You may be wondering “What can I do to extend unemployment in New Mexico?” if your benefits are running out. Extension programs are only available when unemployment rates reach high levels across the country or state or when the government deems them necessary.
Unfortunately, there are no unemployment benefits extension programs available to unemployment beneficaries in NM.
Continue reading to learn more about the following topics:
- Learn About Requesting an Unemployment Benefits Extension in New Mexico
- About New Mexico Unemployment Benefits and Taxes
- Learn About Alternatives to an Unemployment Benefits Extension
New Mexico Unemployment Resources
Learn About Requesting an Unemployment Benefits Extension in New Mexico
At times, the federal or state governments establish an unemployment benefits extension program. During times of high unemployment, the government may allow unemployed workers to receive unemployment insurance benefits extensions. To help combat the climbing unemployment rate, Congress can decide to devote billions of dollars to an emergency unemployment program.
For instance, the Emergency Unemployment Compensation (EUC) program temporarily gave qualified workers additional weeks of unemployment payment in 2008, but it expired in 2013. And in 2020, the federal government initiated the Pandemic Emergency Unemployment Compensation (PEUC) program, which ended in 2021.
These programs were enacted by the federal government, as they allowed workers to claim unemployment benefits as long as they met the eligibility for unemployment requirements of their home state.
Presently, there is no way to apply for a federal unemployment extension in the state of New Mexico.
About New Mexico Unemployment Benefits and Taxes
Even if you are not granted a federal unemployment extension by New Mexico, you will still need to report all of your existing unemployment insurance coverage benefits to the Internal Revenue Service. The state and federal governments both classify benefits as taxable income, and you will need to report this “income” on IRS form 1099G.
You can pay taxes on your benefits by making quarterly estimated payments to the IRS four times a year. This method will require you to estimate the amount of tax you owe, and if you underestimate, you will have to pay the rest during tax time.
There are also penalties for making untimely quarterly payments. If you wish to avoid such issues, you can elect to have a specified amount withheld from your weekly NM unemployment benefits claim.
Learn About Alternatives to an Unemployment Benefits Extension
As an unemployed worker, you cannot receive a New Mexico unemployment extension unless the federal government decides to enact the EUC program again. This means that you will have to find other ways to provide for yourself after your benefits expire.
Try employing some of the following tips if you are having a hard time finding work or you are ineligible for an unemployment extension in NM:
- Many workers choose to register with temporary employment agencies. Sometimes it is mandatory when claiming benefits for unemployment. These agencies can help you find temporary work, and sometimes, the jobs they find for workers can turn into full-time opportunities.
- A career development course can introduce you to new job search, resume writing, and interview skills, and the state of New Mexico even offers these classes for free. Attending a class may be able to help you discover ways to make yourself more appealing to employers.
- The state wants you to find work as soon as possible, and for many workers, this can mean taking a job that does not pay as much. Some workers may even need to take a job in a different industry. If you are not eligible for an unemployment compensation extension, this can be a great way to earn income until you can find the job of your dreams.
- Both state and federal governments offer financial assistance to low-income individuals. Many of these assistance programs can help workers pay for food or utilities for a short period of time. However, you will need to meet certain qualification standards to receive these benefits.
Last Updated: February 28, 2023