Eligible families in New Mexico can receive an amount of $600 under the new Child Tax Credit and around 292,000 families can benefit.
$600 Child Tax Credit in New Mexico
The Child Tax Credit is a federal program but some states separate the distribution of this payment. In New Mexico, an amount of $600 will be sent to eligible families but this will be based on income and family size to claim the new payment.
In a published article in The U.S. Sun, it is expected that around 292,000 families can benefit from the new Child Tax Credit in New Mexico this year. Even though each qualifying child will receive $600, the amount will decrease in value as income increases.
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Income Threshold for the Child Tax Credit
According to an article published in Santa Fe New Mexican, to claim the $600 Child Tax Credit, the following income limits must be met:
- New Mexico residents with an adjusted gross income (AGI) of $0 up to $25,000 will be eligible for the $600 per child.
- AGI is your total income minus your deductions, or adjustments, to income that you are eligible to take
- Residents with an AGI ranging from $25,000 to $50,000 will qualify for $400 per child.
Furthermore, you can still claim your $600 if your AGI is less than zero.
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