Home » New Mexico » SANDOVAL County » ZIP Code 87124 » Tax Stats

87124 Income Tax Overview

Total Number of Tax Returns for ZIP Code 87124 [1]	23,071
Total Number of Joint Tax Returns for ZIP Code 87124	9,429
Total Number of Dependents for ZIP Code 87124	8,302
Total Adjusted Gross Income for ZIP Code 87124	1,080,050,707
Average Income per Person for ZIP Code 87124	$21,011

The following tables break down the Income Tax Statistics into different Gross Income levels.

Adjusted Gross Income: Under $10,000 [1]

Number of returns [1]	4,054
Number of joint returns	506
Number of returns with paid preparer's signature	1,352
Number of exemptions	4,435
Number of dependents	601
Adjust gross income (AGI) [2]	$16,051,732
Salaries and wages	$15,922,485
Taxable interest	$1,134,974
Ordinary dividends	$517,197
Business or professional net income (less loss)	($54,051)
Net capital gain (less loss)	($156,105)
Taxable individual retirement arrangements distributions	$677,199
Taxable pensions and annuities	$2,053,435
Unemployment compensation [3]	$298,615
Taxable Social Security benefits	$0
Self-employment retirement plans	$0
Total itemized deductions [4]	$4,857,364
State and local income taxes	$106,909
State and local general sales tax	$67,223
Real estate taxes	$435,263
Taxes paid	$629,034
Mortgage interest paid	$2,605,509
Contributions	$125,681
Taxable income	$855,334
Total tax credits [5]	$2,511
Residential energy tax credit	$0
Child tax credit	$0
Child and dependent care credit	$0
Earned income credit [6]	$1,258,545
Excess earned income credit (refundable) [7]	$1,134,773
Alternative minimum tax	$0
Income tax [8]	$82,225
Total tax liability [9]	$375,156
Tax due at time of filing [10]	$113,657
Overpayments refunded [11]	($2,630,433)

Adjusted Gross Income: $10,000 under $25,000

Number of returns [1]	5,044
Number of joint returns	838
Number of returns with paid preparer's signature	2,018
Number of exemptions	8,116
Number of dependents	1,479
Adjust gross income (AGI) [2]	$87,002,161
Salaries and wages	$66,630,491
Taxable interest	$2,228,302
Ordinary dividends	$1,190,084
Business or professional net income (less loss)	$2,788,289
Net capital gain (less loss)	$41,412
Taxable individual retirement arrangements distributions	$2,350,212
Taxable pensions and annuities	$10,025,476
Unemployment compensation [3]	$1,807,219
Taxable Social Security benefits	$456,946
Self-employment retirement plans	$0
Total itemized deductions [4]	$9,693,483
State and local income taxes	$235,006
State and local general sales tax	$169,319
Real estate taxes	$770,002
Taxes paid	$1,576,181
Mortgage interest paid	$4,405,115
Contributions	$777,246
Taxable income	$25,752,953
Total tax credits [5]	$429,830
Residential energy tax credit	$0
Child tax credit	$182,992
Child and dependent care credit	$32,737
Earned income credit [6]	$4,146,429
Excess earned income credit (refundable) [7]	$3,761,779
Alternative minimum tax	$0
Income tax [8]	$2,346,982
Total tax liability [9]	$2,997,563
Tax due at time of filing [10]	$274,002
Overpayments refunded [11]	($9,342,742)

Adjusted Gross Income: $25,000 under $50,000

Number of returns [1]	5,783
Number of joint returns	1,970
Number of returns with paid preparer's signature	2,444
Number of exemptions	11,694
Number of dependents	2,204
Adjust gross income (AGI) [2]	$211,555,454
Salaries and wages	$171,780,151
Taxable interest	$3,104,370
Ordinary dividends	$1,834,444
Business or professional net income (less loss)	$3,672,249
Net capital gain (less loss)	$281,661
Taxable individual retirement arrangements distributions	$3,738,105
Taxable pensions and annuities	$19,612,612
Unemployment compensation [3]	$1,883,879
Taxable Social Security benefits	$5,402,486
Self-employment retirement plans	$0
Total itemized deductions [4]	$29,628,504
State and local income taxes	$2,046,461
State and local general sales tax	$365,020
Real estate taxes	$2,660,695
Taxes paid	$5,189,377
Mortgage interest paid	$15,250,290
Contributions	$2,429,244
Taxable income	$110,852,033
Total tax credits [5]	$2,207,040
Residential energy tax credit	$11,175
Child tax credit	$1,635,372
Child and dependent care credit	$134,084
Earned income credit [6]	$1,344,880
Excess earned income credit (refundable) [7]	$1,124,146
Alternative minimum tax	$16,920
Income tax [8]	$11,630,318
Total tax liability [9]	$12,574,999
Tax due at time of filing [10]	$847,401
Overpayments refunded [11]	($12,014,762)

