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New Mexico Self-Insured Group Tax Quarterly Return
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Extracted from PDF file 2023-new-mexico-form-trd-41398.pdf, last modified June 2023Self-Insured Group Tax Quarterly Return
New Mexico Taxation and Revenue Department TRD-41398 Rev. 07/01/2023 Self-Insured Group Tax and Self-Procured Premium Tax Quarterly Return NAIC NUMBER: STREET/BOX: FEIN, SSN, or ITIN: CITY, STATE, ZIP E-MAIL CONTACT NAME: PHONE: WHO MUST FILE: The Self-Insured Group Tax pursuant to Section 7-40-3(G) NMSA 1978 is due by any company that has premiums derived from standard premium adjusted by any advance premium discount as defined in the Group-Self Insurance Act (Chapter 52 Article 6). For more information on a self-insured group see the instructions on the next page. The Self-Insured Group Tax pursuant to Section 7-40-7(C) NMSA 1978 must be paid on a quarterly basis. The Self-Insured Group Tax estimated payments and returns are due on April 15, July 15, October 15, and January 15. Estimated payments shall be at least one-fourth or 25% of the payment made during the previous calendar year. The final adjustment for payments due for the prior year shall be made with the annual return filed on April 15th. The Self-Procured Premium Tax pursuant to Section 7-40-3(A) NMSA 1978 is due by a taxpayer that is an insured that procures, continues or renews insurance with a nonadmitted insurer, paid by the taxpayer, on insurance or contracts covering risks within the state during the preceding calendar year. The Self-Procured Premium Tax pursuant to Section 7-40-7(A) NMSA 1978 must be paid on a quarterly basis. The Self-Procured Premium Tax estimated payments and returns are due on April 15, July 15, October 15, and January 15. Estimated payments shall be at least one-fourth, 25% of the payment made during the previous calendar year or one-fifth, 20% of the actual payment due for the current calendar year, whichever is greater. The final adjustment for payments due for the prior year shall be made with the annual return filed on April 15th. Tax Period: through Month Check if amended Day Year Month Day Year Reason for amending: E-FILE: You must e-file and e-pay Insurance Self Insured (ISI), which includes Self-Insured Group Tax and Self-Procured Premium Tax, using the Department’s Taxpayer Access Point (TAP) website at https://tap.state.nm.us. This program has an electronic file (e-file) mandate. If for some reason you are unable to file the return electronically through TAP you are able to request a waiver or exception for e-filing using the Forms RPD-41351, E-File Waiver Request Form and RPD-41350, E-File Exception Request Form. Self-Insured Group Tax 1. Prior Year Self-Insured Group Tax Liability (as reported on prior year's annual tax filing).......................................................................................... 2. Enter No Less than 25%...................................................................................................................................................................... 3. Quarterly Payment Due (multiply line 1 by line 2).................................................................................................................................... Self-Procured Premium Tax x = 1. 2. 3. 4. Prior Year Self-Procured Premium Tax Liability (as reported on prior year's annual tax filing).................................................................................. 4. 5. 25% of Total Prior Year Tax Liability (multiply line 4 by 25%).............................................................................................................. 5. 6. 20% of Actual Payment due for the Current Calendar Year................................................................................................................ 6. 7. Quarterly Payment Due (enter greater amount from line 5 and line 6)............................................................................................... 7. Total Tax Due 8. Tax Due (add lines 3 and 7)................................................................................................................................................................. 9. Penalty................................................................................................................................................................................................. 10. Interest................................................................................................................................................................................................. 11. Total Amount Due................................................................................................................................................................................ + + = 8. 9. 10. 11. Taxpayer's Signature I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Authorized Signature Date Title Phone Number % ***This program has an electronic filing mandate. An e-file exception or waiver can be requested to submit a paper return.*** NAME OF INSURER: TRD-41398 Rev. 07/01/2023 New Mexico Taxation And Revenue Department Self-Insured Group Tax and Self-Procured Premium Tax Quarterly Return Instructions Pursuant to Section 7-40-2 NMSA 1978, each unauthorized insurer that has assumed a contract or policy of insurance directly or indirectly from an authorized or formerly authorized insurer and is receiving premiums on such policies remaining in force in New Mexico; provided that the ceding insurer does not continue to pay the taxes imposed pursuant to the Insurance Premium Tax Act as to such policy or contract are subject to the Self-Insured Group Tax. for payments due for the prior year shall be made with the annual return filed on April 15th. Quarterly Filing Period Begins Period Ends Due Date 1 January 1st st March 31 April 15th 2 April 1st June 30th July 15th 3 July 1st September 30th October 15th 4 October 1st December 31st January 15th The Self-Procured Group Tax pursuant to Section 7-40-3(A) NMSA 1978 is due by each insured who in this state procures or continues or renews insurance with a nonadmitted insurer on a risk located or to be performed in whole or in part in this state, other than insurance procured through a surplus lines as defined in the Group-Self Insurance Act (Chapter 59 Article 15). PAYMENTS Estimated payments for the Self-Insured Group Tax shall be at least one-fourth or 25% of the payment made during the previous calendar year. The final adjustment for payments due for the prior year shall be made with the annual return filed on April 15th. Estimated payments for the Self-Procured Premium Tax shall be at least one-fourth, 25% of the payment made during the previous calendar year or one-fifth, 20% of the actual payment due for the current calendar year, whichever is greater. The final adjustment for payments due for the prior year shall be made with the annual return filed on April 15th. Refer to FYI 401, Special Payment Methods for more information. Make the