The New Mexico Taxation and Revenue Department has announced that taxpayers in the state can now claim a child tax credit of up to $600 per child. This is a first for taxpayers in the state. The New Mexico kid Tax Credit is available to families filing their taxes for the first time this year. The credit ranges from $25 to $600 per eligible kid, depending on the year. The value of the credit slowly decreases as income grows because it is income-based.
A press statement from the New Mexico Taxation and Revenue Department states that 292,000 households across the state are expected to receive around $180 million through the $600 Child Tax Credit 2024. According to Governor Michelle Lujan Grisham, child tax credits help alleviate poverty in children, thus this is a major step toward helping New Mexico families. If you are wondering whether you are eligible for the $600 Child Tax Credit in 2024, you have come to the right place.
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$600 Child Tax Credit 2024
There is still time for New Mexican taxpayers who haven’t claimed the child tax credit to do so before the 2023 tax return deadline. A Child Tax Credit of $600 for the Year 2024 This year’s tax season marks the commencement of New Mexico’s child tax credit program, which offers up to $600 to qualifying parents. April 15th is when you need to get your tax return in. The tax season is well under way and nearly complete, so you’ll need to make any necessary changes to your file as soon as possible. People who waited until the last minute to submit their paperwork should expect it to expire on April 15, as it started on January 29.
Especially if we have kids, by the time every dime counts in the return, most of you have probably already done most of the math. Some of you may not be aware that our state could provide additional tax benefits while you’re thinking about the New Mexico Child Tax Credit 2024 Amount.
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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 | GOVERNMENT AID |
| Payment Amount | $600 |
| Official Website | www.tax.newmexico.gov |
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$600 Child Tax Credit 2024 Eligibility
Therefore, one must fulfill the following income requirements to qualify for the $600 Child Tax Credit:
- The $600 per kid is available to New Mexican residents whose adjusted gross income (AGI) is between zero and twenty-five thousand dollars or less.
- A person’s AGI is their total income minus any allowable deductions or adjustments to income.
- A family of four can receive $400 if their annual gross income is between $25,000 and $50,000.
- Your $600 can still be refunded even if your AGI is negative.
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New Mexico Child Tax Credit 2024 Amount
The federal government in New Mexico expects to collect $180 million in taxes due to the new child tax credit. Nearly 300,000 homes in the state should also benefit from it. Many families will profit substantially from this, according to authorities. Please refer to the following table for the New Mexico CTC 2024 Amount:
| 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
- As of 2022, a child tax credit was available in New Mexico. The credit amount was increased by lawmakers last year through House Bill 547. On the $600 Child Tax Credit 2024 Payment Date, taxpayers will be able to utilize the larger credit for the first time this tax season.
- New Mexico’s Taxation and Revenue Department estimates that 300,000 families might use the child tax credit, which would give eligible parents $180 million.
- Since the credit is refundable, taxpayers will get the entire amount regardless of whether it exceeds their tax liability. Not only that, but New Mexico does not impose any taxes on the credit, even though it could be subject to federal taxes.
- Each qualifying parent can get a sum between $25 and $600 per child, adjusted by their income level. To illustrate the point, those with an AGI of $25,000 or less are qualified for the full $600 per kid credit, while those with an AGI of $350,000 or more will only receive a $25 credit.
- Parents who are eligible for the New Mexico child tax credit but have not yet filed their taxes might still receive it if they do so by April 15 (paper tax returns). The deadline for taxpayers who choose to submit their returns online is April 30.
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$600 Child Tax Credit 2024 Payment Date
While the Child Tax Credit is administered by the federal government, it is distributed by different states. The amount that New Mexico families can expect to get from the Child Tax Credit 2024 will vary based on factors like family size and income, but it will not exceed $600 for those who qualify. Credits will take some time to become available after filing. A taxpayer’s personal income tax return may be subject to mail verification by the New Mexico Taxation and Revenue Department in an effort to forestall identity theft.
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Processing time may increase by six to eight weeks when necessary information is collected in order to confirm the taxpayer’s identification. It’s important to note that filing is near to conclude during this period. If filing electronically, taxpayers have until April 30 to apply for the $600 Child Tax Credit for 2024, and if filing on paper, the deadline is April 15.