NM State Income Tax

Forum|Forum|2 years ago
February 2, 2024
1 reply
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I have lived in NM for many years but moved to AZ in August of 2023. When I do my state taxes with Turbo Tax, it puts my entire 2023 pension, social security and other earnings onto my NM state return and only 5 months onto my AZ return. There is no NM PIT-B form (which is supposed to allocate income for the NM part of my income). What am I doing wrong, because my full year income, etc is being taxed in NM?

Multiple States

MayaD

You need to file Part-year resident return in NM and AZ.

you need to make sure you've set up your personal information correctly. We'll ask about where you lived in 2023 when you set up your personal information.

Sign in to TurboTax and select My Info.
A Your personal info screen appears.
Question number 2 asks you the state(s) you lived in during 2023. Select your state of residence from a dropdown menu.
You'll also be asked if you lived in another state in 2023. Answer Yes and a new section will appear asking for your previous state of residence. Select the other state you lived in.
Fill out the date of when you moved to your current state.
If the rest of your information is accurate, select Continue.

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rducoteyAuthor

I already did what you suggested but when doing the NM return Turbo Tax makes me put the entire Federal income amounts into the NM Pit-b schedule. I can find no way to only pay NM tax prorated for the 7 months I lived in NM. Since I lived in NM for more than half the year it appears I must file as a resident and NM then wants to tax what my Federal return is showing. Please help...this is costing me a bunch of $$$$ because NM is taxing me on my FULL Year earnings.

AmyC

Employee

Go back to the beginning of the New Mexico and select part year resident. Enter the dates of residency. Go through a lot of screens, liquor license, cannabis and then you reach capital gains, continue and you will see income allocation. Enter NM income.