New Mexico Estimated Tax Payments 2026

The Department’s page says every individual who must file a New Mexico personal income tax return must pay estimated tax, and employees usually meet this through withholding. The sources word the dollar test differently: the page says the Department determines whether the required annual payment was made when the difference is more than $1,000; the instructions for the 2025 PIT-ES say there is a penalty unless, among other exceptions, your tax for the current year less amounts withheld is under $1,000; and the older FYI-320 (revised 6/2014) says $1,000 or more. If your tax after withholding is exactly $1,000, check with the Department.

• Every individual who must file a New Mexico personal income tax return must pay estimated tax under Section 7-2-12.2 NMSA 1978.

  “Every individual who must file a New Mexico personal income tax return must pay estimated tax under Section 7-2-12.2 NMSA 1978.”

• If the difference between the tax shown on the return and the total of estimated tax payments and withholding tax paid is more than $1,000, the Department determines whether the required annual payment was made and computes an underpayment penalty.

  “If the difference between the tax shown on the return and the total of estimated tax payments and withholding tax paid is more than $1,000 the Taxation and Revenue Department determines whether the required annual payment was made and computes an underpayment penalty.”

• The 2025 PIT-ES instructions say there is a penalty for underpayment or non-payment of estimated tax unless, among other exceptions, your tax for the current year, less amounts withheld, is under $1,000.

  “Your tax for the current year, less amounts withheld, is under $1,000; or”

• The 2025 PIT-ES instructions list “You are a first-year resident” as an exception to the underpayment penalty.

  “You are a first-year resident;”

• The 2025 PIT-ES instructions also list as an exception: “You are a full-year New Mexico resident whose previous tax year was a 12-month tax year and you owed zero tax for that tax return.”

  “You are a full-year New Mexico resident whose previous tax year was a 12-month tax year and you owed zero tax for that tax return.”

The page gives the required annual payment as the lesser of two amounts. To avoid the underpayment penalty, the page says a lump sum can be paid on April 15 or timely installments must be made each quarter; the older FYI-320 says taxpayers generally make four equal installments. The Department’s forms point to RPD-41272 for help calculating payments and the penalty.

• The required annual payment is the lesser of 90% of the tax on the current year’s return (or, if no return is filed, 90% of the tax for the taxable year) or 100% of the tax on the prior year’s return, if you filed a return in New Mexico during the prior year for a full 12-month filer.

  “It is the lesser of: 90% of the tax on the current year’s return or, if no return is filed, 90% of the tax for the taxable year; OR 100% of the tax on the prior year’s return, if you filed a return in New Mexico during the prior year for a full 12-month filer.”

• A lump sum estimated payment can be made on April 15 to avoid the underpayment penalty, or timely installment estimated payments must be made each quarter.

  “A lump sum estimated payment can be made on April 15 to avoid the underpayment penalty or timely installment estimated payments must be made each quarter”

• Generally, taxpayers make four equal installment payments on the specified due dates (FYI-320, revised 6/2014).

  “Generally, taxpayers make four equal installment payments on the specified due dates.”

The instructions for the 2025 PIT-ES add that for fiscal-year taxpayers dates vary: payments are due on or before the 15th day of the fourth, sixth and ninth months of the tax year and the 15th day of the first month of the following year.

• For calendar-year filers who owe estimated tax payments, estimated tax payments are due by April 15, June 15 and September 15 of the tax year, and by January 15 of the following year.

  “For calendar-year filers who owe estimated tax payments, estimated tax payments are due by April 15, June 15, and September 15 of the tax year, and by January 15 of the following year.”

• Calendar-year taxpayers: The first estimated payment due for tax year 2026 is April 15, 2026. The next payments are due June 15, 2026; September 15, 2026; and January 15, 2027. (This sentence is in the instructions for the 2025 PIT-ES.)

