Tax time can be a source of worry for the 2.1 million residents of New Mexico state. Whether you’re waiting to get money back or gearing up to pay, knowing how New Mexico state taxes work can help ease your mind.
In this article, we’ll explain the nuances of tax refunds in New Mexico. We’ll also detail the procedure for checking your tax refund in New Mexico and explore tax brackets and deductions.
Where’s My Tax Refund – New Mexico State?
If you’re wondering where your tax refund is, you can easily check its status online. Just visit the Taxpayer Access Point (TAP) website and enter your Social Security Number and the expected refund amount.
When you apply for a refund, you can file electronically; this usually takes 6 to 8 weeks to process. An application via a paper return might take 8 to 12 weeks.
How To Check The Status Of Your New Mexico State Refund Online
To check if you’ll get money back from taxes, visit the state government website. Look for “Where’s My Refund?” in the Personal Income section. Select your Social Security Number or Individual Taxpayer Identification Number (ITIN) from the menu and type it in. Then, put in the amount you’re expecting to get back. Click search, and you’re done! No need to sign up for anything.
Try using Beem to file your federal and state taxes without hidden charges and get the maximum refund.
What Can Cause A Delay In My New Mexico Refund?
Sometimes, your tax refund in New Mexico might take longer than expected. Here’s why:
- Verification or requests for more information can slow down the process.
- Math mistakes or other adjustments might need fixing.
- Using multiple forms or incomplete information can cause delays.
New Mexico Tax Brackets
New Mexico’s tax system divides income into five categories called tax brackets. These brackets determine how much tax you pay based on your income and filing status.
Here are the income tax brackets for the state of New Mexico:
| Tax Rate | Single Filers / Estates and Trusts | Married Filing Separately | Married Filing Jointly / Head of Household / Surviving Spouse |
| 1.7% | Up to $5,500 | Up to $4,000 | Up to $8,000 |
| 3.2% | $5,501-$11,000 | $4,001-$8,000 | $8,001-$16,000 |
| 4.7% | $11,001-$16,000 | $8,001-$12,000 | $16,001-$24,000 |
| 4.9% | $16,001-$210,000 | $12,001-$157,500 | $24,001-$315,000 |
| 5.9% | Over $210,000 | Over $157,500 | Over $315,000 |
New Mexico State Tax Deductions & Credits
In New Mexico, nicknamed the Land of Enchantment, you can lower your taxes by claiming deductions and credits. Single filers can deduct $12,550, while married couples filing separately can each deduct the same amount. Married couples filing jointly or qualifying widow(er)s can deduct $25,100, and heads of household can deduct $18,800. Additionally, starting from 2024, you can receive a refundable tax credit of 25% based on the federal credit.
Conclusion
In conclusion, understanding the tax refund process in New Mexico State might appear overwhelming, but with the right help, the process gets easier. You can use websites like the New Mexico Taxpayer Access Point (TAP) to check your refund status and stay updated.
Whether you’re excited about a refund or working hard on taxes, remember that knowing about taxes is essential for your financial success during tax time. For easy refunds, employing a professional or using reliable online tax tools like Beem can also help get deductions and credits as an extra benefit.
