and Revenue Department provided several tools in 2014 to make this process easier for taxpayers.
The fastest way to track your refund was through the Taxpayer Access Point (TAP) on the department’s website. You can view your personal income tax return status by entering your Social Security number, refund amount, and account details. The system is updated regularly and helps taxpayers avoid unnecessary phone calls.
The difference highlights how filing electronically reduces errors and protects you from long waiting periods. According to department notes, one-third of refund delays were due to incomplete forms or missing documents.
If you expected a refund but did not arrive after the standard timeframe, you could contact the revenue department directly. IRS adjustments or problems with the reporting of taxable income across states have sometimes caused delays. Always keep copies of your forms, schedules, and supporting documents to verify details when speaking with a representative quickly.
Tracking your refund or balance lets you know when money is coming in or payments are due. Staying informed prevents missed credits and unexpected penalties and protects your right to claim the refund you are owed.
Before you send your 2014 New Mexico tax return, review this checklist carefully. Overlooking even one small detail could result in rejected forms, refund delays, or additional taxes imposed later.
A final review only takes a few minutes but can save you dollars, time, and unnecessary frustration.
The gross receipts tax is New Mexico’s version of a sales tax, imposed on businesses rather than directly on consumers. While it is separate from personal income tax filing, it may still affect you if you reported self-employment or small business income in Mexico. Review your records carefully and correctly report business and individual income to avoid errors.
Yes, New Mexico allows you to claim a Working Families Tax Credit, which equals 10 percent of the federal earned income tax credit. This benefit is especially valuable if you support a family member with low or moderate income. To claim it, file Form PIT-RC with your return. This credit can reduce your tax bill or increase your refund.
Depending on size and structure, New Mexico businesses and corporations may have been subject to corporate income tax. For 2014, certain manufacturers could use a single-sales factor apportionment, potentially lowering tax owed. If you reported Mexico income from corporate activities, check the proper schedules. The state used these taxes as part of overall funding for schools, counties, and local services.
You could claim related state credits or rebates through Form PIT-RC if you qualify for the federal child tax credit. These credits help families offset the cost of raising children. If you had a qualifying child, ensure their Social Security information matches exactly. Always search the Taxation and Revenue Department’s instructions to confirm which credits applied in 2014.
New Mexico’s income tax starts with your federal adjusted gross income, then applies state-specific deductions, exemptions, and credits. While the structure is tied to your federal return, state rules can change the outcome. These must be reported if you had Mexican income from wages, property, or business activities. Filing accurately ensures compliance while helping you protect your refund and avoid penalties.
Schedule your free, confidential tax relief review today.
Copyright © 2025 Get Tax Relief Now
