According to a latest announcement from the New Mexico Taxation and Revenue Department, taxpayers in the state are now eligible to claim a child tax credit of up to $600 per child for the first time. It’s tax filing season again, and families in New Mexico may now claim a new child tax credit, worth up to $600 per qualified child, which varies from $25 to this year. Based on income, the credit steadily loses value as income increases.
According to a news release from New Mexico’s Taxation and Revenue Department, $600 Child Tax Credit 2024 is anticipated to give an estimated $180 million to 292,000 households statewide. This is another crucial step to uplift New Mexico families, as Governor Michelle Lujan Grisham stated know child tax credits reduce childhood poverty. Here i will be updating you on $600 Child Tax Credit 2024 Eligibility so check this page.
$600 Child Tax Credit 2024
If you are a taxpayer in New Mexico and have not yet claimed the child tax credit, you have until you file your 2023 tax return. $600 Child Tax Credit 2024 Eligible parents can get a New Mexico child tax credit of up to $600 beginning this filing season. The deadline for submitting the tax return is April 15. Any adjustments you need to make to your file must be made quickly because tax season is already well underway and almost over. It began on January 29 and ends on April 15 for individuals who waited until the last minute to turn in their paperwork.
When every cent matters in the return, most of you have already completed the most of your calculations, especially if we have children. While you may be thinking about New Mexico Child Tax Credit 2024 Amount, some of you might not be aware that our state may potentially offer extra tax benefits.
New Mexico $600 Child Tax Credit 2024 Details
| Post Title | $600 Child Tax Credit 2024 |
| State Name | New Mexico |
| Department Name | New Mexico Taxation and Revenue Department |
| Category | Financial Aid |
| Payment Amount | $600 |
| Official Website | www.tax.newmexico.gov |
$600 Child Tax Credit 2024 Eligibility
So to be eligible for the $600 Child Tax Credit, one must meet the following income thresholds:
- Residents of New Mexico will be eligible for the $600 per child if their adjusted gross income (AGI) is $0 to $25,000 or less.
- Your adjusted gross income (AGI) is your total income less any deductions or changes to income that you are allowed to take.
- Residents who fall under the $25,000–50,000 AGI range are eligible for $400 per child.
- So, if your AGI is less than zero, you can still get your $600 back.
New Mexico Child Tax Credit 2024 Amount
According to projections from the New Mexico Taxation and Revenue Department, the new child tax credit will bring in $180 million. It is also expected to assist close to 300,000 households in the state. According to officials, many families will benefit greatly from this. The New Mexico CTC 2024 Amount may be claimed as shown in the following table:
| AGI | Amount of credit per qualifying child |
| $0-$25,000 | $600 |
| $25,000-$50,000 | USD 400 |
| $50,000-$75,000 | $200 |
| $75,000-$100,000 | $100 |
| $100,000-$200,000 | $75 |
| $200,000-$350,000 | USD 50 |
| $350,000+ | $25 |
How to claim New Mexico child tax credit 2024
- New Mexico became one of the states that offered a child tax credit in 2022. House Bill 547, passed by lawmakers last year, boosted the credit amount. This indicates that the higher credit is accessible to taxpayers for the first time this tax season on $600 Child Tax Credit 2024 Payment Date.
- An estimated 300,000 families in the state would benefit from the child tax credit, which will provide qualified parents with $180 million, according to the New Mexico Taxation and Revenue Department.
- Taxpayers will get the full credit amount even if it exceeds their tax burden because the credit is refundable. Furthermore, although the credit may be subject to federal taxation, it is not taxable in New Mexico.
- The amount eligible parents can get per child ranges from $25 to $600, based on their income. For example, individuals whose adjusted gross income (AGI) is $25,000 or less are eligible for the full credit of $600 per child, but individuals whose income exceeds $350,000 will receive a $25 credit.
- By filing their returns by April 15 (paper tax returns), eligible parents who have not yet filed their taxes can still collect the New Mexico child tax credit. For taxpayers who electronically file their return, the deadline is April 30.
$600 Child Tax Credit 2024 Payment Date
Although the Child Tax Credit is a federal program, its distribution is divided by various states. Families in New Mexico that meet the $600 Child Tax Credit 2024 Eligibility Requirements will receive $600; however, the amount of payment will depend on the size and income of the family. After filing, credits will not be accessible right away. To prevent identity theft, the New Mexico Taxation and Revenue Department may contact taxpayers by mail to verify their Personal Income Tax returns.
After the needed information is obtained, processing time may increase by six to eight weeks to authenticate the taxpayer’s identity and don’t forget that filing is about to end. Taxpayers have until April 15 to submit their $600 Child Tax Credit 2024 Application if they are filing on paper, and until April 30 if they are submitting online.
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