  “Calendar-year taxpayers: The first estimated payment due for tax year 2026 is April 15, 2026. The next payments are due June 15, 2026; September 15, 2026; and January 15, 2027.”

• If a due date is a Saturday, Sunday, a State or national legal holiday, the payment is timely when the postmark bears the next business day’s date; delivery by a private delivery service is timely if the date on the delivery service’s records is on or before the required mailing date.

  “If a due date is a Saturday, Sunday, a State or national legal holiday, the payment is timely when the postmark bears the next business day’s date. Delivery by a private delivery service is timely if the date on the delivery service’s records is on or before the required mailing date.”

• If you file a return and pay the full amount on or before January 31 of the next year, no penalty applies to the 4th quarter payment (2025 PIT-ES instructions, How To Avoid A Penalty).

  “If you file a return and pay the full amount on or before January 31 of the next year, no penalty applies to the 4th quarter payment.”

• Farmers and ranchers who expect to receive at least two-thirds of their gross income from farming or ranching during the tax year, or who did receive at least two-thirds in the prior year, may make one estimated payment on or before January 15 of the following year, or file and pay in full on or before March 1 of the following year (FYI-320, revised 6/2014).

  “Farmers and ranchers who expect to receive at least two-thirds of their gross income from farming or ranching during the tax year, or who did receive at least two-thirds of their gross income from farming or ranching in the prior year, may:”

The voucher and instructions on the Department’s page are for 2025, and the page says they are not tax year specific; the 2025 instructions say to make sure the tax year on the voucher is correct, and that the PIT-ES is for taxpayers who want to make a quarterly estimated payment. Mail the PIT-ES and payment to the New Mexico Taxation and Revenue Department, PO Box 8390, Santa Fe, NM 87504-8390, as the voucher prints it.

• The PIT estimated payment vouchers and instructions are located on the Department’s page. They are not tax year specific and can be used for the current year.

  “The PIT estimated payment vouchers and instructions are located below. They are not tax year specific and can be used for the current year.”

• You can also choose to pay electronically using the Taxpayer Access Point (TAP); if you do not have an account, select “Make a Payment” under the “Payments” tile and, for payment type, “Estimated Payment.”

  “You can also choose to pay electronically using the Taxpayer Access Point (TAP).”

• Write your social security number(s), PIT-ES, and the correct tax year on your check or money order.

  “Did you write social security number(s), PIT-ES, and the correct tax year on your check or money order?”

• For proper credit on your account, do not combine a payment of estimated personal income tax with any other payment.

  “IMPORTANT: For proper credit on your account, do not combine a payment of estimated personal income tax with any other payment.”

Official page: New Mexico Taxation and Revenue Department: Taxpayer Access Point (TAP). Form: Form PIT-ES (Personal Income Estimated Tax Payment Voucher).

New Mexico calculates the penalty in the form of interest at the same rate as interest on an underpayment of tax. The Department computes any underpayment penalty and assesses the penalty due; it posts the quarterly interest rates on its website, and this page prints none of them.

• The penalty is computed on a daily basis at the rate established for individual income tax purposes by the U.S. Internal Revenue Code (IRC) (FYI-320, revised 6/2014).

  “The penalty is computed on a daily basis at the rate established for individual income tax purposes by the U.S. Internal Revenue Code (IRC).”

• The penalty for underpayment of estimated tax may exceed the maximum 20% that applies to an underpayment penalty (FYI-320, revised 6/2014).

  “NOTE: The penalty for underpayment of estimated tax may exceed the maximum 20% that applies to an underpayment penalty.”

• A taxpayer who does not make sufficient payments for a tax year may receive an assessment of penalty for underpayment of New Mexico personal income tax, even if the full tax amount owed is paid on time with the annual income tax return.

  “A taxpayer who does not make sufficient payments for a tax year may receive an assessment of penalty for underpayment of New Mexico personal income tax, even if the full tax amount owed is paid on time with the annual income tax return.”