Many Coloradans still haven’t claimed their TABOR refund

DENVER (KDVR) — Taxpayers in Colorado are eligible to get hundreds of dollars back on their taxes. But with the end of tax season closing in, many still haven’t claimed their TABOR refund.

When Colorado takes in tax revenue beyond the limit, Coloradans who file taxes can expect a refund check in the mail known as the Taxpayer’s Bill of Rights, or TABOR.

This year, it resulted in a refund of $800 to taxpaying Coloradans who have lived in the state for over a year.

Tax relief, TABOR checks and more: What passed in Colorado’s special session

While this is hundreds of dollars back to people, heading into April, almost half of taxpayers haven’t claimed their TABOR refund.

How many Coloradans haven’t filed for a TABOR refund?

There is $3.28 billion available in TABOR sales tax refunds this year, according to Derek Kuhn with the Colorado Department of Revenue.

As of the end of March, $1.76 billion worth of TABOR sales tax refunds have been issued, which is about 54% of the total refund.

While this amounts to a little under half of the Coloradans who haven’t claimed their refunds, this number was recorded at the end of March and excludes those filing taxes last minute.

It’s also important to note that some Coloradans file through October and can receive a TABOR sales tax refund.

As for the rest of the state, people may not have claimed the refund at all.

How to claim a TABOR refund

As far as claiming the refund, there is a portion of the 2023 Colorado individual income tax return that needs to be filled out. Sometimes, this is done automatically. Other times, you need to manually fill out your TABOR refund.

TABOR refunds don’t always come automatically: Here’s how to claim yours

If you’ve already filed your taxes but didn’t claim the refund, there’s still time.

Taxpayers can file an amended return to claim the TABOR credit up until the October extension deadline in most circumstances, according to Daniel Carr with the Department of Revenue.

For the rest of the taxpayers who don’t claim the TABOR refund, the money doesn’t disappear.

Here’s where the money goes if you don’t claim TABOR

If any of the $3.28 billion is left over, that will be rolled into next year’s TABOR, according to Kuhn.

“Under-refunded TABOR surplus is accounted for in the next fiscal year and refunded at that time. So, it rolls over to be refunded in the next fiscal year,” said Carr.

If you haven’t filed your taxes yet, make sure the TABOR refund boxes are filled out before you send your taxes in. If you’ve sent in your taxes, you can check the status of your refund online.

For the latest news, weather, sports, and streaming video, head to FOX31 Denver.