Colorado residents have a financial boost to look forward to in 2024, thanks to the Colorado TABOR Refund and potential additional stimulus payments.
This refund, amounting to $1,142, provides much-needed relief to eligible individuals, especially seniors, surviving spouses, and those with disabilities. Let’s dive into the details, including eligibility, payment schedules, and how to apply.
$1,142 Colorado TABOR Refund
The Colorado TABOR Refund, established to return surplus state revenue, targets vulnerable groups such as full-year residents aged 65 or older, surviving spouses aged 58 or older, and individuals with qualifying disabilities.
It also has specific income thresholds, ensuring that assistance goes to those who need it the most.
Eligibility
Eligibility for the $1,142 Colorado TABOR Refund hinges on several criteria:
- Residency: Applicants must have been full-year Colorado residents in 2023.
- Income Limits: Single taxpayers must earn less than $18,026, while married couples filing jointly must have a combined income below $24,345.
- Age Requirements: Applicants must either be 65 or older, surviving spouses aged 58 or older, or individuals of any age with qualifying disabilities.
- Qualifying Expenses: Applicants should have paid for rent, property taxes, or heating costs during the qualifying period.
For individuals without an SSN or ITIN, the program allows applications using an Alternate Identification Number.
How to Apply
Applying for the refund is straightforward. Eligible residents can complete Form DR 0104PTC online, submit it in person at a Colorado Department of Revenue Taxpayer Service Center, or mail it to the Denver office.
Ensure all details, including your address, match official identification to avoid processing delays.
Step-by-Step Guide to Check Refund Status
- Visit Colorado.gov/RevenueOnline.
- Select “Get a Letter ID” under “Additional Services.”
- Wait approximately two weeks to receive the Letter ID by mail.
- Return to the site and input your Letter ID.
- Choose the “Property Tax, Rent, and Heat Rebate (PTC)” option under “Where’s My Refund?” and follow the instructions.
Payment Amounts
The refund amounts vary based on income and filing status:
| Filing Status | Maximum Refund |
|---|---|
| Single Taxpayer | $800 |
| Married Filing Jointly | $1,600 |
Refunds are calculated based on eligible expenses and income thresholds. Couples filing jointly typically receive higher refunds, reflecting their combined financial circumstances.
Payment Schedule
Payments will be distributed according to the following timeline:
| Application Received | Paper Check Payment Date | Direct Deposit Date |
|---|---|---|
| By 10th March 2024 | 5th April 2024 | 15th April 2024 |
| By 10th June 2024 | 5th July 2024 | 15th July 2024 |
| By 10th September 2024 | 5th October 2024 | 15th October 2024 |
| By 10th December 2024 | 5th January 2025 | 15th January 2025 |
| After 31st December 2024 | 10-12 weeks after receipt | — |
Residents should monitor their application status online to confirm their anticipated payment date.
Potential Additional Stimulus
In addition to the TABOR Refund, Colorado residents might receive an additional Trump Stimulus Check in 2024, worth up to $1,800. While details are still emerging, this payment could provide further financial relief.
It’s clear that these payments aim to ease financial burdens and provide a safety net for Colorado’s most vulnerable populations. With careful planning and timely applications, eligible residents can secure their refunds and additional support.
