Gov. Jared Polis approved a cash back program in May 2022 to send eligible taxpayers up to $1.500. All eligible taxpayers should have already received the Colorado cash back checks. Those who haven’t yet received the check need to contact the Colorado Department of Revenue Taxation Division.
Didn’t Get The Check? Who To Contact
Colorado’s Cash Back program was signed into law on May 23, 2022. The program gives $750 to individuals and $1,500 to married couples. To get the cash back checks, eligible taxpayers would have needed to file their 2021 Colorado state income tax returns.
Those who filed their state income tax returns by June 30, 2022, should have gotten their Colorado cash back checks by September 30. Eligible taxpayers who filed their income tax return by Oct. 17, 2022 (extension deadline) were scheduled to get the checks by Jan. 31, 2023, according to the Colorado Department of Revenue Taxation.
However, if you are eligible for the cash back but haven’t received the checks by the end of January, then you need to call the Colorado Cash Back hotline at 1-303-951-4996.
Also, you can fill out this form and mail it to the address at the bottom of the form, according to the Colorado Department of Revenue Taxation Division. You need to provide all supporting documents requested with the form.
Colorado’s Cash Back program is the result of an amendment to the state’s Taxpayer’s Bill of Rights (TABOR) that requires the state to return excess state revenues. Initially, the cash back amount was estimated to be $400, but Colorado’s strong economic recovery pushed up the TABOR payments to $750 per taxpayer.
Colorado Cash Back Checks: Who Is Eligible?
To get the Colorado Cash Back checks, taxpayers need to be at least 18 years old as of Dec. 31, 2021; have been a Colorado resident for all of 2021; and have filed the 2021 Colorado state income tax return or applied for a Property Tax/Rent/Heat Credit (PTC) Rebate.
In case you filed your 2021 Colorado tax return, but moved out of the state last year, then also you are eligible for the cash back.
Since TABOR payments are sales tax refunds, not income tax refunds, even those who didn’t owe taxes or could be claimed as a dependent by someone else, could also qualify for the cash back if they filed a 2021 Colorado income tax return by October 17.
Colorado cash back recipients need to know that their payment could be reduced if they owe back taxes, child support or other government debt.
The Colorado Department of Revenue Taxation Division is only issuing checks to eligible recipients (and not sending direct deposits). Recipients can cash the check at the “financial institution they have a relationship with,” or visit any Wells Fargo location, where their check will be cashed without a fee.
This article originally appeared on ValueWalk
Sponsored: Find a Qualified Financial Advisor
Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.
Source: Read Full Article