There is still time to claim $500 direct payment as deadline for $800 cash has been extended - don't miss out!

In Colorado and New Mexico, the deadline to qualify for stimulus payments is rapidly approaching.

To receive direct payments, residents in both states may need to act soon.

March of last year was the last time the federal government distributed stimulus funds.

While inflation is driving up prices, many households still face serious economic hardship.

As a result, some states have started providing rebates or payments to low-income Americans at a local level.

Here's what you need to know about claiming cash in Colorado and New Mexico.

Colorado extends deadline

A total of 3.1 million Colorado residents will receive tax rebates worth $400 for individuals and $800 for joint filers.

The rebate amount will be based on your 2021 tax returns. You must file your taxes by June 30, 2022 to qualify for the rebate.

The Colorado legislature set a May 31 deadline for filing, but extended it by a month to accommodate more taxpayers.

Inflation has taken a toll on Americans' wallets, which is why rebates are necessary.

A full-time Colorado resident is required to qualify for the payment.

Taxpayers who are eligible should receive their money in the mail in August or September, according to the state. 

Payments may be disbursed in multiple batches or all at once. 

Colorado residents who miss the deadline can still receive the payment if they file by the extended deadline of October 17.

Taxpayers who file after June 30 will not receive their checks until January.

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