New Mexico income tax returns due April 18

NEW MEXICO (KRQE) – New Mexico Private Earnings Tax returns are due April 18. Taxpayers are inspired to file electronically to assist reduce delays and obtain sooner refunds.

The Taxation and Income Division is making ready to problem one-time revenue tax rebates accepted by the 2022 Legislature. A rebate of $500 might be accessible for heads of family, surviving spouses, and married people submitting joint returns for the 2021 tax yr with adjusted gross incomes of lower than $150,000. A $250 rebate might be accessible for single filers and married people submitting separate returns with adjusted gross incomes of lower than $75,000. Qualifying taxpayers don’t want to use for the rebates however will obtain them robotically in July. These rebates will be issued to tax filers by June 30, 2023.

Further rebates of $250 can be found for single people and $500 for the top of family and married {couples} submitting joint returns. These rebates might be issued robotically to anybody who has filed a 2021 Private Earnings Tax return by Might 31, 2023, and might be issued in June and August.

Two different advantages have been expanded for low-and moderate-income New Mexican households

• The Working Households Tax Credit score is now price 20% of the federal Earned Earnings Tax Credit score. It s additionally accessible now to taxpayers who file utilizing an Particular person Tax Identification Quantity and taxpayers aged 18-25 with or with out kids.
• The Low Earnings Complete Earnings Tax Rebate is now accessible to taxpayers with as much as $36,000 in modified gross revenue.

Extra data on the rebates and different tax-related points is out there on the Taxation and Income Division’s web site.