SANTA FE, N.M. (KRQE) – New Mexico’s Taxation and Revenue Department starts taking personal income tax returns on Monday, January 23. Returns are due by April 18, 2023. But there are some important differences this time around.
A big change is that most seniors don’t have to pay state taxes on 2022 social security retirement benefits, according to the Taxation and Revenue Department. The exemption on Social Security benefits is available for people with an adjusted gross income of under $100,000 (single filers) or $150,000 (joint filers). Married couples who file jointly must each have an adjusted gross income of less than $75,000.
On top of the Social Security exemption, tax return forms now have a box you can check if you want to receive information on low-cost or no-cost healthcare. In essence, it’s an easy way for you to learn more about cheap healthcare options through beWellnm, the state’s official health insurance exchange.
Hospital nurses can get an extra benefit this year. A one-time, $1,000 refundable tax credit is available for full-time nurses. To receive the credit, nurses have to fill out the “PIT-NC” form and include it with a tax return. That form must be signed by the nurse’s employer.
As you file your taxes, remember that the Taxation and Revenue Department says you do not need to include rebates and relief payments they might have sent you last year as “income.” That applies to income declared for New Mexico taxes.
The Taxation and Revenue Department also notes that, even if you didn’t earn enough income to require a return, you might still want to file one. That’s because it’s possible that some people may get tax refunds even if they didn’t have income withheld.
As you file your taxes, remember: You can file online at the Taxpayer Access Point. This is generally the fastest way to get your taxes processed. Paper forms are available at Taxation and Revenue Department district offices and at many libraries.