New Mexico Income Tax Guide for 2024
Overview
New Mexico uses a progressive income tax system with rates ranging from 1.7% to 5.9%. Capital gains are taxed as ordinary income. The state offers a standard deduction of $14,600 for single filers and dependent exemptions of $4,000.
Income Tax Rates
Single Filers
| Income Range | Tax Rate |
|---|---|
| Up to $5,499 | 1.7% |
| $5,500 - $10,999 | 3.2% |
| $11,000 - $15,999 | 4.7% |
| $16,000 - $209,999 | 4.9% |
| $210,000+ | 5.9% |
Married Filing Jointly
| Income Range | Tax Rate |
|---|---|
| Up to $7,999 | 1.7% |
| $8,000 - $15,999 | 3.2% |
| $16,000 - $23,999 | 4.7% |
| $24,000 - $314,999 | 4.9% |
| $315,000+ | 5.9% |
Capital Gains Tax
Capital gains are taxed at the same rates as ordinary income.
Deductions & Exemptions
| Type | Amount |
|---|---|
| Standard Deduction (Single) | $14,600 |
| Standard Deduction (Married Filing Jointly) | $29,200 |
| Dependent Exemption | $4,000 |
Additional Information
- Five-bracket schedule (1.7% to 5.9%) applies for 2024; the six-bracket schedule enacted by HB 252 (2024) first applies to taxable years beginning on or after January 1, 2025
- Standard deduction follows the federal standard deduction (2024: $14,600 single / $29,200 married filing jointly)
- Deduction for certain dependents: $4,000 for each dependent after the first, available only to married filing jointly and head of household filers
- Age 100+ complete exemption from state tax
Charts
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Sources
The 2024 figures for New Mexico on this page were compiled from the following official government publications:
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