Coloradans, get ready for a financial boost! The state has announced refunds ranging from $800 to $1,600 for eligible taxpayers. These payments come as part of Colorado’s Taxpayer’s Bill of Rights (TABOR) refund, which returns surplus state revenues directly to residents.
Who Qualifies for These Payments?
To receive the refund, residents must meet the following requirements:
- Filed Taxes for 2023: You must have submitted your Colorado state income tax return for the 2023 tax year. The deadline to file is April 15, 2024.
- Full-Year Residency: Only those who were full-time Colorado residents throughout 2023 are eligible.
- Age Requirement: You need to be 18 or older as of December 31, 2023.
If you meet these conditions, you’re likely eligible for this refund.
How Much Will You Get?
The amount you’ll receive depends on your filing status:
- Single Filers: Individuals filing alone will receive $800.
- Joint Filers: Couples filing jointly are set to receive $1,600.
This refund aims to provide relief to taxpayers while ensuring the surplus benefits everyone fairly.
When Will Payments Be Sent?
Refund payments are expected to roll out between late summer and early fall of 2025. Although exact dates haven’t been finalized, the Colorado Department of Revenue is working on a timeline to ensure timely distribution. Payments will be sent either via direct deposit or as a mailed check, depending on your tax filing preferences.
What Do You Need to Do?
The good news is that if you’ve already filed your 2023 taxes and meet the eligibility criteria, you don’t need to take any additional steps. Payments will automatically be sent to the banking or mailing information provided on your tax return.
For those who haven’t filed their 2023 taxes yet, don’t wait! Filing on time is crucial to qualify for this refund. Double-check that your address and direct deposit details are correct to avoid delays in receiving your payment.
Why Is This Happening?
These payments are part of Colorado’s TABOR policy, which mandates that excess state revenue be returned to taxpayers. This refund reflects the state’s commitment to supporting its residents and boosting their financial well-being.
