Form 1098-C for New Jersey 2025

Form 1098-C for New Jersey: What You Should Know

However, some exemptions and tax credits may apply to you. To identify the tax credits and exemptions available for you, look at the following list and then make sure to complete the entire form. The first step is to check each item in the list to see if it applies to you. Next you check each item in the list to see if a credit or exemption is available. This will only apply to tax year 2025 or later. If you haven't filed a New Mexico personal income tax return, you still may be eligible for tax credits or exemptions because of certain reasons. Some credit/exemption information is based upon the total credits and reductions included in the federal income taxes. Some credit/exemption information is based upon the New Mexico standard deduction that is higher than the federal standard deduction. This standard deduction can be any amount you choose to use. It may come as a surprise to some, but if you take a credit/exemption to lower your state tax or to reduce your federal tax bill, you may still be refunded some of the tax you owe. Click on the image below to view a list of the types of tax credit/exemption information. The following is a list of the tax credits and deductions that are available and the rules governing how you should report each credit or exemption, including which type of credits or exemptions should be reported on your New Mexico income tax return. Standard deduction for New Mexico residents (individuals) (Form 1040-S) — 7,350 (the standard New Mexico deduction for a single individual living in New Mexico is 2,700. For a married couple filing jointly, the deduction is 6,350.) Personal exemptions — 8,150 (the standard New Mexico exemption for a single New Mexico resident is 1,450) Alternative Minimum Tax (AMT) exemption for New Mexico residents (Form 1040-MISC) — 100 Corporate tax deduction for New Mexico residents (Form 886/S-2) — 300 (the tax deduction for a corporation that files New Mexico income tax return for a New Mexico resident is based on the size of its taxable business unit, not the individual owners. There is a special exception for an individual who is an independent contractor not engaged as a manager for that corporation and who has no active management position in that corporation.

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