The Colorado Department of Revenue has started processing income tax returns after a delay left many returns pending. The department began processing returns from third-party services on Friday, initially estimating that the state’s online filing system would be operational by early February. The delay in processing may impact the timing of receiving refunds.
The Department also introduced a new online tax benefits hub to help taxpayers save money. This hub is part of the department’s effort to increase awareness about available tax credits and rebates. “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.
The potential savings include several tax breaks such as:
– Colorado Earned Income Tax Credit: A couple filing jointly with two children and an adjusted gross income of $50,000 would receive $1,334.
Processing income tax returns pending
– Colorado Child Tax Credit: Up to $1,200 per child 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: This varies depending on the school and helps eligible students cover tuition and fees for their first two years of college.
Officials encouraged taxpayers to file electronically to expedite the processing time. They confirmed that income tax processing will be available through Revenue Online in the coming days. The filing deadline for the 2024 tax year is April 15, but Colorado offers an automatic six-month extension for filing as long as payment obligations are met by the April 15 deadline.
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