You have till you file your 2023 tax return if you are a taxpayer in New Mexico and have not yet claimed the child tax credit. Child Tax Credit of $600 in 2024 Beginning with the current filing season, qualifying parents can receive a $600 New Mexico child tax credit. April 15 is the deadline for filing the tax return. Tax season has already begun and is almost done, so you must make any necessary changes to your file as soon as possible. It started on January 29 and ended on April 15 for those who submitted their documentation at the last minute. Most of you have already finished your calculations when every cent counts in the return, particularly if we have kids.Â
Eligibility for $600 Child Tax Credit in 2024:
To qualify for the $600 Child Tax Credit, an individual must fulfill the subsequent income requirements:
- If a resident of New Mexico has an adjusted gross income (AGI) of $0 to $25,000 or less, they are eligible to receive the $600 per kid.
- Your total income, less any permitted deductions or modifications, is your adjusted gross income, or AGI.
- Residents can receive $400 for each child if their AGI is between $25,000 and $50,000.
- Thus, you can still receive your $600 back even if your AGI is less than zero.
How do you apply for the 2024 New Mexico Child Tax Credit?
- In 2022, New Mexico joined the list of states that provided a child tax credit. Legislators increased the credit amount last year with the passage of House Bill 547. This means that on the $600 Child Tax Credit 2024 Payment Date, taxpayers can claim the more excellent credit for the first time this tax season.
- The New Mexico Taxation estimates that the child tax credit will help 300,000 households in the state by giving qualifying parents $180 million.
- Because the credit is refundable, taxpayers will still get the entire amount even if it exceeds their tax liability.
- Qualifying parents can get anywhere from $25 to $600 per child, depending on their income. For instance, people with an adjusted gross income (AGI) of $25,000 or less can claim the entire $600 credit for each child, while those with an AGI of $350,000 or more can only claim a $25 credit.
- Eligible parents who haven’t filed their taxes can still get the New Mexico child tax credit by filing by April 15 (paper tax returns). The deadline is April 30 for those who file their returns electronically.
$600 Child Tax Credit 2024 Payment Date:
Despite being a federal program, different states distribute the Child Tax Credit. The amount of $600 that New Mexico families who fulfill the $600 Child Tax Credit 2024 Eligibility Requirements will get may vary based on their size and income. Credits will not be immediately available upon submission. The New Mexico Taxation and Revenue Department may mail taxpayers to confirm their Personal Income Tax returns to stop identity theft. Remember that filing is about to expire, and allow six to eight weeks extra for processing when the necessary data is acquired to verify the taxpayer’s identification.
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