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ZIP Code Database - Facts & Stats

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New Mexico 2008 IRS Tax Stats



New Mexico Income Tax Overview

2010 Population for New Mexico 2,059,179
Total Number of Tax Returns for New Mexico [1] 872,670
Total Number of Joint Tax Returns for New Mexico 302,770
Total Number of Dependents for New Mexico 330,995
Total Adjusted Gross Income for New Mexico $33,521,821,790

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


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

Number of tax returns [1] 187,260
Number of joint returns 20,503
Number of returns with paid preparer's signature 87,323
Number of exemptions 229,359
Number of dependents 38,697
Adjust gross income (AGI) [2] $690,356,013
Salaries and wages $763,580,405
Taxable interest $53,396,799
Ordinary dividends $28,621,312
Business or professional net income (less loss) $1,139,928
Net capital gain (less loss) $11,296,889
Taxable individual retirement arrangements distributions $18,843,499
Taxable pensions and annuities $72,243,964
Unemployment compensation [3] $11,387,793
Taxable Social Security benefits $0
Self-employment retirement plans $48,332
Total itemized deductions [4] $177,121,412
State and local income taxes $7,685,885
State and local general sales tax $1,448,122
Real estate taxes $14,021,883
Taxes paid $25,513,641
Mortgage interest paid $74,765,084
Contributions $2,922,735
Taxable income $31,582,946
Total tax credits [5] $57,083
Residential energy tax credit $0
Child tax credit $0
Child and dependent care credit $0
Earned income credit [6] $81,769,475
Excess earned income credit (refundable) [7] $73,501,463
Alternative minimum tax $0
Income tax [8] $3,167,518
Total tax liability [9] $19,741,952
Tax due at time of filing [10] $4,814,710
Overpayments refunded [11] ($150,617,240)

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

Number of tax returns [1] 230,125
Number of joint returns 42,280
Number of returns with paid preparer's signature 123,359
Number of exemptions 432,896
Number of dependents 95,386
Adjust gross income (AGI) [2] $3,942,585,970
Salaries and wages $3,176,294,898
Taxable interest $76,342,350
Ordinary dividends $39,867,433
Business or professional net income (less loss) $184,738,354
Net capital gain (less loss) $3,278,430
Taxable individual retirement arrangements distributions $57,942,940
Taxable pensions and annuities $364,666,361
Unemployment compensation [3] $59,460,444
Taxable Social Security benefits $11,724,148
Self-employment retirement plans $134,929
Total itemized deductions [4] $258,080,514
State and local income taxes $8,187,669
State and local general sales tax $4,727,979
Real estate taxes $20,079,991
Taxes paid $35,420,775
Mortgage interest paid $103,328,851
Contributions $17,944,014
Taxable income $1,025,187,148
Total tax credits [5] $19,001,720
Residential energy tax credit $6,618
Child tax credit $9,856,656
Child and dependent care credit $1,017,183
Earned income credit [6] $273,409,061
Excess earned income credit (refundable) [7] $251,547,742
Alternative minimum tax $24,894
Income tax [8] $91,337,962
Total tax liability [9] $127,105,661
Tax due at time of filing [10] $13,619,266
Overpayments refunded [11] ($522,404,048)

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

Number of tax returns [1] 214,326
Number of joint returns 71,111
Number of returns with paid preparer's signature 109,833
Number of exemptions 456,089
Number of dependents 91,501
Adjust gross income (AGI) [2] $7,676,469,372
Salaries and wages $6,280,380,086
Taxable interest $118,813,403
Ordinary dividends $70,401,023
Business or professional net income (less loss) $155,779,374
Net capital gain (less loss) $18,666,537
Taxable individual retirement arrangements distributions $111,641,068
Taxable pensions and annuities $719,837,726
Unemployment compensation [3] $49,848,116
Taxable Social Security benefits $171,106,559
Self-employment retirement plans $2,275,473
Total itemized deductions [4] $778,191,644
State and local income taxes $54,301,626
State and local general sales tax $10,471,572
Real estate taxes $61,282,881
Taxes paid $130,951,071
Mortgage interest paid $346,255,564
Contributions $64,717,306
Taxable income $4,001,874,823
Total tax credits [5] $87,507,154
Residential energy tax credit $137,496
Child tax credit $67,995,321
Child and dependent care credit $4,204,831
Earned income credit [6] $60,887,555
Excess earned income credit (refundable) [7] $51,257,653
Alternative minimum tax $35,873
Income tax [8] $409,336,756
Total tax liability [9] $448,484,727
Tax due at time of filing [10] $36,645,743
Overpayments refunded [11] ($450,521,108)

