DENVER — Colorado began processing income tax returns from third-party services Friday, the Department of Revenue announced.
For tax year 2024, single filers will receive an average of $326, while joint filers will receive an average of $652, according to the forecast from the Colorado Legislative Council.
The Colorado Department of Revenue also shared a new online, tax benefits resource for tax year 2024.
The website is organized into four high-impact tax groups: families and individuals, seniors and retirees, charitable contributions and climate friendly. The online resource has a basic overview of each tax benefit so each group can figure out if they're eligible. The Colorado Department of Revenue reminds state filers there are dozens of tax breaks for tax year 2024.
The Colorado Earned Income Tax Credit can save a couple $1,334 if they make an adjusted gross income of $50,000 with two kids and file filing jointly. The Colorado Child Tax Credit can save guardians up to $1,200 per child for children under 6 years old. The Family Affordability Tax Credit can save filers up to $3,200 for each child under 6 and $2,400 for each child between 6 and 16 years old. There's also the Colorado Promise Higher Education Tax Credit, which varies depending on school.
State
When can you file your 2024 Colorado taxes? State says this week!
A bill was also signed into law last year, cutting the income tax rate from 4.40% to 4.25% in 2024, because excess revenue surpassed the $1.5 billion benchmark required to trigger the tax rate reduction. The excess will be distributed to taxpayers in the form of TABOR refunds.
The tax filing deadline for tax year 2024 is April 15, 2025. Colorado does offer a six-month extension for filing; however, filers must make any payments due by April 15.
Denver7 is committed to making a difference in our community by standing up for what's right, listening, lending a helping hand and following through on promises. See that work in action, in the videos above.