Adjusted Gross Income: $50,000 under $75,000

Number of returns [1]	3,603
Number of joint returns	2,200
Number of returns with paid preparer's signature	1,557
Number of exemptions	8,803
Number of dependents	1,595
Adjust gross income (AGI) [2]	$222,167,388
Salaries and wages	$178,682,987
Taxable interest	$2,909,894
Ordinary dividends	$1,849,424
Business or professional net income (less loss)	$2,871,264
Net capital gain (less loss)	$370,229
Taxable individual retirement arrangements distributions	$4,893,014
Taxable pensions and annuities	$21,059,241
Unemployment compensation [3]	$1,305,364
Taxable Social Security benefits	$7,947,936
Self-employment retirement plans	$107,121
Total itemized deductions [4]	$37,032,388
State and local income taxes	$3,924,929
State and local general sales tax	$283,241
Real estate taxes	$2,923,924
Taxes paid	$7,316,797
Mortgage interest paid	$18,295,272
Contributions	$3,674,071
Taxable income	$139,194,734
Total tax credits [5]	$2,503,652
Residential energy tax credit	$0
Child tax credit	$2,077,263
Child and dependent care credit	$98,021
Earned income credit [6]	$0
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$0
Income tax [8]	$17,154,435
Total tax liability [9]	$18,103,213
Tax due at time of filing [10]	$1,200,181
Overpayments refunded [11]	($8,583,712)

Adjusted Gross Income: $75,000 under $100,000

Number of returns [1]	2,262
Number of joint returns	1,851
Number of returns with paid preparer's signature	941
Number of exemptions	6,365
Number of dependents	1,166
Adjust gross income (AGI) [2]	$195,025,760
Salaries and wages	$158,602,465
Taxable interest	$2,205,977
Ordinary dividends	$1,714,283
Business or professional net income (less loss)	$2,904,614
Net capital gain (less loss)	$616,925
Taxable individual retirement arrangements distributions	$3,654,606
Taxable pensions and annuities	$17,796,831
Unemployment compensation [3]	$797,601
Taxable Social Security benefits	$5,786,344
Self-employment retirement plans	$0
Total itemized deductions [4]	$30,552,506
State and local income taxes	$4,269,077
State and local general sales tax	$170,061
Real estate taxes	$2,516,979
Taxes paid	$7,182,955
Mortgage interest paid	$15,852,868
Contributions	$3,263,138
Taxable income	$133,965,754
Total tax credits [5]	$2,057,426
Residential energy tax credit	$12,331
Child tax credit	$1,663,204
Child and dependent care credit	$103,712
Earned income credit [6]	$0
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$19,204
Income tax [8]	$17,606,307
Total tax liability [9]	$18,422,966
Tax due at time of filing [10]	$1,233,157
Overpayments refunded [11]	($5,755,361)

Adjusted Gross Income: $100,000 under $200,000

Number of returns [1]	2,095
Number of joint returns	1,864
Number of returns with paid preparer's signature	943
Number of exemptions	6,166
Number of dependents	1,128
Adjust gross income (AGI) [2]	$268,284,609
Salaries and wages	$215,577,533
Taxable interest	$2,539,799
Ordinary dividends	$2,352,681
Business or professional net income (less loss)	$5,816,820
Net capital gain (less loss)	$2,755,397
Taxable individual retirement arrangements distributions	$6,324,799
Taxable pensions and annuities	$23,999,676
Unemployment compensation [3]	$620,568
Taxable Social Security benefits	$4,323,689
Self-employment retirement plans	$365,625
Total itemized deductions [4]	$44,883,509
State and local income taxes	$8,485,935
State and local general sales tax	$163,102
Real estate taxes	$3,634,037
Taxes paid	$12,479,095
Mortgage interest paid	$21,138,992
Contributions	$5,785,542
Taxable income	$198,113,713
Total tax credits [5]	$1,127,770
Residential energy tax credit	$0
Child tax credit	$887,217
Child and dependent care credit	$107,809
Earned income credit [6]	$0
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$104,999
Income tax [8]	$33,803,344
Total tax liability [9]	$35,160,984
Tax due at time of filing [10]	$2,864,994
Overpayments refunded [11]	($5,311,591)

