New Mexico Form 8752 2024-2025

New Mexico Form 8752: What You Should Know

Form 8802. Partnerships (S Corporations) and S corporations used Form 8752 to compute and report the payment required under Internal Revenue Code section 7519 or to obtain a refund of net prior year payments. Partnerships for Self-Employment Tax or Self-Employment Tax for Individuals. If you are using Form 941 to figure your federal or state tax. The Form 941 computation will use Schedule C or Schedule E and may include a Form 2555-L or Form 2555-M, Self-Employment Credit for the period prior to 2016. The Form 941 (and the Schedule C or Schedule E for state taxes) must be filed by April 15 in the base year. If you are using a Schedule B or Schedule C, you must file Form 2665 (or the Schedule B for state tax). For Schedule B, a payment may be due and should be entered in Box 15 or Form 2555. The amount of the payment is calculated by taking the amount listed in Box 1 (the “net prior year payments made”) and subtracting the amount listed in Box 2 (the “precise amounts paid during the period”). If the net prior year payments (Form 941) cannot be determined because the precise amounts paid were not determined when the Forms 941 was filed: then the amount listed in Box 10 or Form 2555 is entered. Partnerships and S corporations used Form 8752 to compute and report the payment (required to be reported on Form 941) and the refund of prior year payments. Form 8752 is to be filed electronically. There is no deadline to file, except during the period June 15, 2019, through June 30, 2020. For more information, contact your state tax return center or visit. Payments of Net Prior Year Payments Made and Refunds Made in accordance with Section 7519 by Certain Partnerships If You Are a Partnership When you file your federal tax return: If you are a partnership, you must report the payment or refund (less any refund of overpayment or underpayment to the extent required) due under section 7519 (other than the amount of net prior year payments) and your total net income or the amount determined under section 6693 for your federal income tax return for each of two consecutive taxable years. If you are not a partnership, you are entitled to use the partnership method to figure payments for section 7519.

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