State urging families to check eligibility and file for missed refunds

Organ Mountain News report

SANTA FE - Roughly 31,000 New Mexico taxpayers left a combined $14.3 million in state Child Tax Credit payments unclaimed in the last two years, according to the Taxation and Revenue Department.

Officials say letters titled “Notice of Potential Tax Refund Available” are going out to taxpayers who appear eligible for $100 or more but didn’t claim the credit when filing their returns.

“New Mexico’s child tax credit is an incredible tool that has already proven effective at reducing child poverty — we want every eligible family to receive the tax relief they are due,” said Taxation and Revenue Department Cabinet Secretary Stephanie Schardin Clarke.

Who qualifies

To receive the New Mexico Child Tax Credit, taxpayers must:

• Be New Mexico residents
• Have one or more qualifying children
• Not be claimed as a dependent on someone else’s return
• Have adjusted gross income (AGI) under $350,000

How much you could receive

The maximum credit is $600 per child for households with AGI of $25,000 or less. The credit phases down for higher incomes, based on state tax law:

• $0–$25,000 – $600 per child
• $25,001–$50,000 – $400 per child
• $50,001–$75,000 – $200 per child
• $75,001–$100,000 – $100 per child
• $100,001–$200,000 – $75 per child
• $200,001–$350,000 – $50 per child
• Above $350,000 – $25 per child

These amounts adjust annually for inflation.

How to claim missed payments

Taxpayers can file or amend returns for free through the state’s Taxpayer Access Point at tap.state.nm.us. Returns can be amended for up to three years after the original filing date.

In 2023, more than 247,000 taxpayers claimed $134.9 million in Child Tax Credit payments. So far in 2024, nearly 240,000 have claimed $131.9 million.

More information:

• Child Tax Credit overview – NM Taxation and Revenue Department
• TRD Contact Center: 1-866-285-2996