DENVER (KDVR) — Monday marked the first day the IRS could start accepting and processing your tax return.
Colorado filers need to keep an eye out for one key step to make sure they get all the money they are eligible for back in their wallets.
Coloradans are set to get TABOR refunds after they file their taxes this year, but the state is reminding residents that they have to opt in.
“Unfortunately, if you didn’t check that box for your taxes you filed in 2024 for tax year 2023, you did miss out on your tabor refund,” said Elisabeth Kosar, communications director for the Colorado Department of Revenue. “TABOR is something you need to opt into so please, please check that box or again have whoever is preparing your taxes check that box.”
TABOR is short for the Taxpayer’s Bill of Rights. It’s an amendment to the Colorado constitution passed in 1992 that limits how much money the state can retain or spend each year. When the state goes over that limit, taxpayers get some of the money back.
As long as you opt in, you will get a TABOR refund the same way you get your state refund.
If you have lived here for some time you may remember those flat refund checks everyone got a few years ago. This year, everyone will get a different refund based on their income and they will be smaller than those pandemic-era checks but there are some new tax credits lawmakers passed last year to try to put more money back in your wallet.
“Last year was an unprecedented year for the Colorado legislature. And they passed many, many tax credits that folks may be eligible for. So we encourage folks to look into that. We’ll be launching a tax benefits hub in just a few weeks here. It’ll tell Coloradans all about the different tax credits Coloradans may be eligible for,” said Kosar.
Taxpayers who have zero tax liability can also claim TABOR. You can learn more about it on the Department of Revenue’s website. You can also access the Taxpayer Helpline by dialing 303-238-7378, which is staffed on weekdays from 8 a.m. to 4:30 p.m.
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