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Retirement tax questions
Thanks for the response from Intuit which helped me to understand the problem. The link to the instructions for the NM PIT-ADJ line 25 provides the answer. My wife and I filed jointly which means that if our AGI exceeds $150,000 then we do NOT qualify for a state exemption for our social security income. Our AGI was a little over the $150,000 limit so the exemption is lost for us. It appears that if you are $1.00 under $150,000 AGI, you get the exemption for NM. If you are $1.00 over $150,000, you lose that exemption.
We will be more careful next year!
Thanks again to Intuit for you help.
‎February 28, 2025
4:18 PM