In 2024, Colorado may look forward to a TABOR Refund of $800 for each eligible taxpayer and $1,600 for married couples filing jointly. Neither jailed nor committed to the Department of Human Services for 180 days or longer throughout the state fiscal year (July 1, 2023, to June 30, 2024) was a requirement.
TABOR Refund 2024 Payout
In 2024, Colorado may look forward to a TABOR Refund of $800 for each eligible taxpayer and $1,600 for married couples filing jointly. This reimbursement is determined from funds that are above the limit set by the Taxpayer’s Bill of Rights (TABOR).
In 2024, a TABOR refund will be due to Colorado citizens. The surplus in state revenues is the cause of the refund, which occurred when the state spent more than it took in during the fiscal year. They need to be 18 or older by January 1, 2024, and Colorado residents for half of the 2023 tax year.
Furthermore, during the state fiscal year from July 1, 2023, to June 30, 2024, they must not have any outstanding Colorado income tax amounts, a request to have wages withheld, a commitment to the Department of Human Services, or a prison term of 180 days or more.
TABOR Refund 2024 Amount
One thousand eight hundred dollars will go to individuals who have paid taxes in Colorado for at least a year, and one thousand five hundred dollars will go to married couples filing jointly.
By submitting a 2023 DR 0104 form by April 15, 2024, taxpayers who were 18 years old or older at the start of the tax year and who did not pay Colorado income tax may get their 2024 TABOR refund.
Instead of being graded depending on income levels as in other years, the TABOR refund for 2024 is a flat sum.
- $800: For individual filers.
- $1,600: For joint filers.
This uniform return scheme was made possible by the Identical Temporary TABOR return proposal, which was approved by the public in November 2023 after its enactment in May 2023. Think about how this compares to the multi-tiered strategy of years past.
How to receive Tabor Colorado Refund 2024?
You may get your 2024 Colorado TABOR refund in one of two ways:
- Mail: Your refund will be sent to you by mail if you choose not to receive it by direct deposit or if it is not available for direct deposit. It may take more time for the check to arrive than with direct deposit, so be patient.
- Direct Deposit: Your refund will be immediately transferred into the bank account you supplied if you selected the direct deposit option when filing your Colorado individual income tax return or Personal Tax Credit application.
The address you submitted on your tax return or Personal Tax Credit application will be the mailing address for the cheque. Keep your address up-to-date and accurate to avoid mail delays or being sent the wrong way. To qualify for the 2024 TABOR refund, keep in mind that you must submit your tax return by April 15, 2024.
Eligibility for the Colorado TABOR Refund 2024
To get your Colorado TABOR refund in 2024, you have to fulfill these requirements:
- The primary condition for getting the money back is to submit a Colorado individual income tax return for the year 2023. To get your money back even if you didn’t have enough to fill out an income tax return, you have until April 15, 2024, to apply for the Personal Tax Credit.
- Maintain a six-month continuous residency in Colorado for the tax year of 2023.
- Possess the legal age of majority as of January 1, 2024.
- Neither jailed nor committed to the Department of Human Services for 180 days or longer throughout the state fiscal year (July 1, 2023, to June 30, 2024) was a requirement.
- To qualify for the TABOR refund, you need not have paid any Colorado state income tax.
- Full refund eligibility ($1,600) is contingent upon both spouses fulfilling the requirements if a joint tax return is submitted.
- If you submit your taxes individually, you’ll need to ensure that each person meets the requirements to get their refund ($800).
- This goes against the grain of the typical tax-based proportionate distribution.
- Each person gets the same amount regardless of their income level, however, those with more than $104,001 will get less than they would have had under the old system.
- Some low- and middle-income workers saw their TABOR refunds reduced, but the state enhanced the Earned Income Tax Credit to help offset the loss.
How to Check the status of your Tabor Colorado Refund?
Through the usage of the “Where’s My Refund? function, you will be able to rapidly watch the advancement of your 2024 Colorado TABOR refund. The application, which can be accessed at https://tax.colorado.gov/where-is-my-return, will allow you to accomplish this.
- Visit the page of the Colorado Department of Revenue Online.
- Locate the “Where’s My Refund for Individuals” option inside the “Refund Resources” box, and then choose it.
- Enter the amount of the refund you claimed on your income tax return for the current year, together with your Social Security number (SSN) or Individual Taxpayer Identification number (ITIN).
- You may either use a Letter ID number from a recent income tax correspondence from the Department or obtain a letter by clicking the “Request a Letter ID” option on the main page if you are unsure about the refund amount you claimed.
- To track the status of your refund, just click “Next.”