Do I Need to File a Tax Return in New Mexico? The credit is worth $2,800 ($1,400 for those married filing separately). Taxpayers who are 65 or older can claim a tax credit for unreimbursed and uncompensated medical expenses worth at least $28,000 that they paid for themselves or dependents. This credit is nonrefundable, but it may be carried forward for up to three consecutive tax years. You may be eligible for half the allowable credit amount if you worked for at least 1,040 hours but less than 2,080. To receive the full credit, you must have provided health care for at least 2,080 hours in an approved, underserved rural health care area during the 2021 tax year. Dental hygienists, physician assistants, certified nurse-midwives, certified registered nurse anesthetists and clinical nurse specialists are eligible for a credit worth $3,000. Physicians, osteopathic physicians, dentists, clinical psychologists, podiatrists and optometrists are eligible for a credit worth $5,000. Qualified health care practitioners may be eligible for a tax credit against their New Mexico personal income tax. Rural Health Care Practitioner Tax Credit This credit is refundable, but it can’t be carried forward. The adopted child must be certified by state authorities or a licensed child placement agency as meeting the definition of a “difficult to place child” under the New Mexico Adoption Act. Taxpayers who adopt a child with special needs can claim a tax credit worth $1,000 ($500 if married filing separately). New Mexico State Income Tax Credits Special Needs Adopted Child Tax Credit However, for tax years 2018 through 2025, personal exemptions have been suspended by the 2017 tax law signed by President Donald Trump. Typically, you can claim a personal exemption for yourself, spouse or dependents. However, you must not have taken any deductions for personal exemptions on your federal tax return.Ī personal exemption is a dollar amount a taxpayer can deduct to reduce their tax liability. Taxpayers who file as “married filing jointly” or head of household can claim a New Mexico deduction worth up to $4,000 for certain dependents. If you wrote off a gift of land on your federal tax return, you will have to add the amount of the deduction back into your New Mexico return. Generally, your state itemized deductions will match your federal deductions, unless you claimed a charitable deduction of land. You can claim itemized deductions on your New Mexico state tax return only if you did the same on your federal return. Married filing jointly, or qualifying widow: $25,100.Taxpayers who claim the federal standard deduction are allowed a similar deduction on their New Mexico income tax return. Income Tax Deductions for New Mexico Standard Deduction If your New Mexico taxable income is over: Here is a list of our partners who offer products that we have affiliate links for. While we work hard to provide accurate and up to date information that we think you will find relevant, Forbes Advisor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impact any of the editorial content on Forbes Advisor. Second, we also include links to advertisers' offers in some of our articles these “affiliate links” may generate income for our site when you click on them. This site does not include all companies or products available within the market. The compensation we receive for those placements affects how and where advertisers' offers appear on the site. First, we provide paid placements to advertisers to present their offers. This compensation comes from two main sources. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. The Forbes Advisor editorial team is independent and objective.
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