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If I am a grantor trust, do I need to file a fiduciary return?

Generally, grantor trusts are not required to file Form FID-1, New MexicoFiduciary Income Tax Return . However, if a grantor trust has become irrevocable upon the grantor's death, the grantor trust must file a FID-1.  If the grantor trust, including a living trust, distributes taxable New Mexico net income that exceeds $20,000 in a calendar year, the grantor trust must file a FID-1.

A grantor trust is a pass-through entity (PTE) and subject to withholding on New Mexico net income distributed when the income distributed is taxable to the beneficiary. The grantor trust must also file FID-D, An­nual Withholding of Net Income From a Fiduciary Detail Report.

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