New Mexico Tax Extension: Everything You Need to Know

You can request a tax extension if you cannot file your New Mexico taxes on time.

New Mexico offers extensions for businesses and individuals, but it’s essential to understand that an extension gives you more time to file—not more time to pay.

This guide will cover deadlines, requirements, and how to file a New Mexico tax extension.

Why File a New Mexico Tax Extension?

Filing a tax extension gives you additional time to prepare and file an accurate return. This is especially helpful if:

• You’re waiting on financial documents or information.

• Your tax situation is complex and requires careful calculation.

• You’ve already filed for a federal extension and want to align your deadlines.

While a tax extension gives you more time to file, any taxes owed must still be paid by April 15 to avoid penalties.

How to File a New Mexico Tax Extension

Step-by-Step Guide

1. Determine Your Eligibility:

   • Individuals and businesses must establish that they cannot file by the original deadline due to circumstances beyond their control.

2. Submit Form RPD-41096:

   1. This form must be completed and submitted to the New Mexico Taxation and Revenue Department by the original due date.

   2. Include a written explanation of why the extension is needed if required.

   

1. Make a Payment:

   • Payments can be made online at Taxpayer Access Point - State of New Mexico.

2. Keep Documentation:

   • Retain copies of your federal extension approval or New Mexico extension form for your records.

Eligibility and Requirements

• Who is Eligible?

  • Corporations, S corporations, and individuals can file for an extension if they meet the state’s eligibility criteria.

• Payment Requirement:

  • At least 90% of your estimated tax liability must be paid by April 15, 2024, to avoid penalties and interest.

• Federal Extensions:

  • If you have a valid IRS Form 7004, you do not need to submit Form RPD-41096 unless additional taxes are due.

Deadlines and Penalties

• Original Filing Deadline: April 15, 2024.

• Extension Deadline: 60 days from the original due date.

• Penalties:

  • Interest accrues daily at a rate set by the IRS.

  • Failure to pay 90% of your tax liability by the original due date may result in penalties.

Revenue Insights: Where Do Your Taxes Go?

New Mexico Revenue by Major Sources (2024 Fiscal Year)

• Sales and Use Taxes: 38.4% of the state’s revenue.

• Income Taxes: 16.9% of revenue.

• Severance Taxes: 17.0% of revenue.

• Other Revenue: 27.7% from miscellaneous sources.

Why It Matters

Understanding where your tax dollars go helps you see how the state allocates funds for public services. In New Mexico, sales taxes fund many state operations, while income and severance taxes contribute to infrastructure and natural resource management.

Full New Mexico Annual Report 2024 FY

Frequently Asked Questions

Can I Use My Federal Extension for New Mexico?

Yes. You automatically receive a New Mexico extension if you have a valid IRS Form 4868. However, if you owe additional taxes, you must file Form RPD-41096.

What Happens If I Don’t Pay My Taxes by April 15?

You will incur penalties and interest if you fail to pay at least 90% of your tax liability by the deadline. Filing an extension does not eliminate these penalties.

What Is the Penalty for Late Filing?

A penalty of 2% per month applies to unpaid taxes, along with daily interest charges. Avoid this by paying as much as possible by April 15.

Are Extensions Available for Disaster-Affected Taxpayers?

Yes. New Mexico provides filing and payment relief for taxpayers impacted by disasters. Contact the Taxation and Revenue Department for more details.

Need Help? Get Personalized Service!

Tax extensions can be tricky. Let us help you comply with Maine and IRS federal tax laws. Contact IRS Extension today!