In New Mexico, the administration of withholding taxes is a critical responsibility for employers, payers, and gambling establishment operators. These entities play a pivotal role in the state's tax collection process by deducting income taxes from salaries, wages, pension or annuity incomes, and gambling winnings. Central to this procedure is the RPD-41072 form, also known as the Annual Summary of Withholding Tax. Designed for a specific purpose, this form serves as a reconciliation tool that allows the aforementioned entities to tally the total amounts deducted—as indicated on annual statement of withholding information returns like Federal Forms W-2, W-2G, or 1099R—with the actual tax withheld and remitted to New Mexico through either the CRS-1, Wage Withholding, and/or Non-wage Withholding Tax returns. It is crucial to note that this form excludes tax withheld from oil and gas proceeds or by pass-through entities required to withhold from a non-resident owner's share of net income. The due date for this form is set firmly at the last day of January of the year following the calendar year in which the tax was withheld, ensuring timely submission. Additionally, the form comes with specific instructions for filling out various parts, including business information, a detailed schedule of New Mexico income tax withheld and reported, and a section for reconciling any discrepancies between reported and submitted withholdings. Moreover, it highlights conditions under which certain entities are not required to submit this form, thereby streamlining the process and reducing redundant paperwork. This meticulously designed form not only facilitates accurate record-keeping and compliance but also underscores the importance of transparency and accountability in the tax withholding process in New Mexico.
| Question | Answer |
|---|---|
| Form Name | Rpd 41072 Form |
| Form Length | 2 pages |
| Fillable? | No |
| Fillable fields | 0 |
| Avg. time to fill out | 30 sec |
| Other names | in.pinterest.com pin 843791680181677011https://api10.ilovepdf.com/v1/download ... |
New Mexico Taxation and Revenue Department
ANNUAL SUMMARY OF WITHHOLDING TAX
Who Must Complete This Form: Employers, payers and gambling establishment operators who withhold a portion of New Mexico income tax from salaries or wages, from pension or annuity income, or from gambling winnings, may use Form
Form
or New Mexico Form
PART I. Business Information
PLEASE TYPE OR PRINT
NAME
STREET / BOX
CITY, STATE, ZIP
NMBTIN |
REPORTING YEAR |
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FILING FREQUENCY (Check one)
Monthly
Quarterly
Semiannually
PART II. Schedule of New Mexico Income Tax Withheld and Reported (See instructions.)
MONTH |
AMOUNT |
MONTH |
AMOUNT |
MONTH |
AMOUNT |
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1.January |
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5.May |
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9. |
September |
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2.February |
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6.June |
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10. |
October |
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3.March |
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7.July |
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11. November |
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4.April |
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8.August |
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12. |
December |
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TOTAL
(all columns)
PART III. Qualifying Information (See instructions.)
1. |
Enter the number of annual statements of withholding submitted. (Federal Forms |
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2. |
Total New Mexico income tax withheld for the taxable year (as shown on Federal Forms |
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$ |
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3. |
Total New Mexico income tax withheld and reported during the reporting year |
$ |
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4. |
Difference. Subtract line 3 from line 2. (See "Other Attachments" in instructions) |
$ |
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PART IV. Taxpayer Declaration
I declare that I have examined this return and accompanying documents, and to the best of my knowledge and belief, they are true, correct and complete.
Signature: |
Title: |
Date: |
New Mexico Taxation and Revenue Department
ANNUAL SUMMARY OF WITHHOLDING TAX
Instructions
PART I. Business Information
Complete the information about your company and the re- porting year (e.g. 2021).
PART II. Schedule of New Mexico Income Tax Withheld and Reported
Enter the New Mexico income tax withheld and reported to the Taxation and Revenue Department on Forms
were withheld and not the month the tax was due. Enter the sum of all "AMOUNT" columns in the box marked "TOTAL".
Note: Form
2021 onging withholding tax is reported using
PART III. Qualifying Information
Reconcile the New Mexico income tax withheld and reported on Form
LINE 1. Enter the number of annual statements of with- holding submitted.
Enterthe number ofannualstatements ofwithholding submit- ted. (Federal Forms
LINE 2. Total New Mexico income tax withheld for the taxable year
Enter the total New Mexico income tax withheld for the tax- able year as shown on Federal Forms
LINE 3. Total New Mexico income tax withheld and re- ported during the reporting year
Enter the total New Mexico income tax withheld and reported on
LINE 4. Difference
Subtract line 3 from line 2 and enter the difference.
PART IV. Taxpayer Declaration
Sign and date the form. If applicable, prepare attachments and submit it to the Taxation and Revenue Department.
Other Attachments
Federal Forms
If you have or will be submitting the information returns to TRD through electronic or magnetic media (see Publication
If you file a wage and contribution report, ES903, to the New Mexico Workforce Solutions Department, or New Mexico
Form
If You Discover a Discrepancy
If you have underreported withholding on your CRS-
amended returns for the period(s) in which underreporting occurred and remit the difference.
Ifyouhaveoverpaidwithholdingonyourreturns,youmustsub- mit Form
returns for the period(s) in which overpayments occurred. No refund will be paid on the basis of this report alone.