Most New Mexicans would have already received the rebate checks which started going out in June this year. The tax rebate check from New Mexico automatically went to those who filed their 2021 Personal Income Tax (PIT) return. If you have not received the rebate check yet because you haven\u2019t yet filed the PIT, don\u2019t worry, you still have time to claim the rebate.\u00a0\u00a0
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Gov. Michelle Lujan Grisham approved the tax rebate to help residents compensate for rising consumer prices. The state is using its fiscal year surplus because of high oil prices to give money back to eligible residents.<\/p>\n
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\u201cPrices for basic necessities continue to be high across the nation\u201d Gov. Grisham said when announcing the rebate. \u201cOur state today is in a fantastic financial position, and it\u2019s important to me that New Mexico\u2019s families are sharing in that success.\u201d<\/p>\n
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The rebate amount will automatically go to New Mexico residents who have filed their 2021 Personal Income Tax (PIT) return. Those receiving the check must not have been declared a dependent on another taxpayer\u2019s return.<\/p>\n
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Eligible single filers (married individuals filing separately) will get $500, while couples filing jointly (heads of household and surviving spouses) will get $1,000 in the form of a tax rebate check from New Mexico.<\/p>\n
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New Mexico started mailing the rebate checks in June, while direct deposits were sent in mid-June. Most residents who qualified for the rebate would have received the rebate by now.<\/p>\n
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Those eligible but haven\u2019t yet received the rebate payment likely haven\u2019t yet filed a PIT return. If you are one of them, don\u2019t worry, you can still claim the rebate by filing your PIT return by May 31, 2024.<\/p>\n
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Once you file your PIT return by May 31, 2024, you don\u2019t need to do anything else to claim the rebate. Those who received their 2021 refund by direct deposit will get the rebate through direct deposit, while others will receive a check in the mail.<\/p>\n
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If you are expecting a physical check but have moved to a new address, you will need to update your address. You can update the address either on your Taxpayer Access Point\u00a0(TAP) account or submit\u00a0Form RPD-41260, Personal Income Tax Change of Address Form to the Taxation and Revenue Department.<\/p>\n
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Unfortunately, if your banking information has changed since filling out your 2021 Personal Income Tax return, there is no way to update it. Such taxpayers will get a paper check in the mail. It must be noted that your rebate money could be chipped to pay any outstanding state taxes for the 2021 tax year only.<\/p>\n
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Visit the Taxation and Revenue Department website to get more information on the tax rebate check from New Mexico.<\/p>\n
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This article originally appeared on ValueWalk<\/i><\/p>\n
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