Colorado TABOR Refund 2024: Filing Deadline, Eligibility, Amount, and Status Updates

Latest Update: Colorado is slated to issue tax refunds in 2024 under the Taxpayer’s Bill of Rights (TABOR). Joint filers can expect an estimated refund of $1,600, while single taxpayers may receive $800, with a tax return filing deadline set for April 14, 2024.

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Contents

Expected Timing of TABOR Refunds

TABOR refund checks are anticipated to be dispatched in the spring of 2024, prioritizing early filers for quicker reimbursements. Colorado’s TABOR law mandates returning any surplus state revenue to taxpayers, with a revenue cap in place.

Receiving the Refund

Colorado TABOR Refund 2024

The method of refund delivery, whether via mail or electronic deposit, determines the timeline for receipt. Electronic deposits typically take two weeks, while paper checks may require more time. Taxpayers can track their TABOR reimbursement progress online approximately one week after submission.

Who Is Eligible for Colorado TABOR Refund 2024?

To qualify for the Colorado TABOR refund in 2024, individuals must fulfill various criteria, including applying for a Personal Tax Credit by April 15, 2024, residing in Colorado for at least half of the 2023 tax year, and not owing any state income tax in Colorado.

Expected Refund Amount

The latest distribution approach for TABOR payments aims for equal disbursement, with lower-income earners expected to receive slightly higher refunds than initially estimated, while higher earners may receive lower returns. The total refund estimate for Colorado taxpayers in the upcoming cycle is around $3.28 billion, with single taxpayers projected to receive $800 and joint filers $1,600.

How to File for the Refund

Individuals must access the form at https://tax.colorado.gov/DR0104, fulfill all necessary requirements, verify the provided information, and submit the claim before April 15, 2024.

Checking the Refund Status

To track the status of the TABOR refund, individuals can visit the Colorado Department of Revenue website, navigate to the “Where’s My Refund for Individuals” section, and input the required details related to the claimed refund on the current year’s income tax return.

Conclusion

The Colorado TABOR refund 2024 offers eligible taxpayers the chance to receive a refund based on specific criteria. By ensuring timely and accurate filing, individuals can increase their chances of receiving the expected refund amount.

FAQs

Who qualifies for the Colorado TABOR refund in 2024?

Eligibility criteria include applying for a Personal Tax Credit by April 15, 2024, residing in Colorado for at least half of the 2023 tax year, and not owing any state income tax in Colorado.

What amount can I expect from the Colorado TABOR refund in 2024?

The estimated total refund for Colorado taxpayers in the upcoming cycle is approximately $3.28 billion, with single taxpayers projected to receive $800 and joint filers $1,600.

How do I check the status of the Colorado TABOR refund in 2024?

To track the refund status, individuals can visit the Colorado Department of Revenue website and follow the instructions under the “Where’s My Refund for Individuals” section.

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