Alec Baldwin and 'Rust' Crew Will Learn Possible Criminal Charges This Month

Alec Baldwin might've settled things on the civil side of the 'Rust' tragedy, but he's not out of the woods criminally ... as there's still a decision that has to be made, and we've learned it will come down by month's end.

Santa Fe's First Judicial District Attorney's Office tells TMZ ... the D.A. is set to make an announcement about whether she'll pursue criminal charges against anyone that was directly or indirectly involved in the death of DP Halyna Hutchins.

We're told everyone involved -- including Baldwin -- is under the D.A.'s microscope, and any filing decisions will be made by the end of January.

Baldwin could face charges for his role in Hutchins' death -- although the actor has repeatedly denied any responsibility ... insisting he didn't pull the trigger, and other parties were to blame.

It's been more than a year since Hutchins died ... and in light of her widowed husband settling his wrongful death suit entirely late last year in dramatic fashion -- which entailed him stepping in as an EP of the revived film -- everyone assumed the saga was over.

We'd already reported the civil settlement does not affect the criminal investigation -- which has already wrapped, with the findings sent over to the D.A.'s office a while ago at this point. So, the question ... what's the holdup?

The answer is unclear, but the end of the tunnel is in sight. The D.A. hasn't said what charges are being considered, but until she says otherwise -- it's all fair game.