| New Mexico CIT-1 Annual Tax Return for C Corporations |
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Your corporation's taxable income is reported to the state with form CIT-1.
It is virtually identical to IRS 1120. You should have paid quarterly state tax deposits
using CIT-ES. Any balance due for state taxes should be paid with form 20.
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| After you have paid state and federal taxes, you can distribute profits to your
shareholders (called dividends). Your corporation and shareholders must
report dividend income using IRS 1099-Div to the federal government. This information
is automatically sent to the state. Shareholders must pay taxes on these
dividends on their personal New Mexico income tax returns |
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