Colorado’s paperless income tax filing extension does not extend payment deadline
Are you running late filing your income tax return?
If you can’t file your 2013 Colorado individual income tax return by Tuesday, April 15, 2014, you may take advantage of the state’sautomatic six-month extension of time to file. There is no form, paper or electronic, to fill out to notify the Department of Revenue that you are taking the extension.
There’s no extension for tax due
The extension applies to filing Colorado income tax information, either on paper or electronically, not to any state income tax you may owe. If you expect to get a refund this year but do not make the April 15 filing deadline, you can still file your state income tax on or before Wednesday, October 15, 2014.
But, if you owe state income tax, 90 percent of the tax liability must be paid on or before April 15 to avoid penalties. Any remaining balance due would be subject to interest only.
What are my payment options?
- Pay Online. Visit Revenue Online, www.Colorado.gov/RevenueOnline Look under “For Individuals” and choose Make an Electronic Payment. Through Revenue Online you can pay tax by credit card or e-check. The system will calculate the total tax owed, plus interest and penalty. The day you make the payment it is noted in your account. No waiting for the department to process your check.
- Mail in a check with the “2013 Extension Payment Voucher for Colorado Individual Income Tax” (DR 158-I). The voucher is included in the Colorado 104 income tax booklet that is located on the Colorado Taxation Web site at www.TaxColorado.com.
To ensure your mailed payment is credited to your account, include your Social Security number(s) on the payment voucher. If you do not use the payment voucher, be sure to include your SSN(s) on the payment and indicate that the payment is for 2013 income tax. Otherwise, a nonfiler notice may be issued.
How to determine penalty and interest charges on tax owed
If you pay at least 90 percent of the tax owed by the April 15 deadline you will avoid penalty charges.
- Those who pay less than the required 90 percent of the amount due on or before April 15 will be charged interest and penalty on the unpaid balance.
- If the payment is 90 percent or more of the amount owed you will be charged interest only — no penalty as long as the return and balance owed are sent by the October 15 extension deadline.
What are the penalty and interest rates?
- Interest rate for 2013 is 6 percent on tax owed. A discounted rate of 3 percent is available if payment of tax, or agreement to pay, is made within 30 days of the April 15 deadline.
- Penalty is 5 percent of the balance due for the first month past the April 15 deadline plus 0.5 percent for each additional month up to a maximum of 12 percent.
After tax season, use Revenue Online to monitor your tax account or make payments
You can create your own Login ID and Password to access your tax account any time of year, similar to online banking. Visit the Revenue Online site,www.Colorado.gov/RevenueOnline, under “Sign Up for Revenue Online” select the “Sign Up (Individual or Business)” link to start the steps to access your account. Once you set up your Login ID and Password, you can use them to get into your account, view past year returns you’ve filed, get past year 1099-G amounts (refunds issued by the Department of Revenue), set up a payment plan if you owe income tax, amend your income tax returns online and upload documentation supporting any tax credits or subtractions you are claiming.