NEW MEXICO (KRQE) – The Internal Revenue Service is asking New Mexicans to hold off on filing their taxes for now. The agency is looking to clarify whether tax rebates issued in 2022 are considered “taxable income” for federal purposes.
The New Mexico Taxation and Revenue Department has already declared that the 2022 tax rebates are not taxable for state filing purposes. Information such as adjusted gross income is needed from the federal returns in order to prepare the New Mexico Personal Income Tax return so this delay in the federal returns will slow down New Mexico’s filing process.
“We hope the IRS will come through with its guidance quickly so that taxpayers can file as early as possible,” said Stephanie Schardin Clarke, Taxation and Revenue Secretary, in a news release.
New Mexico is one of many states still awaiting guidance from the Internal Revenue Service following the issuing of rebate checks.
