Connect with us

Hi, what are you looking for?

Finance

Be Informed About New Mexico’s Taxation Changes

Tax Image 500x282 1

In New Mexico, the deadline for personal income tax is April 2023. There are some changes happening, including that most seniors don’t have to pay state taxes on their 2022 social security retirement benefits. This exemption is available for people who have an adjusted gross income of under $100,000 up to $150,000 or above. Also, married couples that file jointly must have an adjusted gross income of at least $70,000 (Segarra, 2023).

 Tax return forms now have a box you can check for information on low- or no-cost healthcare. BeWellnm is the state’s official health insurance exchange. A one-time $1,000 refundable tax credit is exclusively available for full-time nurses. To receive that certain credit, nurses must fill out the “PIT-NC” form and include it with their tax return.

 The Taxation and Revenue Department says you don’t need to include rebates and relief payments as income when filing your taxes. Even though you didn’t earn enough income to require a return, you still want to try to file one. It is because it can still be possible that some people may get tax refunds even if they didn’t have income withheld.

You can file online at the Taxpayer Access Point or at your local district office. Paper forms are available at the district offices and at many libraries. For many, this is generally the fastest way to get your taxes processed. As you file your taxes, remember to include the dates for filing this year’s income and sales tax.