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New Mexico Statutes Chapter 7. Taxation § 7-2-5.14. Exemption; social security income

Current as of January 01, 2024 | Updated by Findlaw Staff

An individual may claim an exemption in an amount equal to the amount included in adjusted gross income pursuant to Section 86 of the Internal Revenue Code, as that section may be amended or renumbered, of income includable except for this exemption in net income; provided that the individual's adjusted gross income shall not exceed:

A. seventy-five thousand dollars ($75,000) for married individuals filing separate returns;

B. one hundred fifty thousand dollars ($150,000) for heads of household, surviving spouses and married individuals filing joint returns; and

C. one hundred thousand dollars ($100,000) for single individuals.

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Cite this article: FindLaw.com - New Mexico Statutes Chapter 7. Taxation § 7-2-5.14. Exemption; social security income - last updated January 01, 2024 | https://codes.findlaw.com/nm/chapter-7-taxation/nm-st-sect-7-2-5-14/

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