In the realm of tax documentation and financial benefits, the 2014 PIT-RC New Mexico Rebate and Credit Schedule emerges as a crucial form, tailored for individuals seeking to claim various refunds and credits. This comprehensive form serves as an extensive guide for taxpayers in New Mexico, encapsulating a range of rebates and credits tailored to bolster the financial well-being of qualifying residents. It covers a spectrum of qualifications for different rebates and credits, including those for low-income households, property tax rebates for individuals aged 65 and older, and credits for childcare expenses. Specifically designed to be appended to the personal income tax return (Form PIT-1), the PIT-RC diligently instructs taxpayers on calculating modified gross income, thereby ensuring the correct claims are made. With detailed sections dedicated to rebates for those with modified gross incomes below certain thresholds and credits aimed at alleviating childcare costs, this document underscores New Mexico's commitment to supporting its residents through targeted tax incentives. Moreover, additional rebates for residents of specific counties highlight the state's recognition of localised economic disparities. This form, thus, stands as a testament to the multifaceted nature of state tax codes, offering a gateway to financial relief for eligible residents within the structuring confines of New Mexico's tax regulations.
| Question | Answer |
|---|---|
| Form Name | Form Pit Rc |
| Form Length | 2 pages |
| Fillable? | No |
| Fillable fields | 0 |
| Avg. time to fill out | 30 sec |
| Other names | pit rc form, New_Mexico, credit, for |
2014
NEW MEXICO REBATE AND CREDIT SCHEDULE
Version Code
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YOUR SOCIAL SECURITY NUMBER
SECTION I: QUALIFICATIONS FOR REBATES AND CREDITS REPORTED IN SECTIONS II TO V. Complete Section I to claim the following rebates
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and credits in Sections II through V. IMPORTANT: 7RFO LP |
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$22,000 or less P \TX OLI\IRUWKH ORZLQFRPHFRPSUHKHQVLYHW |
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$30,160 or less P \TX OLI\IRUWKH 1HZ0H[LFRFKLOGG \F UHFUHGLW(Section V) |
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$24,000 or less who live in /RV$O PRVRU6 QW )H&RXQW\21/< P \TX OLI\IRU GGLWLRQ |
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TAXPAYER |
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A. I was a resident of New Mexico during an\S UWRIWKHW |
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In 2014, I was NOTHOLJL OHWR HFO |
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In 2014, I was NOT an inmate of a public institution for a period of more than six months |
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CALCULATE ALLOWABLE HOUSEHOLD MEMBERS AND EXTRA EXEMPTIONS |
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1. |
Number of exemptions from Form |
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a. Enter number of household members who DO NOTTX OLI\,I OOH[HPSWLRQVTX OLI\OH YH O QN |
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b. Subtract 2a from 1. Number of allowable household members |
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c. Extra Exemption: Enter 1 LI\RXor \RXUVSRXVHLIP UULHG¿OLQJMRLQWO\ UH OLQGIRUIHGHU |
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tax purposes. Enter 2LI\RXand\RXUVSRXVHLIP UULHG¿OLQJMRLQWO\ UH OLQG |
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d. Add lines 2b and 2c |
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g. Add lines 2d, 2e, and 2f |
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3. Total. Add lines 2g and 2h. Enter here and on line 13a on page 2 of this form |
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CALCULATE MODIFIED GROSS INCOME. 0RGL¿HGJURVVLQFRPHJHQHU OO\LV OOLQFRPHRIWKHW [S \HU QGKRXVHKROGPHP HUV RWKW [ OH QG
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10. Gifts of cash or marketable tangible items received. (You must give the items a reasonable value.) |
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11. All other income such as interest, dividends, gambling winnings, insurance settlements, scholarships, |
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0RGL¿HG*URVV,QFRPH$GGOLQHV WKURXgh 11. Enter the total on line 12 and on line 13 of page 2. |
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(Total must equal or exceed Federal Adjusted Gross Income from Form |
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2014
NEW MEXICO REBATE AND CREDIT SCHEDULE
Version Code 9
YOUR SOCIAL SECURITY NUMBER
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where the last four digits are replaced with
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SECTION II: LOW INCOME COMPREHENSIVE TAX REBATE ,IOLQH LV025(WK Q '2127FRPSOHWHOLQH
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a. Enter Total Exemptions from line 3......................................................................................................................................
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SECTION V: NEW MEXICO CHILD DAY CARE CREDIT. ,I0RGL¿HG*URVV,QFRPHRQOLQH LV |
or less, |
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and Forms |
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19. Enter either the total of Column G on the worksheet or $1,200, WHICHEVER IS LESS |
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1HZ0H[LFRFKLOGG \F UHFUHGLW6X WU FW line 21 from line 19. |
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SECTION VI: REFUNDABLE TAX CREDITS.
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24. Special needs adopted child tax credit.........................................................................................................................
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SECTION VII: TOTAL REBATES AND CREDITS CLAIMED.
25. Add lines 14, 17c, 18c, 22, 23, and 24. Enter here and on Form
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