Colorado Stimulus Check 2024 : $1,600 Payment Approved, Understanding TABOR Refunds

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Colorado stimulus check 2024 : Good news for Colorado residents! A $1,600 stimulus check will arrive in 2024.

The state’s latest TABOR refunds will give much-needed financial relief to eligible residents. These refunds stand out as one of the biggest payments the state has made over the last several years.

You probably want to know when and how you’ll get your money. This piece covers all the key details about your TABOR refund.

You’ll learn about deadlines, who qualifies, and ways to track your payment. We’ve also added helpful tips to make sure you get your refund on time.

2024 TABOR Payment Overview

Let’s take a closer look at the latest TABOR refund announcement. The Colorado Department of Revenue confirms the state collected $1.40 billion more in revenue than allowed, plus $289 million from previous under-refunds.

Colorado taxpayers will see major tax benefits in the 2024 tax year through two key changes. The state will automatically reduce income tax rates from 4.40% to 4.25%.

The sales tax refund uses a six-tier structure based on income levels. Here’s what individual and joint filers can expect:

Filing StatusSingle FilerJoint Filer
Up to $53,000$177$354
$53,001 – $105,000$240$480
$105,001 – $166,000$277$554
$166,001 – $233,000$323$646
$233,001 – $302,000$350$700
Over $302,001$565$1,130

This could be the last major TABOR refund for a while. Economic forecasts point to tighter budgets ahead, and recent state law changes may affect future refund amounts. 

The Colorado legislature has already made changes for 2026 and beyond that will move surplus refunds through various tax credits and exemptions.

Qualification Requirements

Let’s help fellow Coloradans understand who qualifies for the 2024 TABOR refund by breaking down everything they need to know.

The basic requirements are straightforward. You must be at least 18 years old by December 31, 2023, and live in Colorado throughout the 2023 tax year.

Here are the core qualification requirements we must meet:

  • Full-year Colorado residency during 2023
  • File a 2023 Colorado state income tax return or PTC Rebate application
  • Meet age requirement (18+)
  • Submit filing by appropriate deadline

The deadlines are crucial. Residents without Colorado income tax liability who aren’t claiming wage withholding refunds must file by April 15, 2024. 

Those with tax liability or claiming wage withholding refunds have until October 15, 2024.

Colorado residents without a Social Security number can still qualify by using an Individual Taxpayer Identification Number (ITIN) to file state taxes. Seniors and disabled residents have additional options. 

Those meeting specific income limits (single filers under $18,026 and married couples under $24,345) can use a special PTC104 form to claim both the TABOR refund and property tax/rent rebate.

It’s worth mentioning that some restrictions exist. People who spent 180 days or more in prison or under Department of Human Services care during the state fiscal year cannot receive the sales tax refund portion.

Strategic Planning for Recipients

Let’s make the most of our Colorado stimulus check 2024 now that we know our eligibility. The refund amounts look promising – single filers can receive $177 to $565, while joint filers might get $354 to $1,130. Smart planning plays a significant role here.

Here are our recommended steps to get the most from your TABOR refund:

  • Pay Down High-Interest Debt: This should be our top priority if we have credit card balances or personal loans
  • Build Emergency Savings: A high-yield savings account could be your best bet
  • Plan for Future Changes: The refunds might drop by a lot after 2024, with estimates showing as little as $41 per taxpayer in 2025

Colorado residents aged 65 or older or those with disabilities have extra chances to benefit. The Property Tax, Rent, and Heat (PTC) Rebate program offers up to $1,112 each year. 

This benefit works best for single filers earning under $18,026 or joint filers making less than $24,345.

Your filing method determines when you’ll get your refund. The process has changed since the 2022 Colorado cashback – you won’t get a separate check this time.

Your TABOR refund will come together with your regular tax refund when you file your state income tax return.

Revenue Online, the state’s free e-file service, offers the quickest way to process your return. Electronic filing speeds up the process and helps you track your refund status easily.

Conclusion

Colorado’s 2024 TABOR refund will give residents major financial relief. Joint filers can receive payments up to $1,600. Our detailed review reveals that this refund combines an automatic tax rate reduction and a tiered sales tax refund system based on income levels.

The April 15 and October 15 filing deadlines make preparation most important. Careful planning helps us use these funds effectively to reduce debt, build emergency savings, or meet other financial priorities. This year’s refund amounts rank among the highest ever, but future projections point to smaller returns.

Residents who check their eligibility status and filing requirements now can keep up with trends. The refund is available through standard tax returns or special programs like the PTC Rebate, and timely action will give a full refund. Colorado residents have a chance to improve their financial position with this TABOR refund. However, everyone should plan carefully since future refund amounts will likely decrease.

FAQs

Q1. How do I qualify for the 2024 Colorado TABOR refund? To qualify, you must be at least 18 years old as of December 31, 2023, be a full-year Colorado resident for 2023, and file a 2023 Colorado state income tax return or PTC Rebate application by the appropriate deadline.

Q2. What are the payment amounts for the 2024 TABOR refund? The refund amounts vary based on income and filing status. Single filers can receive between $177 and $565, while joint filers can receive between $354 and $1,130, depending on their income tier.

Q3. When is the deadline to file for the 2024 TABOR refund? There are two important deadlines: April 15, 2024, for those without Colorado income tax liability and not claiming wage withholding refunds, and October 15, 2024, for those with tax liability or claiming wage withholding refunds.

Q4. How will I receive my TABOR refund? Unlike previous years, the 2024 TABOR refund will be combined with your regular tax refund when you file your state income tax return. No separate check will be issued.

Q5. Can I track the status of my TABOR refund? Yes, you can check the status of your refund on Revenue Online. Choose the “Where’s My Refund for Individuals” option and enter your SSN or ITIN along with the refund amount claimed on your current year’s income tax return.

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