It’s the start of many people’s least favorite season: tax season. Although tax returns aren’t due until April 18, early birds can start filing their tax returns on Monday.
This year, however, some things might look a little different due to tax cuts made by Gov. Michelle Lujan Grisham in 2022. For seniors, military retirees and nurses, additional tax relief may be available this year.
“This year’s tax season brings with it some historic changes that benefit New Mexico taxpayers who need it the most,” said Taxation and Revenue Stephanie Schardin Clarke in a statement. “Those changes build on improvements we’ve made to the tax code over the past several years.”
For most seniors, their 2022 Social Security benefits will be exempt from state taxes. Partial exemptions on service pensions are available for military retirees.
There is some fine print: the Social Security exemption is available for New Mexicans who make under $100,000 as individuals, or $150,000 for married couples filing together, heads of household or widows. For married couples filing separately, the cutoff is $75,000 per year.
Full-time hospital nurses can apply for a one-time, refundable $1,000 tax credit, using form PIT-NC and including it in their return.
Taxpayers can file paper returns, available at Taxation & Revenue district offices and some libraries, or online at the Taxpayer Access Point, https://tap.state.nm.us.
