NEWS FROM THE TAX AND INVESTMENT DEPARTMENT
The New Mexico Taxation and Revenue Department announced today that it will extend the deadline for filing and paying 2020 New Mexico Personal Income Taxes to May 17, 2021 in accordance with the federal extension announced this week.
“As we have done throughout the pandemic, we will continue to look for sensible ways to make New Mexicans easier to meet their tax obligations,” said Stephanie Schardin Clarke, Tax and Treasury Secretary. “We’re also working as hard as we can to get refunds into the hands of taxpayers as quickly as possible.”
Taxation and Revenue have processed more than 359,000 tax returns claiming refunds, and more than $ 199 million of refunds have been sent to taxpayers.
The department is also issuing guidance to taxpayers on a provision in the Federal American Rescue Plan Act that excludes unemployment benefits of up to $ 10,200 based on federal gross income through 2020. Exclusion applies to taxpayers with adjusted gross income less than $ 150,000.
Because New Mexico income tax is calculated using federal adjusted gross income, New Mexicans who benefit from this federal exclusion will also have their state tax reduced.
Taxpayers who have already filed their 2020 income tax returns may need to file amended state and state returns to take advantage of the unemployment benefit exclusion. More information will be available shortly in Tax Bulletin 300.22. Taxpayers can find the bulletin by opening the Forms and Publications page at tax.newmexico.gov, then the Publications folder, then the Bulletins folder, and then the 300 Services-Income Taxes folder.