Copyright © 2020 Albuquerque Journal
Coronavirus relief payments may start hitting bank accounts or mailboxes in New Mexico within the next three weeks, according Congressman Ben Ray Luján.
Luján and U.S. Rep. Deb Haaland’s office said the Internal Revenue Service will work to deliver the rebates quickly. For people who filed a federal income tax return in 2018 or 2019, processing will be based on information already on file with the IRS, according to information sent by Haaland’s office.
There will be no need for those people to contact the IRS. Direct deposits will be sent to accounts people have already authorized since Jan. 1, 2018. If no bank account is on file, checks can be sent to the last known address. The IRS is expected to contact residents in the next 15 days about how the payments will be sent and the amount.
People who have not filed a tax return or people who did not make enough money to file in the past two years may have to take additional steps to receive a rebate payment, Haaland’s office said.
The Social Security Administration will share information about Social Security recipients with the IRS to help ensure they receive payments. The IRS will conduct a public awareness campaign to reach other non-filers who are eligible, according to information sent out by Haaland’s office.
The amounts of the payments will depend on income and family size.
The payment is $1,200 for individuals, $2,400 for joint filers, and $500 for children under 17. The payment is reduced by $5 for every $100 of income to the extent a taxpayer’s income exceeds $150,000 for joint filers, $112,500 for heads of households and $75,000 for single filers.
The payments do not have to be repaid, Haaland’s office said.
If individuals experience income loss in 2020 or if families increase in size, they may be able to claim an additional credit of the difference when they file their 2020 taxes.
No other payments are planned at this point. But U.S. Sen. Tom Udall, D-N.M., said earlier this week additional recovery packages may be necessary.
The IRS is encouraging people to go to its website for relief payment information.
Taxpayers can update their name or address information by filing a tax return with the new information, filing a specific IRS form, writing to the IRS or calling the IRS. Information on how to make changes can be found at: www.irs.gov/filing/individual/update-my-information.