New Mexico Tax Rebate: $500 to $1,000 for Residents—Don’t Miss Out!

New Mexico is preparing to distribute tax rebates worth up to $1,000 to eligible taxpayers, providing them with financial assistance.

The rebate checks were approved during the 2023 legislative session and will begin appearing in the bank accounts of New Mexico residents on June 21, 2023.

Single filers will receive $500, while couples who file jointly will receive $1,000. These rebates are being issued by the State Taxation and Revenue Department.

To qualify for the New Mexico Tax Rebate, here are some important details to keep in mind:

  1. Automatic payment: You will receive the rebate automatically if you file your 2021 New Mexico personal income tax return on or before May 31, 2024.
  2. Direct deposit: If you have already chosen direct deposit for your 2021 state tax refund, your stimulus payment will be deposited the same way.
  3. Mail delivery: Taxpayers who are eligible but did not choose direct deposit will receive their rebate checks in the mail.
  4. Dependents not eligible: Individuals listed as dependents on a 2021 tax return are not eligible for the New Mexico income tax rebate.

Residents who filed their 2021 taxes will qualify for the rebates, and most will not need to complete a separate application process. The amount received will depend on their filing status for that year. The payments will be issued through direct deposits or paper checks. Direct deposits will begin in mid-June, while paper checks will be issued at a later date.

If you are wondering when you will receive your rebate check, here are the estimated timelines:

  • For those who used direct deposit for their 2021 tax return, rebate checks will be issued on June 20.
  • Paper checks are expected to be printed between June 20 and 29, and delivery may take a few additional days.

Please note that if you have updated your banking information since filing your 2021 tax return, you will receive your rebate as a physical check through mail.

If you have not yet filed your 2021 tax return, you still have time until the deadline on May 31, 2024. Make sure to submit your returns on time to take advantage of this opportunity to receive the tax rebate.

Eligible residents of New Mexico can anticipate financial relief as tax rebate checks, ranging from $500 to $1,000, will begin arriving in their bank accounts from June 21, 2023.

The state aims to alleviate the financial burden for individuals and couples who filed their 2021 taxes, whether through direct deposits or paper checks.

Remember to keep an eye out for these rebate payments and ensure your 2021 tax returns are filed before the deadline to secure your payment.

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