Reminder for Colorado Residents on Upcoming TABOR Refunds

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inepteft
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Joined: Tue Feb 24, 2015 11:19 am

Reminder for Colorado Residents on Upcoming TABOR Refunds

Post by inepteft »

Colorado's state government will be returning excess tax collections to residents in August and September 2022 via check to comply with TABOR (the state's constitutional tax and expenditure limit). The amounts are expected to be at least $500 for a single filer and $1000 for joint filers. To receive the refund, an individual needs to be 18 years of age, a state resident, and have filed a state income tax return by June 30, 2022 (or an extension by October 17, 2022).

If you have children who are at least 18 years of age and Colorado residents, it seems advantageous to have them file a state income tax return before the deadline to qualify for the refund. My college-aged child did not make enough money at campus jobs to owe any tax, so they previously did not file for 2021 but just did to hopefully qualify for the refund. Here's a link to the details:

https://tax.colorado.gov/cash-back
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