Are you waiting for your Colorado Stimulus Check for 2024 alongside the $800 TABOR refund? In this post, we will explain the eligibility criteria for the TABOR refund for Colorado citizens, how to claim it, and everything else about the brilliant financial relief by the government.
In 2024, residents of Colorado are poised to experience financial relief through a series of stimulus checks and refunds. Among these benefits is the anticipated $800 TABOR refund, which stems from the state’s revenue surplus in 2023.
This refund presents an opportunity for Colorado taxpayers to receive much-needed financial assistance, helping to alleviate economic burdens and promote stability within the community.
What is TABOR Refund in Colorado Stimulus Check?
TABOR, short for the Taxpayer’s Bill of Rights, constitutes an amendment to the Colorado Constitution, ratified by voters in 1992. This legislation imposes restrictions on the amount of revenue that Colorado governments, encompassing the state, counties, cities, schools, and special districts, can accumulate and utilize.
In 2024, individuals residing in Colorado have the opportunity to tap into stimulus checks and refunds aimed at providing financial assistance. Among these benefits is the anticipated Colorado TABOR refund, which stands at $800 for individual taxpayers and $1,600 for joint filers.
This refund is derived from revenue exceeding the limit outlined by the Taxpayer’s Bill of Rights. To qualify for the 2024 Colorado TABOR refund, certain conditions must be met, including the filing of a 2023 Colorado individual income tax return.
Colorado TABOR Refund for 2024 Summary
| Key Details | Colorado TABOR Refund |
| Year of Refund | 2024 |
| Eligible Taxpayers | Individual and joint filers |
| Refund Amount | $800 for individual taxpayers |
| $1,600 for joint filers | |
| Source of Refund | Revenue surplus beyond TABOR limit |
| Criteria for Eligibility | Filing a 2023 Colorado tax return |
| Method of Distribution | Direct refund or tax credit |
| Purpose of Refund | Providing financial relief to taxpayers |
| Implications for Government | Limits government spending and revenue accumulation |
Colorado TABOR Redund Stimulus Check 2024 Eligibility
Eligibility criteria for the TABOR refund in Colorado are as follows:
- Residency: You must have resided in Colorado for at least half of the 2023 tax year.
- Age: You must be 18 years old or older by January 1, 2024, which marks the beginning of the tax year for which the refund is issued.
- Tax Filing: You must have filed a Colorado income tax return for tax year 2023, regardless of whether you owe any state income tax.
- No Income Requirement: There is no specific income threshold to qualify for the TABOR refund.
- Citizenship: While U.S. citizenship is not a requirement, you must possess a valid Social Security number (SSN) or Individual Taxpayer Identification Number (ITIN).
- Joint Filing: If you filed jointly with a spouse, both individuals are eligible for separate TABOR refunds, with the refund amount contingent on the filing status.
- Deceased Residents: Representatives of deceased residents may be eligible to claim a TABOR refund, provided they meet specific requirements outlined by the state.
How to Claim Colorado TABOR Refund in 2024?
You cannot claim the TABOR refund directly online. It is linked to the process of filing your Colorado income tax return:
- Filing Requirement: You must have submitted a Colorado income tax return for tax year 2023 within the specified deadline.
- Mandatory Filing: Regardless of whether you owe any state income tax or have a tax liability, filing a return is mandatory to claim your TABOR refund.
- Processing: After you’ve submitted your return, the Colorado Department of Revenue will handle its processing, including determining any potential TABOR refund you might qualify for.
- Automatic Refund: Following the filing of your return, no additional steps are necessary. If you meet the eligibility criteria, the Department of Revenue will automatically issue your refund.
Colorado TABOR Refund Stimulus Check Payment Date
The TABOR refund distribution in Colorado for 2024 will occur during the spring season, with the specific issuance date contingent upon your state income tax filing.
- Timing: Typically, refunds are processed within 21 days of filing your tax return.
- Processing Sequence: TABOR refunds follow the processing of tax returns for the preceding year.
- Filing Deadline: To claim your TABOR refund, individuals can submit a Colorado Individual Income Tax Return (DR 0104) by April 15, 2024.
- Extension Period: The deadline extension for filing a Colorado income tax return for tax year 2023 usually extends until October 2024.
- Distribution Process: Once tax returns undergo processing, the state proceeds to distribute TABOR refunds accordingly.
Colorado TABOR Refund 2024 Amount Calculation
The TABOR refund amount you receive is determined by your tax filing status for the year in which the refund is issued, typically based on the previous year’s tax return.
| Filing Status | TABOR Refund Amount |
| Single | $800 |
| Married Filing Jointly | $1,600 |
- The TABOR refund amount is standardized based on your filing status, irrespective of your income or tax liability.
- This means that all eligible individuals under a specific filing status receive the same refund amount.
- There are no variations or tiers in the TABOR refund amount based on income level.
- If you filed as head of household or married filing separately, you will receive the standard $800 TABOR refund amount.
- Dependents do not influence the TABOR refund amount.
- For married couples filing jointly, each spouse is entitled to an individual TABOR refund, totaling $1,600 combined.
Factor Affecting Colorado TABOR Refund Amount
- State Revenue Collection (2023): The primary determinant of the TABOR refund. Excess state revenue beyond a threshold linked to population growth and inflation (calculated for 2023).
- Strong economic performance in Colorado (2023) = Increased revenue collection = Larger TABOR refund pool.
- Weaker economic performance = Reduced revenue collection = Smaller TABOR refund pool.
- TABOR Limit Calculation: The TABOR limit adjusts with inflation and population growth. Higher inflation may elevate this limit, potentially resulting in more TABOR refunds if state revenue exceeds the adjusted threshold.
- Department of Revenue Workload: The workload of the department can impact processing speed, potentially causing minor delays.
Final Words
In conclusion, the Colorado TABOR refund stimulus check offers much-needed financial relief to residents of Colorado. As we navigate through economic uncertainties, this refund serves as a welcome support, especially for those who qualify based on their tax filing status.
While the exact refund amount and timeline are influenced by various factors such as state revenue collection and the TABOR limit calculation, residents can anticipate receiving their refunds in the spring of 2024.
As we await further updates and details from the Colorado Department of Revenue, it’s essential to stay informed and prepared to claim your refund by filing your state income taxes on time.
Disclaimer: The information provided in this blog post is for general informational purposes only and should not be considered as financial or tax advice. Each individual’s financial situation may vary, and it is essential to consult with a qualified tax professional or financial advisor for personalized guidance.