More than 500,000 direct deposit rebates worth $250 or $500 hit accounts on Wednesday
NEW MEXICO (KRQE) – Hundreds of thousands of New Mexico filers can expect to see an additional $250 or $500 in their bank accounts this morning as the state begins processing a new round of refunds of tax. The rebates, which are tied to the amount of money filed by filers earned in 2021, would be paid to more than 500,000 people by direct deposit today, Wednesday, July 6, according to the New Mexico Tax and Revenue Department (TRD.)
As mentioned, final repayments are tied to individual income levels or a filer’s “adjusted gross income”. Filers who filed under “single” status, or as an individual, will receive a $250 refund if they earned $75,000 or less in adjusted gross income in 2021.
Filers who filed jointly as a married couple or head of household may receive a larger check, depending on the adjusted gross income they earned last year. They will receive a $500 rebate if they have earned $150,000 or less in 2021.
Want to know how to check your adjusted gross income? Look at your tax return documents. On the 2021 forms, the dollar amount is shown on the first page in box 11.
According to TRD, approximately 710,000 New Mexicans will receive tax refunds during the month of July. The July rebates are a one-time payment, approved by the Legislature in February 2021 as a tool to “assist the state’s short-term recovery from the pandemic by increasing consumption.”
Haven’t gotten a direct deposit refund yet?
If you think a rebate is owed to you, but you don’t get a rebate through direct deposit this week, it’s likely that your rebate will be sent to you by paper check. These paper checks will be sent throughout the month of July.
According to TRD, up to 210,000 New Mexico filers will receive paper checks from the July refund program. The state only has the capacity to print 14,000 checks a day. This means some people may be waiting until the end of July to receive a refund.
“Again, we’re asking people to be patient and wait until the end of July before calling to request a refund,” the communications director for the New Mexico Tax and Tax Department said recently. Charlie Moore, at KRQE News 13. “Our call center has been overwhelmed with the volume [of call about economic relief payments,] although we have recruited staff from across the department to help field calls. »
When is the next round of discounts?
As mentioned, the latest “July discounts” are different because they are tied to 2021 income levels. Other discounts New Mexicans are receiving this year are not tied to income levels.
An initial round of economic relief refunds was released in May and June, sent to all New Mexico filers and some refund applicants, regardless of income. That first round went to nearly 800,000 New Mexicans, worth about $290 million.
The second round of economic aid payments are scheduled to be sent to New Mexicans in August, valued at $250 for single filers or $500 for joint filers/heads of households. Hundreds of thousands of New Mexicans will receive these rebates by direct deposit, but many will also receive paper checks, again.
TRD hopes it won’t take that long to distribute the August rebates by paper check. In a statement, TRD said “the Department has contracted with the state’s tax agent, Wells Fargo Bank, to print and distribute checks for the final round of remittances in August.” The state says Wells Fargo has more printing capacity than the state, which should speed up distribution of August rebates.