Stimulus Check Update- Tax Rebate Of $500 Coming In

recession Stimulus Check
Stimulus Check

States have been continuing to send stimulus check relief to the residents, and the latest state to join this list has been New Mexico. The state had already issued two multiple rounds of tax breaks in the early part of the year, and will now be providing another round of tax rebates to the residents. The stimulus payments from New Mexico would come to a price of around $500. The tax rebate will be issued to those taxpayers that had filed their tax returns in 2021. Most of the eligible households should be expecting to see their payments coming in from this week. 

New Mexico To Issue Stimulus Check Payment

As it stands, the Governor of New Mexico, Michelle Lujan Grisham, and the legislature in the state have already approved multiple rounds of tax rebates and stimulus check relief for this year. Now, it is expected that the residents who have been deemed eligible would be receiving a round as early as this week. Residents who filed their state taxes back in 2021 will be seeing the rebate in July if the adjusted gross income was less than $75,000 the previous year. Single filers will be receiving a payment of $250. Married couples who filed their returns jointly, will be receiving a rebate of $500- but this would only work if their combined AGI was less than $150,000 in 2021.

It is expected that the authorities would be issuing the stimulus check payment during the first full week of July. Since the 4th of July was a federal holiday, the first batch will definitely be processed as early as the 5th of July. It should take ideally a month for the authorities to send in rebates to all of the eligible taxpayers. The eligible taxpayers will also be receiving their rebates automatically through direct deposits. Paper checks will then be sent to those for whom the state doesn’t have any form of direct deposit information.

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