New Mexicans still have time to submit their tax returns for this year in order to be eligible for the reimbursement until the end of May.
Relief payments of $20 million were planned and will be given out on a first-come, first-served basis. Refunds for those who have already filed their 2021 tax returns will be distributed via direct deposit according to an article posted by The Sun on January 04, 2023.
They will receive a hardcopy check if their banking details have changed since they filed, if applicable.
There are two refunds that New Mexico is giving out: Married couples filing joint returns, heads of home, and surviving spouses with incomes under $150,000 are all eligible to receive $500 under the first rebate. With an income under $75,000, single filers and married people filing separately will each receive $250.
The second rebate is for single taxpayers, and married people filing separately receive a $500 rebate. Heads of households, joint filers, and surviving spouses will all receive $1,000. Taxpayers who filed their 2021 personal income tax return will automatically receive rebates.
Individuals who have not yet submitted their 2021 New Mexico Personal Income Tax returns and who are not listed as dependents on another taxpayer’s return have until May 31, 2023 to submit them.