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

Number of tax returns [1] 109,754
Number of joint returns 63,160
Number of returns with paid preparer's signature 57,848
Number of exemptions 260,797
Number of dependents 46,375
Adjust gross income (AGI) [2] $6,738,542,456
Salaries and wages $5,220,223,452
Taxable interest $117,692,900
Ordinary dividends $80,870,856
Business or professional net income (less loss) $126,692,747
Net capital gain (less loss) $28,436,787
Taxable individual retirement arrangements distributions $122,396,674
Taxable pensions and annuities $725,199,523
Unemployment compensation [3] $19,245,978
Taxable Social Security benefits $267,998,757
Self-employment retirement plans $3,880,089
Total itemized deductions [4] $903,183,646
State and local income taxes $99,627,809
State and local general sales tax $7,993,992
Real estate taxes $70,581,781
Taxes paid $183,941,788
Mortgage interest paid $402,036,903
Contributions $92,294,027
Taxable income $4,350,389,643
Total tax credits [5] $72,466,702
Residential energy tax credit $181,829
Child tax credit $60,560,091
Child and dependent care credit $2,778,470
Earned income credit [6] $0
Excess earned income credit (refundable) [7] $0
Alternative minimum tax $220,878
Income tax [8] $548,302,341
Total tax liability [9] $581,252,310
Tax due at time of filing [10] $44,983,931
Overpayments refunded [11] ($245,011,302)

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

Number of tax returns [1] 63,713
Number of joint returns 48,555
Number of returns with paid preparer's signature 33,282
Number of exemptions 166,367
Number of dependents 28,724
Adjust gross income (AGI) [2] $5,503,610,561
Salaries and wages $4,176,568,683
Taxable interest $94,475,647
Ordinary dividends $72,334,663
Business or professional net income (less loss) $110,609,955
Net capital gain (less loss) $42,297,042
Taxable individual retirement arrangements distributions $117,305,778
Taxable pensions and annuities $589,836,959
Unemployment compensation [3] $9,519,935
Taxable Social Security benefits $200,406,607
Self-employment retirement plans $2,963,179
Total itemized deductions [4] $793,536,079
State and local income taxes $114,757,768
State and local general sales tax $4,232,818
Real estate taxes $65,075,542
Taxes paid $188,313,141
Mortgage interest paid $357,565,075
Contributions $92,947,419
Taxable income $3,853,294,601
Total tax credits [5] $47,921,544
Residential energy tax credit $163,985
Child tax credit $37,882,260
Child and dependent care credit $2,181,508
Earned income credit [6] $0
Excess earned income credit (refundable) [7] $0
Alternative minimum tax $404,046
Income tax [8] $529,514,588
Total tax liability [9] $557,796,979
Tax due at time of filing [10] $38,968,415
Overpayments refunded [11] ($158,310,203)

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

Number of tax returns [1] 67,492
Number of joint returns 57,161
Number of returns with paid preparer's signature 35,976
Number of exemptions 181,205
Number of dependents 30,312
Adjust gross income (AGI) [2] $8,970,257,418
Salaries and wages $6,400,177,932
Taxable interest $178,004,081
Ordinary dividends $170,501,354
Business or professional net income (less loss) $279,001,271
Net capital gain (less loss) $166,007,214
Taxable individual retirement arrangements distributions $234,661,593
Taxable pensions and annuities $888,833,267
Unemployment compensation [3] $7,588,634
Taxable Social Security benefits $229,946,795
Self-employment retirement plans $19,648,683
Total itemized deductions [4] $1,397,853,178
State and local income taxes $286,468,693
State and local general sales tax $5,514,904
Real estate taxes $120,314,209
Taxes paid $418,599,793
Mortgage interest paid $586,016,921
Contributions $198,235,801
Taxable income $6,773,923,600
Total tax credits [5] $30,420,953
Residential energy tax credit $271,823
Child tax credit $19,981,646
Child and dependent care credit $2,417,302
Earned income credit [6] $0
Excess earned income credit (refundable) [7] $0
Alternative minimum tax $4,791,449
Income tax [8] $1,194,292,311
Total tax liability [9] $1,250,168,789
Tax due at time of filing [10] $112,167,040
Overpayments refunded [11] ($181,858,763)

[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.


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