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

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

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

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

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

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

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

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Colorado extends deadline A total of 3.1 million Colorado residents will receive tax rebates worth $400 for individuals and $800 for joint filers. [{ "selector": ".pwodp-a", "duration": "500ms", "fill": "forwards", "delay": "500ms", "keyframes": [ {"offset": 0, "transform": "rotate(-580deg) scale(0.1)", "opacity": 1}, {"offset": 1, "transform": "rotate(0deg) scale(1)", "opacity": 1} ] }, { "selector": ".srqqj-a", "duration": "500ms", "fill": "forwards", "delay": "500ms", "keyframes": [ {"offset": 0, "transform": "rotate(-580deg) scale(0.1)", "opacity": 1}, {"offset": 1, "transform": "rotate(0deg) scale(1)", "opacity": 1} ] }]

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.

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

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

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

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

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

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

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

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