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State tax filing
On the PIT-B, the tax is calculated by creating a ratio of NM income to federal income (line 12), then calculating the tax on the federal income (PIT-1, line 18) and multiplying that tax by the ratio (PIT-B, line 14). So, you are not taxed on your NM income, but on the federal income, then the tax is reduced by the ratio of NM income to federal income.
I am a bit concerned about your statement that the PIT-X is changing how it is calculating the tax. Can you give me some numbers?
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March 6, 2025
8:01 AM