Gov. Jared Polis signed Senate Bill 22-23 on May 23, 2022, to provide Coloradans a tax rebate of $750 or $1,500, subject to specific eligibility criteria. This new law will pay individuals $750 and joint filers $1,500 today.
Roughly three million Coloradans will be issued rebates today. If you have filed your state income tax return then you can sit and wait for the rebate until it knocks. Apparently, you will receive the payment within a week as the checks were all consistently issued throughout this month.
Initially, the state Governor Jared Polis signed to pay $400 to individuals and $800 to joint filers. With the increase in the state’s income, the payment nearly doubled.
Colorado taxpayers who already filed by last June were issued checks on or before September 30, 2022. But, those who filed by October 17, 2022, will be sent checks on January 31, 2023.
The government will take care of the rest, so you don’t necessarily have to eat your head. But, do you know whether you are eligible for a rebate or not? Let’s see
Who Is Eligible To Receive Rebates?
In order to be eligible, you must have signed for it by Oct. 17, 2022. If you have also provided the correct and current address and other details, then your money will reach you within 7 days.
If the address you provided earlier had a correction, you should immediately log in to “Revenue Online” and submit an Address Change Form.”
But there are a number of conditions that are mandatory to be checked before filing for a rebate.
Who Qualifies For A Colorado Rebate?
- You should be 18 years of age by December 31, 2021.
- You should be a Colorado resident throughout the income tax year of 2021.
- You should further apply for a Tax/Rent Credit rebate.
So, if you are a Coloradan resident who is above 18 years old and has also applied for a rebate, then you’re simply eligible.
If you were a full-year resident in the previous year and you moved later, then you can still be a recipient of the rebate this year.
In case, you are someone who applied for the refund jointly and currently you have parted ways with your spouse, then you will have to split the amount by yourself as the Revenue Department is not authorized to divide it.
Where To Cash The Check?
In order to collect the cash, it is advised to seek help from your local bank or its branch, or a Wells Fargo location. According to the state website, you can also rely on your phone or ATM services.
But while you visit the bank make sure both are present if you have filed jointly, if it is the other case, then only you have to be present in the bank.
In addition to it, you will have to carry two forms of identity cards including a signed ID and a government-approved ID with a photo.
The primary one would be the one with the photo, which is also mandatory.
Is Colorado Cash Back And Great Colorado Payback The Same?
Colorado Cash Back and Great Colorado Payback are two different credentials. The former is a one-time refund and the latter is an ongoing program to assist Coloradans.
There will be multiple payments for Great Colorado Payback, whereas, there would only be a single round for Colorado Cash Back. However, both provide help to the Coloradans.
Must Check:- Seven Direct Payment Ranging From $400 To $1050 Will Be Out In February
What If You Do Not Receive The Fund?
If you are confident that you have done your part by applying on or before the due date, then you should be receiving the amount this week.
But if you don’t, then we encourage you to call the Colorado Cashback hotline number 303-951-4996 to enquire what went wrong. They will assist you with the necessary information or will guide you properly.
But there is a chance that you won’t receive the refund if you are liable to pay back any previous rent to the government. The interception can also be caused due to judicial restitution, judicial fines, unpaid interest, fees, overpayment of unemployment benefits, and more.
You can also be excluded from getting paid if you have brought any alteration in your name. In that case, you should request a name change form and should make the necessary changes to it.
Read More:- American Opportunity Tax Credit (AOTC) Eligibility Explained