check or money order payable to New Mexico Taxation and Revenue Department. Mail the payment and all required documentation to Taxation and Revenue Department, P.O. Box 5557, Santa Fe, NM 87502 Email: [email protected]. Certified or overnight mailing address: Attn-Insurance Premium Tax, 1200 S. St. Francis Drive, Santa Fe, New Mexico 87504. This program, which includes Self-Insured Group Tax and SelfProcured Premium Tax, has an electronic file (e-file) mandate. If for some reason you are unable to file the return electronically through TAP you are able to request a waiver or exception for e-filing using the Forms RPD-41351, E-File Waiver Request Form and RPD41350, E-File Exception Request Form. NOTE: When you provide a check as payment, you authorize us to use information from your check to make a onetime electronic fund transfer from your account. When we use information from your check to make an electronic fund transfer, funds may be withdrawn from your account as soon as the same day you make your payment. For a self-insured group, "group" per Section 52-6-2(B) NMSA 1978 means a not-for-profit unincorporated association consisting of two or more public hospital employers or private employers that are engaged in the same or similar type of business, are members of the same bona fide trade or professional association that has been in existence for not less than five years and that enter into agreements to pool their liabilities for workers' compensation benefits; except that public hospital employers shall segregate their accounting records and investment accounts from those of private employers in accordance with applicable state law COMPLETED RETURNS All fields in the form must be completed. No field should be left blank. For numeric fields requiring a balance, mark the field as zero if there no activity or balance related to that field. For forms to be considered complete, they must be signed, with the Title and Date entered by Authorized Representative. QUARTERLY TAX RETURNS The Self-Insured Group Tax pursuant to Section 7-40-7(C) NMSA 1978 must be paid on a quarterly basis. The Self-Insured Group Tax estimated payments and returns are due on April 15, July 15, October 15, and January 15. Estimated payments shall be at least one-fourth or 25% of the payment made during the previous calendar year. The final adjustment for payments due for the prior year shall be made with the annual return filed on April 15th. The Self-Procured Premium Tax pursuant to Section 7-40-7(A) NMSA 1978 must be paid on a quarterly basis. The Self-Procured Premium Tax estimated payments and returns are due on April 15, July 15, October 15, and January 15. Estimated payments shall be at least one-fourth, 25% of the payment made during the previous calendar year or one-fifth, 20% of the actual payment due for the current calendar year, whichever is greater. The final adjustment LINE INSTRUCTIONS Line 1. Prior Year Self-Insured Group Tax Liability. This is the number reported on your prior year's annual tax filing. Line 2. Enter No Less Than 25%. Enter a number that is 25 or higher. This number should be at least one-fourth or 25% per Section 7-40-7(C) NMSA 1978. Line 3. Quarterly Payment Due. Multiply the amount in line 1 by line 2. Line 4. Prior Year Self-Procured Premium Tax Liability. This is the number reported on your prior year's annual tax filing. Line 5. 25% of Total Prior Year Tax Liability. Multiply Line 4 by 25%. Line 6. 20% of Actual Payment due for the Current Calendar Year. This amount must be equal to 20% of the actual payment due for the calendar year. Note: This amount is not calculated using the quarterly tax due. This amount must be 20% of the projected annual tax due ***This program has an electronic filing mandate. An e-file exception or waiver can be requested to submit a paper return.*** WHO MUST FILE The Self-Insured Group Tax pursuant to Section 7-40-3(G) NMSA 1978 is due by any company that has premiums derived from standard premium adjusted by any advance premium discount as defined in the Group-Self Insurance Act (Chapter 52 Article 6). TRD-41398 Rev. 07/01/2023 New Mexico Taxation And Revenue Department Self-Insured Group Tax and Self-Procured Premium Tax Quarterly Return Instructions Line 8. Tax due. Enter the total of Lines 3 and 7. Line 9. Penalty. Add penalty if the entity fails to file timely or to pay the amount on Line 3 when due. Calculate the penalty by multiplying the amount on Line 8 by 2%, then by the number of months or partial months for which the return or payment is late, not to exceed 20% of the tax due. Penalty for failure to file or pay on time may not be less than $5.00. Line 10. Interest. Interest accrues daily on the unpaid principal of tax due, and it can change on a quarterly basis. Interest is calculated daily but the rate will be set at the rate established for individual income tax purposes by the U.S. Internal Revenue Code (IRC). The IRC rate, which changes quarterly, is announced by the IRS in the last month of the previous quarter. The annual and daily interest rates for each quarter are posted on our website at https://www.tax.newmexico.gov/individuals/fileyour-taxes-overview/penalty-interest-rates/. Tax Due X Daily Interest Rate for the Quarter X Number of Days Late = Interest Due. Line 11. Total Amount due. Enter the total of Lines 8, 9 and 10. Pay this amount. Taxpayer's Signature. This return needs to be signed by the authorized and include the date and title of that individual along with a phone number where they can be reached. ***This program has an electronic filing mandate. An e-file exception or waiver can be requested to submit a paper return.*** Line 7. Quarterly Payment Due. Enter the greater amount from line 5 and line 6
Form TRD-41398
More about the New Mexico Form TRD-41398 Individual Income Tax TY 2023
The Self-Insured Group Tax is filed by companies who have premiums obtained from standard premium and are adjusted by any advance discounts on those premiums
We last updated the Self-Insured Group Tax Quarterly Return in January 2024, so this is the latest version of Form TRD-41398, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form TRD-41398 directly from TaxFormFinder. You can print other New Mexico tax forms here.
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| Form Code | Form Name |
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| Form PIT-ES | Estimated Payment Voucher |
| Form PIT-1 | Personal Income Tax Return |
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Form Sources:
New Mexico usually releases forms for the current tax year between January and April. We last updated New Mexico Form TRD-41398 from the Taxation and Revenue Department in January 2024.
About the Individual Income Tax
The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.
Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!
Historical Past-Year Versions of New Mexico Form TRD-41398
We have a total of two past-year versions of Form TRD-41398 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
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