SANTA FE, N.M. (KRQE) – The New Mexico Tax and Revenue Department is following the federal government by announcing it will extend the deadlines for filing and paying 2020 personal income tax. The new filing date is May 17 to now match the federal government’s extension which was announced this week.
According to the department more than 359,000 returns claiming refunds have already been processed by Taxation and Revenue and more than $199 million in refunds have been sent to taxpayers. In a press release, the department reports it is also issuing guidance for taxpayers on aprovision in the federal American Rescue Plan Act that excludes up to $10,200 of unemployment compensation from 2020 federal gross income.
The exclusion is available for taxpayers with an adjusted gross income under $150,000. The Tax and Revenue Department reports that since New Mexico Personal Income Tax is calculated using federal adjusted gross income, residents who benefit from this federal exclusion will also see their state tax reduced.
The department states that some taxpayers who have already filed their 2020 income tax returns may need to file amended state and federal returns in order to take advantage of the unemployment compensation exclusion. Additional information will soon be available online in Tax Bulletin 300.22.