General Information
Yes, the New Mexico Taxation and Revenue Department mandates the filing of the 1099 Forms only if there is state tax withholding. The Taxation and Revenue Department encourages all taxpayers to file electronically. You may be required to file New Mexico state reconciliation form RPD-41072, upon the state’s request.
Specific Form Requirements and Deadlines
The following types of 1099 Forms are required:
- 1099-NEC
- 1099-MISC
- 1099-R
Yes, you must file 1099 Forms with New Mexico even if there is no state tax withheld, and if there is state tax withholding, you are also required to submit W-2 Forms. The deadline to file the 1099 with New Mexico is January 31, 2024. Annual statements of withholding are filed using form RPD-41285, Annual Statement of Withholding of Oil and Gas Proceeds, or federal form 1099-MISC.
The State of New Mexico participates in the Combined Federal/State Filing Program, which means that the IRS automatically forwards 1099 information returns to the state when you file 1099 forms with the federal government.
Required 1099 Forms for the State of New Mexico include:
- Form 1099-MISC – Reports various types of income.
- Form 1099-INT – Reports interest income.
Independent contractors use a 1099 form, and employees use a W-2. An independent contractor is someone who earns a living independently rather than through an employer.
Who is Required to File?
Anyone required to use 1099 instead of W-2 when filing taxes is considered self-employed or a contractor under federal law.
Filing Deadlines
- Sole proprietorships, partnerships, S corps, C corps, LLCs must file 1099s for payments of $600 or more. The deadline is February 28 for paper filings or March 31 for electronic filings.
- The IRS requires 1099-MISC by February 28 (paper) or March 31 (electronic). Recipients should receive their copies by January 31.
Businesses file 1099-NEC for $600 or more in non-employee compensation and should obtain W-9s from US providers. W-8s should be collected from foreign contractors who are exempt from 1099s.
Popular 1099 Versions
- 1099-K for third-party network transactions over $20,000.
- 1099-MISC for miscellaneous income of $600 or more.
Be aware that the 1099-NEC has replaced the 1099-MISC for reporting non-employee compensation. It is important to know the differences in preparing and filing them.