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New Mexico Form What is IRS 1099r: What You Should Know
Yes, and yes. Please, see Publication 560 — New Mexico Individual Income Tax Guide for more. Yes, and yes. Yes, and yes. Please, see Publication 560 — New Mexico Individual Income Tax Guide for more. New Mexico Individual Income Tax — 1099-RR and 1099-RR-EZ Forms Retirees with pensions, annuities, income-producing trusts, and other types of taxable retirement accounts in New Mexico are taxed on amounts received by these forms. (Retirees with taxable benefits may also be liable for taxes when their benefits are distributed.) The form used depends on your filing status and type of retirement: Retirees with Benefits — 1099-RR or 1099-RR-EZ New Mexico's 1099-RR returns are filed electronically by the Retirement Income Planner (RIP) as well as on paper. If you are an individual employee on a plan and receive more than 50,000 per year of pension, annuity, or profit-sharing income, you are required to file the 1099-R. The RIP also prepares the 1099-RR-EZ forms for those receiving annuities and similar amounts. No state income tax is required on amounts paid to you under retirement plans. Retirees with Income-Producing Gifts — 1099-R-G New Mexico's 1099-R-G returns are filed electronically by the Retirement Income Planner (RIP) to report those types of gifts. No state income tax is required on those payments. Retirees With Income-Producible Assets — 1099-R-PA, 1099-R-PS New Mexico's 1099-R-PA returns are filed electronically each year by the Retirement Income Planner (RIP). (See also: 1099-R (Report of Distributions of Capital Gains and Qualified Dividends). No state income tax is due. If a contribution to your Roth IRA or traditional IRA is taxable to you, you may report these contributions to your 1099-R and pay tax on them. See your tax advisor for more information.
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