During the year 2024, taxpayers residing in the state of Colorado who qualify will receive a refund from the TABOR program, which is a one-time stimulus check of up to $800. It is important to know the details about who is eligible and how to claim this refund to ensure that, in case of being a qualified resident in the state of Colorado, you can access this money that can be used discretionally.
The TABOR (Taxpayer’s Bill of Rights) refund is awarded when the state of Colorado collects more tax revenue than allowed by state law. These surpluses are returned to taxpayers in the form of refunds.
How Is a Colorado TABOR Stimulus Check Determined?
During the 2024 tax year, each qualified taxpayer will receive $800, while a couple of taxpayers filing a joint return will receive $1,600. These amounts are fixed for each taxpayer and do not vary depending on the level of income, unlike other years when refunds were staggered following that pattern.
The TABOR rebate is based on income earned above the limit set by the Colorado State Taxpayer Bill of Rights (TABOR). Those who have lived in Colorado for more than a year and pay their taxes qualify for these refunds.
Requirements to Claim the 2024 TABOR Refund
The following requirements are mandatory for those who want to claim their 2024 TABOR refund:
- Submit Form DR 0104 of 2023 by April 15, 2024.
- Be at least 18 years old at the beginning of the tax year.
- Have lived in Colorado for at least half of the 2023 tax year.
- Not be committed to the Department of Human Services or have spent 180 days or more in prison during the fiscal year.
- Have no outstanding Colorado income tax balances.
- How to claim your TABOR stimulus check?
Learn More: Don’t Mess With the IRS: What Is Considered a Tax Fraud?
To start claiming your 2024 Colorado TABOR rebate, follow these steps:
- Visit the official website of the Colorado Department of Taxation.
- Download and complete the DR 0104 form.
- Include all necessary information and documents.
- Please verify and submit your form by April 15, 2024.
Once you have completed all the steps, if you are already waiting for your refund, you can check the status of the process using the “Where’s my Return” tool from the Taxation Division of the Colorado Department of Revenue. You will need your Social Security Number (SSN) or Personal Taxpayer Identification Number (ITIN) and the amount of the refund claimed.
What about unclaimed tax refunds in Colorado?
Even though a whopping $3.28 billion is available to claim in TABOR program tax refunds this year, thousands of Coloradans have yet to make a corresponding claim. As of the end of March, only $1.76 billion in refunds had been issued, representing about 54% of the total available.
If you don’t claim your Colorado TABOR refund by the deadline, you will lose the money. The state will not send refunds after the deadline, and the money will become part of the coffers of the state of Colorado, with no possibility of subsequent claim.
“Please remember that you must claim the state sales tax refund (TABOR refund) when filing your state income tax return. If you claimed a 2023 refund, the TABOR refund will be combined and issued out with your refund. Unlike the 2022 Colorado cashback, no separate check will be issued,”, explained Colorado’s Taxation Division.
