To address the economic challenges arising from inflation, the state of New Mexico has given the green light to a $1,000 stimulus check program for eligible residents. Governor Michelle Lujan Grisham unveiled this initiative as a means to alleviate the financial strain experienced by families grappling with escalating prices. Let’s delve into the particulars of this stimulus program.
It’s worth noting that this stimulus check program will solely be accessible to individuals who have filed a 2021 Personal Income Tax (PIT) return and are not claimed as dependents on another taxpayer’s return. Full payments will be extended to couples filing jointly, heads of households, and spouses. Single taxpayers and married individuals filing separately will receive a sum of $500 each.
A Guide to Cashing New Mexico’s Stimulus Check
The refund deadlines have already come and gone for individuals who fulfilled their tax obligations. Paper checks were sent out in June of the current year, while those who had opted for direct deposit only received their refunds during the week of June 19. Nevertheless, there remains an opportunity to receive it. Eligible taxpayers can still file their 2021 Personal Income Tax (PIT) returns until May 31, 2024, if they have not already done so.
First and foremost, it’s important to highlight that this benefit will exclusively be accessible to individuals who have submitted their 2021 Personal Income Tax (PIT) return and are not listed as dependents on another taxpayer’s return. Full payments will be granted to couples who file jointly, heads of households, or spouses. On the other hand, single taxpayers and married individuals who file separately will receive a reduced amount of $500.
Several factors unique to each individual may or may not affect their eligibility to receive economic stimulus checks.
- Change of Address: If you’ve moved out of state, you can still collect your stimulus payment. Simply update your address in your “Taxpayer Access Point (TAP) account” or submit form RPD-41260 to the Department of Revenue and Taxation promptly.
- Different Bank Account: Residents who have changed their address need not take any action regarding their bank account information. Authorities will automatically detect this change, and if your bank information has been updated since you filed your 2021 personal income tax return, you will receive a paper check in the mail.
- Divorce After Filing: In cases where taxpayers have divorced after filing their return, the refund will be sent to the individual listed as the primary filer on the document, regardless of their marital status. Divorced individuals will need to resolve the division of refunds independently.
- ITIN Eligibility: It’s important to note that eligibility for stimulus payments is not limited to individuals with Individual Taxpayer Identification Numbers (ITINs). Payments will be distributed to any taxpayer who has submitted their Personal Income Tax (PIT) return, irrespective of their ITIN status.
Eligibility for the $1,000 stimulus payment is contingent upon the following criteria: Income Tax Filings: You must have filed a 2021 Personal Income Tax (PIT) return, and you should not be claimed as a dependent on another taxpayer’s return.
Payment Amounts Vary as Follows:
- Married couples filing jointly, heads of household, and surviving spouses will receive the full $1,000 payment.
- Single taxpayers and married individuals filing separately will receive a reduced amount of $500.
Additional Information Regarding Rebates and Relief Payments: A refundable income tax rebate of $1,000 is available for married couples filing joint returns, heads of household, and surviving spouses, while single filers and married individuals filing separately are eligible for a $500 rebate.
These rebates will be automatically distributed to New Mexico residents who have filed a 2021 PIT return and are not claimed as dependents on another taxpayer’s return. No application is necessary.
Rebate checks will be printed and mailed until at least the end of June 2023, with direct deposits expected to be processed during the week of June 19. Eligible residents have until May 31, 2024, to file their 2021 PIT return if they haven’t already done so. Relief payments of $500 or $1,000 are available for New Mexicans who do not qualify for the aforementioned rebates. These payments, totaling $15 million, were distributed through an application process with the Human Services Department. Applicants can check their status using this link.
Stimulus checks have been utilized to stimulate the economy on multiple occasions in the United States, with varying amounts based on the taxpayer’s filing status. Joint taxpayers typically receive double the amount received by single taxpayers. In certain cases, individuals with outstanding back taxes saw their stimulus checks automatically applied to their unpaid balances.
Other Stimulus Check Program Available in the United States
Minnesota taxpayers are in for good news as the state rolls out a “one-time tax rebate payments” program for September 2023. These payments range from $260 to $520, depending on your filing status and income, with a maximum payout of $1,300 for eligible families.
To qualify, you must have been a Minnesota resident in 2021, filed the required tax forms by December 31, 2022, and met income criteria while not being claimed as a dependent on someone else’s 2021 Minnesota tax return. This initiative aims to provide essential financial support to eligible individuals and families in the state.
Recipients who opted for direct deposit when filing their 2021 taxes or updating their bank details earlier in the summer can expect to receive their payments in their bank accounts from this week until the end of August. These payments will be labeled as “State of Minnesota 2021 Tax Rebate Program” on their bank statements.
For those receiving paper checks, it may take from 2 to 3 weeks for the checks to arrive, with mailings continuing through September. The paper checks will be enclosed in plain white envelopes and will be safeguarded against fraud through standard banking measures.