Many residents of New Mexico have likely already received their rebate checks, which began distribution in June of this year. These tax rebate checks from New Mexico were automatically sent to individuals who had filed their 2021 Personal Income Tax (PIT) returns. If you have not yet received your rebate check because you haven’t filed your PIT return, there’s no need to be concerned; you still have the opportunity to claim your rebate.
Governor Michelle Lujan Grisham approved a tax rebate as a means to assist residents in mitigating the impact of rising consumer prices. The state, fueled by a surplus resulting from high oil prices during the fiscal year, is redistributing funds to eligible residents. Governor Grisham remarked upon announcing the rebate, ‘The cost of basic necessities remains high nationwide.
New Mexico Tax Rebate Qualification and Amount
Our state is currently in excellent financial health, and I believe it’s crucial that New Mexico’s families benefit from this prosperity. Eligible residents of New Mexico who filed their 2021 Personal Income Tax (PIT) return will automatically receive the rebate. It is important to note that recipients of the rebate must not have been claimed as dependents on another taxpayer’s return.
Individuals filing as single (or married individuals filing separately) will receive $500, while couples filing jointly (including heads of household and surviving spouses) will receive $1,000 in the form of a New Mexico tax rebate check.
The distribution of rebate checks began in June, with direct deposits initiated in mid-June. The majority of eligible residents should have already received their rebate. For those who meet the eligibility criteria but have not yet received their rebate, it is likely due to their failure to file a PIT return. If you fall into this category, there is no cause for concern. You still have the opportunity to claim the rebate by filing your PIT return by May 31, 2024.
Claiming the Rebate Steps to Follow
Once you’ve filed your PIT return by May 31, 2024, you won’t need to take any additional action to secure your rebate. If you received your 2021 refund via direct deposit, your rebate will also be delivered through direct deposit. Those who are set to receive a physical check will have it mailed to them.
If you anticipate receiving a physical check but have recently changed your address, it’s important to update your address promptly. You can accomplish this by either accessing your Taxpayer Access Point (TAP) account or submitting Form RPD-41260, the Personal Income Tax Change of Address Form, to the Taxation and Revenue Department.
For individuals whose banking information has changed since completing their 2021 Personal Income Tax return, please be aware that there is no provision to update this information. As a result, these taxpayers will receive a paper check in the mail. It’s worth noting that rebate funds may be applied toward any outstanding state taxes for the 2021 tax year exclusively.
How do I know if I am eligible to receive a tax rebate check in New Mexico?
The state has specific criteria for who can receive a rebate, and there are also federal programs that might apply to you.
For the state of New Mexico, a tax rebate was approved in the 2023 legislative session. All New Mexico residents who filed a 2021 state income tax return and were not declared as dependent will receive the rebates automatically. There is no application to receive the rebates if you filed your 2021 tax return. The state Taxation and Revenue Department will send $500 rebate checks to single filers and $1000 rebate checks to couples filing jointly. If you received your 2021 refund by direct deposit, your rebate will be deposited directly into the bank account listed on your 2021 tax return. Otherwise, you will receive rebates by check.
For federal tax rebates, you may be eligible for a tax rebate known as the Recovery Rebate Credit if you didn’t receive your full Economic Impact Payments (also known as stimulus checks). To claim this credit, you need to file a 2021 tax return even if you’re not normally required to file. The IRS has specific guidelines to determine eligibility for this credit, including having a valid Social Security Number (SSN) or claiming a dependent with a valid SSN or Adoption Taxpayer Identification Number issued by the IRS irs.gov.
Please visit the Taxation and Revenue Department’s website to access further details regarding the New Mexico tax rebate check.