Monday was the first day the IRS was able to begin taking and processing your tax return.
Colorado filers should pay attention to one important step to ensure that they receive all the money they are entitled to back in their pockets.
Residents of Colorado will receive TABOR refunds once they file their taxes this year, but the state is reminding them that they need to choose to receive the return.
The Colorado Department of Revenue is working to assist taxpayers in maximizing their tax refunds this year.
Elisabeth Kosar, the communications director for the Colorado Department of Revenue, stated, “Unfortunately, if you didn’t check that box for your taxes you filed in 2024 for tax year 2023, you did miss out on your tabor refund. TABOR is something you need to opt into so please, please check that box or again have whoever is preparing your taxes check that box.”
The Taxpayer’s Bill of Rights is abbreviated as TABOR. In 1992, an amendment was made to the Colorado constitution that restricts the amount of money the state is allowed to keep or spend in a given year. Taxpayers receive a portion of their money back when the state exceeds that limit.
“If folks want to claim TABOR, you need to go online or talk to your tax processor and you need to elect to receive TABOR. And we really want to remind folks to do that, sometimes they get a little bit confused. You need to make sure you check that checked box. TABOR refunds will be processed through your traditional refunds,” Kosar stated. “When you’re using a service such as H&R Block or Turbo Tax there should be an option that says ‘I elect to receive TABOR,’ they should have that built into their programming.”
If you want to participate, you will receive a TABOR refund in the same manner that you receive your state refund.
You might recall the flat refund checks that everyone received a few years ago if you have been living here for a while.
This year, everyone will receive a separate refund based on their income, and these refunds will be lower than the cheques that were sent out during the pandemic.
However, there are some new tax benefits that lawmakers established last year in an effort to return more money back in your wallet.
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“Last year was an unprecedented year for the Colorado legislature. And they passed many, many tax credits that folks may be eligible for.
So we encourage folks to look into that. We’ll be launching a tax benefits hub in just a few weeks here. It’ll tell Coloradans all about the different tax credits Coloradans may be eligible for,” Kosar stated.
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Taxpayers who do not owe any taxes can also claim TABOR. You may find more information about it on the website of the Department of Revenue. You can also reach the Taxpayer Helpline by calling 303-238-7378. The helpline is open on weekdays from 8 a.m. to 4:30 p.m.
