Colorado residents can look forward to receiving TABOR refunds in 2024, potentially as high as $1,142 for eligible taxpayers. These refunds, granted under the Taxpayer’s Bill of Rights (TABOR), ensure that excess state revenue is returned to residents. If you’re wondering about your eligibility, when you’ll get your payment, or how to check your refund status, keep reading to learn all the details.
$1,142 Colorado TABOR Refund 2024: What You Need to Know
In 2024, Colorado residents will receive TABOR refunds, which could be as much as $1,142 depending on factors like income and filing status. These refunds stem from the Taxpayer’s Bill of Rights, a constitutional amendment passed in 1992 that limits the amount of revenue the state can collect and spend. If revenue exceeds this limit, the surplus is returned to taxpayers.
For 2024, the TABOR surplus comes from increased state revenue driven by strong tax collections and economic growth. If you qualify, these refunds provide a financial benefit, but understanding eligibility, payment dates, and amounts is key to receiving your refund.
Refund Amount Breakdown for 2024
The amount of your TABOR refund depends on your Adjusted Gross Income (AGI) and filing status. Here’s a breakdown of the potential refund amounts:
| Adjusted Gross Income (AGI) | Single Filers | Joint Filers |
|---|---|---|
| Up to $53,000 | $177 | $354 |
| $53,001 to $105,000 | $240 | $480 |
| $105,001 to $166,000 | $277 | $554 |
| $166,001 to $233,000 | $323 | $646 |
| $233,001 to $302,000 | $350 | $700 |
| $302,001 and above | $571 | $1,142 |
Refunds for joint filers are double the amount given to single filers. These refunds are designed to return the surplus fairly across different income levels.
Who Is Eligible for the 2024 TABOR Refund?
To qualify for the 2024 TABOR refund, you need to meet the following criteria:
- Residency Requirement: You must be a Colorado resident for the entire 2023 tax year.
- Age Requirement: You must be at least 18 years old by January 1, 2024.
- Tax Filing Requirement: You need to have filed a 2023 Colorado state income tax return or submitted a Property Tax/Rent/Heat Credit (PTC) Rebate application by the appropriate deadline.
Special Considerations
Seniors, disabled individuals, and low-income residents who qualify for the PTC rebate program can still receive the TABOR refund, even if they don’t typically file taxes.
Payment Schedule for the 2024 TABOR Refund
The refund timeline depends on when you file your tax return:
- Early Filers: If you file early in 2024, you can expect to receive your refund in the spring.
- Standard Deadline Filers: Taxpayers who file by the April 15, 2024, deadline will receive their refunds by mid-2024.
- Extended Deadline Filers: Those filing by the October 15, 2024, extended deadline will get their refunds later in the year.
How Will You Receive Your Refund?
Refunds will be issued in one of two ways:
- Direct Deposit: If you provided bank account details on your tax return, your refund will be directly deposited into your bank account. Direct deposit is faster and more secure.
- Paper Checks: If you didn’t provide bank account information, your refund will be sent by mail. Be mindful that mailed checks may take longer to arrive, especially for extended filers.
How to Track Your TABOR Refund Payment Status
To check the status of your TABOR refund, visit the Colorado Department of Revenue’s official website and use the Refund Tracker tool. You’ll need to enter your Social Security Number (SSN) and the refund amount from your tax return to view your payment status and estimated delivery date.
Tips to Maximize Your TABOR Refund
While your TABOR refund is not taxable at the state level, it’s still important to use it wisely. Here are some suggestions for making the most of your refund:
- Pay Down Debt: Use the refund to pay off high-interest debt, such as credit card balances.
- Build Savings: Add the money to an emergency fund to help cover unexpected expenses.
- Invest in Essentials: Consider using the refund for necessary expenses like groceries, healthcare, or utilities.
- Support Local Businesses: Spending your refund at local businesses can help boost the local economy.
Common Issues and How to Avoid Them
- Missing Refund
Issue: You haven’t received your refund on time.
Solution: Double-check your filing status and use the refund tracker. If there are further delays, contact the Colorado Department of Revenue. - Incorrect Banking Information
Issue: Direct deposit fails due to incorrect bank details.
Solution: Make sure your bank account information is accurate before filing your tax return. - Address Changes
Issue: Mailed checks are sent to an old address.
Solution: Update your address with the Colorado Department of Revenue before the refund is issued.
Final Thoughts
The 2024 TABOR refund is a great opportunity for Colorado taxpayers to benefit from the state’s surplus revenue. By understanding the eligibility requirements, payment dates, and how to track your refund, you can ensure that you receive the financial benefit you’re entitled to. For the latest updates and resources, always refer to the official Colorado Department of Revenue website.