Adjusted Gross Income: $200,000 or more

Number of returns [1]	230
Number of joint returns	200
Number of returns with paid preparer's signature	165
Number of exemptions	676
Number of dependents	129
Adjust gross income (AGI) [2]	$79,963,603
Salaries and wages	$46,362,926
Taxable interest	$2,575,715
Ordinary dividends	$928,540
Business or professional net income (less loss)	$1,922,896
Net capital gain (less loss)	$3,212,307
Taxable individual retirement arrangements distributions	$2,696,700
Taxable pensions and annuities	$3,653,061
Unemployment compensation [3]	$0
Taxable Social Security benefits	$672,644
Self-employment retirement plans	$0
Total itemized deductions [4]	$10,970,052
State and local income taxes	$3,180,295
State and local general sales tax	$22,714
Real estate taxes	$614,591
Taxes paid	$3,861,985
Mortgage interest paid	$3,047,764
Contributions	$1,513,800
Taxable income	$66,799,223
Total tax credits [5]	$95,579
Residential energy tax credit	$0
Child tax credit	$0
Child and dependent care credit	$11,595
Earned income credit [6]	$0
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$349,378
Income tax [8]	$17,200,095
Total tax liability [9]	$17,544,471
Tax due at time of filing [10]	$2,703,175
Overpayments refunded [11]	($1,129,097)

[1] Includes returns with adjusted gross deficit.

[2] Less deficit.

[3] Includes the Alaskan permanent fund, reported by residents of Alaska on Forms 1040A and 1040EZ's. This fund only applies to statistics in the U.S. totals, and the state of Alaska.

[4] "Itemized deductions" include any amounts reported by the taxpayer, even if they could not be used in computing "taxable income," the base on which the regular income tax was computed. Thus, total itemized deductions include amounts that did not have to be reported by taxpayers with no "adjusted gross income." (Adjusted gross income is the total from which these deductions would normally be subtracted.) In addition, if standard and itemized deductions were both reported on a tax return, the form of deduction actually used in computing income tax was the one used for the statistics. Therefore, if the standard deduction was the form of deduction used, the total reported for itemized deductions was excluded from the statistics. However, the component deductions were not similarly excluded. As a result, the number of returns and related amounts for the component deductions are slightly overstated in relation to the grand total shown for itemized deductions. These components are also overstated in relation to the total because there was a statutory limitation on the total of itemized deductions that could be claimed by certain high-income taxpayers. This limitation did not affect the component deductions, the sum of which therefore exceeded the total used in computing income tax.

[5] "Total tax credits" excludes the "earned income credit" which is shown separately.

[6] "Earned income credit" includes both the refundable and non-refundable portions. The non-refundable portion could reduce income tax and certain related taxes to zero. The earned income credit amounts in excess of total tax liability, or amounts when there was no tax liability at all, were refundable. See footnote 7 below for explanation of the refundable portion of the earned income credit.

[7] The refundable portion of the "earned income credit" equals "total income tax" minus the "earned income credit". If the result is negative, this amount is considered the refundable portion.

[8] "Income tax" is in general, the same as "income tax after credits" which was redefined in Tax Year 2000 to include the "alternative minimum tax (AMT)". Zip Code table "Income tax" differs from "total income tax" (in other tables) in that the Zip Code table "Income tax" is after the subtraction of all tax credits except the earned income credit. See footnote 6 and 7 above, for an explanation of the treatment of the earned income credit. "Income tax" reflects the amount reported on the tax return and is, therefore, before any examination or enforcement activities by the Internal Revenue Service. It represents the tax filer reported income tax liability that was payable to the U.S. Department of the Treasury.

[9] For the Zip Code tables, "Total tax liability" differs from "Income tax," in that "Total tax liability" includes the taxes from recapture of certain prior-year credits, tax applicable to individual retirement arrangements (IRA's), Social Security taxes on self-employment income and on certain tip income, advanced earned income payments, household employment taxes, and certain "other taxes" listed in the Form 1040 instructions.

[10] Reflects payments to or withholdings made to "Total tax liability" (footnote 9). The amount the tax filer owes when the income tax return is filed.

[11] The amount of overpayments the tax filer requested to have refunded.