Colorado Department of Revenue announces income taxes now processing, new online tool
The department began processing income tax returns from third-party services on Friday. The state's online filing system was initially estimated to be up by "early February." Officials said that the delay will cause delays in receiving refunds.
They also announced a new online tax benefits hub designed to help taxpayers save money. Officials said the tax credit hub is part of the department's effort to spread awareness about available tax credits, subtractions and rebates.
The online resource is organized into four groups including families and individuals, seniors and retirees, charitable contributions and climate-friendly.
"The Department of Revenue is constantly working to serve our customers and ensure that they can access our resources as effectively as possible," said Heidi Humphreys, Executive Director of the Department of Revenue. "We're proud to offer this new resource."
The Department of Revenue said potential savings include dozens of tax breaks such as:
Colorado Earned Income Tax Credit - As an example, a couple filing jointly with two kids and an adjusted gross income of $50,000 would receive $1,334
Colorado Child Tax Credit - Up to $1,200 per child (for children under 6)
Family Affordability Tax Credit - Up to $3,200 per child under 6 years old and up to $2,400 per child between the ages of 6 and 16
Innovative Motor Vehicle Tax Credit - Up to $7,500
Colorado Promise Higher Education Tax Credit - Varies depending on school; provides eligible students with tuition and fees for their first two years of college
Officials encouraged taxpayers to file electronically to cut down on processing time. They said income tax processing will be available through Revenue Online in the coming days.
The filing deadline for the 2024 tax year is April 15. Colorado offers an automatic six-month extension for filing as long as payment obligations are satisfied by April 15.
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