Colorado Tabor Refund 2024 – Amount, Eligibility and Status @tax.colorado.gov

The 2024 refund amount is $800 for one qualifying taxpayer and $1,600 for two qualifying taxpayers filing jointly. This refund is based on revenue collected above the cap set by the Taxpayer’s Bill of Rights.

Colorado Tabor Refund 2024

Colorado residents can expect a TABOR refund in 2024. The refund is a result of the state exceeding its fiscal year spending limit, leading to the refund of excess state revenues.

2024, eligible taxpayers can expect a one-time flat payment of $800 for individual filers and $1,600 for couples filing jointly. This update reflects a change from the traditional TABOR refund calculation to prioritise lower- and middle-income earners.

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The Colorado Department of Revenue is administering the refund primarily through the Colorado Individual Income Tax Return (DR 0104). The total amount to be returned to Colorado taxpayers in 2024 is estimated to be around $3.28 billion.

Eligibility for the Colorado TABOR Refund 2024:

To be eligible for the 2024 Colorado TABOR refund, you must meet the following criteria:

  • Tax Filing: File a 2023 Colorado individual income tax return: This is the main requirement for receiving the refund. If you didn’t earn enough income to file an income tax return, you can still claim the refund by filing a Personal Tax Credit application by April 15, 2024.
  • Residency: Be a resident of Colorado for at least six months during the 2023 tax year. 
  • Age: Be at least 18 years old by January 1, 2024.
  • Incarceration: Not have been incarcerated or committed to the Department of Human Services for 180 days or more during the state fiscal year (July 1, 2023, to June 30, 2024).
  • You are not required to have paid any Colorado state income tax to be eligible for the TABOR refund.
  • If you filed a joint tax return, both spouses must meet the eligibility criteria to receive the full refund amount ($1,600).
  • If you filed separately, each individual must meet the eligibility criteria to receive the individual refund amount ($800).

Changes for 2024:

  • Flat payments: This is a departure from the usual proportional distribution based on individual tax liability. 
  • Reduced for higher earners: While everyone receives the same fixed amount, those with income exceeding $104,001 will see a decrease compared to what they would have received under the traditional method.
  • Expansion of Earned Income Tax Credit: To further support low- and middle-income earners, the state also expanded the Earned Income Tax Credit, effectively offsetting the reduction in TABOR refunds for some in this income bracket.

Colorado Tabor Refund

How to receive Tabor Colorado Refund 2024?

There are two ways you can receive your 2024 Colorado TABOR refund:

Direct Deposit:

  • If you chose direct deposit when you filed your Colorado individual income tax return or Personal Tax Credit application, your refund will be automatically deposited into the bank account you provided.

Mail:

  • If you did not choose direct deposit, or if your refund cannot be directly deposited, you will receive your refund by mail. This may take longer than direct deposit, so allow sufficient time for the check to arrive.
  • The check will be mailed to the address you provided on your tax return or Personal Tax Credit application. Make sure your address is accurate and up-to-date to avoid delays or misdirected mail.

Remember, it’s essential to file your tax return by April 15, 2024, to be eligible for the 2024 TABOR refund.

How to check the status of your Tabor Colorado Refund?

You can easily check the status of your 2024 Colorado TABOR refund using the Colorado Department of Revenue’s “Where’s My Refund?” tool: https://tax.colorado.gov/where-is-my-refund. 

  • Visit the Colorado Department of Revenue website
  • Choose the option “Where’s My Refund for Individuals” in the box labelled “Refund Resources”.
  • Enter your Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN) and the refund amount you claimed on your current year’s income tax return.
  • If you do not know the refund amount you claimed, you may either use a Letter ID number from a recent income tax correspondence from the Department or request a letter “Request a Letter ID” link on the home page.
  • Click “Next” to view your refund status.

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