Stimulus Check From New Mexico: $500 Tax Rebate Coming This ...| MENAFN.COM

Wednesday, 10 August 2022 09:05 GMT

Stimulus Check From New Mexico: $500 Tax Rebate Coming This Month

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States are continuing to send targeted relief to residents, and the latest state to re-join the list is New Mexico. The state has already sent two rounds of tax breaks this year, and now it is set to provide one more round of tax rebates to its residents. This stimulus check from New Mexico will be up to $500. The tax rebate will go to taxpayers who have filed their 2021 tax returns. Eligible households are expected to start getting the payment as soon as this week.

Stimulus Check From New Mexico: Who Will Get It?

Governor Michelle Lujan Grisham and the state legislature have already approved two rounds of rebates and economic relief this year, i.e. in May and June. Now, eligible residents could get one more round as early as this week.

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Residents who have filed their 2021 state taxes will likely get the rebate in July if their adjusted gross income was less than $75,000 in 2021. Single filers will be eligible for a payment of $250. Married couples who file returns jointly and have an AGI of less than $150,000 in 2021 will get a rebate of $500.

Authorities will likely start processing the payment during the first full week of July. Since July 4 was a federal holiday, the first batch is likely to be processed as early as Tuesday, July 5. It would take about a month for the authorities to send rebates to all eligible taxpayers.

Eligible taxpayers will get the rebate automatically via direct deposit. Paper checks will be sent to those for whom the state doesn't have direct deposit banking information on file.

'New Mexicans who have or will file their 2021 income taxes by May 31, 2023, do not need to take any action to get their rebates,' the New Mexico tax department's information page says. 'They will receive them automatically by direct deposit or check, depending on how they received their refunds or made their payments.'

When And How Much To Expect?

It is estimated that about 710,000 taxpayers will benefit from this stimulus check from New Mexico. Some eligible taxpayers might get less than $250 or $500 if they incorrectly calculated their income tax payment or have filed their return late, according to government officials.

Also, those claimed as a dependent on someone else's return won't be eligible for the tax rebate. Those who owe back taxes will be eligible for the tax rebate, but some funds may be used to offset any liability from the 2021 tax year.

The direct deposit may be delayed for taxpayers who used a preparation service and received an advance on their refund from the preparer. In such cases, the tax rebate will first go to the account set by the preparer for the advance process, and then the preparation service will have to forward the payment to the taxpayer.

Updated on Jul 5, 2022, 10:04 am


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