Over 31,000 taxpayers in New Mexico may still be eligible for a share of $14.3 million in unclaimed child tax credits from the past two years. If you’re among them, you could soon receive a notification from the New Mexico Taxation and Revenue Department.
Who Is the Tax Department Contacting?
The department is actively reaching out to individuals who may have missed claiming the child tax credit in 2023 and 2024, but appear to meet eligibility criteria.
Letters titled “Notice of Potential Tax Refund Available” are being mailed to those who did not file for the credit but seem qualified based on their income level, filing status, and dependent exemptions.
Eligibility Criteria for the Child Tax Credit
To be eligible for the New Mexico Child Tax Credit, taxpayers must meet the following requirements:
- Annual income must be under $350,000
- Must have qualifying dependents
- For households earning $25,000 or less, the credit can be up to $600 per child
The credit amount decreases gradually as income increases and is adjusted yearly for inflation.
How to Claim Your Credit If You Missed It
If you think you qualify but didn’t claim the credit, it’s not too late. Eligible residents can file or amend their tax returns free of charge via the Taxpayer Access Point, a secure online platform offered by the state.
Tax Credit Statistics: 2023 and 2024
The Child Tax Credit program has already delivered substantial relief to families in New Mexico:
| Tax Year | Number of Taxpayers | Total Claimed |
|---|---|---|
| 2023 | 247,856 | $134.9 million |
| 2024 (so far) | 239,978 | $131.9 million |
Despite these impressive figures, millions of dollars remain unclaimed, emphasizing the importance of checking your eligibility.
If you’re a parent or guardian in New Mexico and didn’t claim the Child Tax Credit in 2023 or 2024, there’s still time to take action. With over $14.3 million left unclaimed, the New Mexico Taxation and Revenue Department is making efforts to notify those who may qualify.
Check your mail for the official letter, verify your eligibility, and use the Taxpayer Access Point to file or amend your return for free. Don’t miss this chance to receive the financial support your family may be entitled to.
FAQs
What is the maximum amount I can receive from the New Mexico Child Tax Credit?
If your income is $25,000 or less, you may be eligible for up to $600 per qualifying child, with amounts decreasing as income increases.
How do I know if I’ll receive a letter from the Taxation and Revenue Department?
If you appear eligible but didn’t claim the credit, you may receive a “Notice of Potential Tax Refund Available” by mail.
Can I still file or amend my return to claim the credit?
Yes, you can file or amend your state return for free through the Taxpayer Access Point if you meet the eligibility requirements.