1:18 am - Wednesday September 20, 2017

Most Colorado taxpayers receive an income tax refund‏

Most Colorado taxpayers receive an income tax refund

Have you filed your income tax return yet?

 When it comes to income tax, 70 percent of individual taxpayers receive a tax refund from the state of Colorado. Last year, the average state personal income tax refund was $474. During 2013, Colorado individual and estate/trust (fiduciary) taxpayers received $832 million in income tax refunds while corporations received a total of $96 million in refunds. After accounting for refunds, the net Colorado income tax collected from individual and estate/trust (fiduciary) was $5.53 billion and from corporations — nearly $652 million. Colorado has 2.6 million individual income tax filers. Through the last week of February, more than 700,000 returns have been submitted. More than 90 percent of these returns have been filed electronically through tax software, with the help of a paid tax professional, or through the Department of Revenue’s free Revenue Online service.

 

Haven’t filed yet? Try Revenue Online

It’s human nature to put things off. The longer you wait to file, the longer it takes to get a refund because the volume of mail at the department grows every day up until the April filing deadline. As we get closer to the filing deadline, more people use paper. At the end of last year, total e-filing was 80 percent. Filing on paper causes delays. Refunds filed on a paper form in March could take up to five weeks to process. Returns filed in April that claim a refund can take up to 10 weeks to process. Filing electronically and requesting your refund by Direct Deposit dramatically cuts the time to receive your refund to seven to ten business days because electronic filing reduces math and omission errors, which makes processing faster. The department’s Revenue Online service, at www.Colorado.gov/RevenueOnline, offers free Colorado income tax filing. Click the “File a Return“ under “For Individuals” and follow the prompts. This year’s filing deadline is Tuesday, April 15.

 

Once you file your return you can check Revenue Online for the status of your refund through the “Where’s My Refund” under “For Individuals.”

 

If you owe tax, you may pay online by credit card or echeck while you complete your return online.

 

After tax season, use Revenue Online to monitor your tax account or make paymentsYou 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” click the “Sign Up (Individual or Business)” button 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 you are claiming.

 

For general Colorado tax information, see the Colorado Taxation Web site, www.TaxColorado.com

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