Be on the lookout for a letter from the Colorado Department of Revenue. Be sure not to throw this away thinking it is junk mail because it may contain a check for some money! Did you receive $750 in the mail randomly? Maybe you heard from someone close to you that they received a check. Where is this check coming from? Why haven't you received yours? On May 23 of this year, Governor Polis signed a new law (Senate Bill 22-233) to give Coloradans a tax rebate of $750 for individual filers and $1,500 for joint filers this summer. This is due to there being a surplus of taxes taken in by Colorado over what the budget needed. It is written in the Colorado constitution that surplus taxes will be allocated back to tax payers, but where this new bill differs is when the money will be received. Polis allowed the money to come back early, this summer, rather than next spring to allow families to use it during times of high inflation and a stressed economy. If you are looking around and see everyone with their checks, but yours hasn't arrived, it comes down to your filing of 2022's taxes. If you already filed, sit tight, the check will get to you by the end of September. If you have not filed, its time to get your taxes done in order to receive this check. If you filed an extension and your taxes are delayed, not to worry, you are still eligible, but will have to wait longer for your surplus check to arrive. Worst case, if you do not receive the check at all this year, let your CPAs know about the issue and they can either file to get you your money, or simply note it on next year's taxes saving you up to $1500. If you are on a filing extension, be sure to have them done by the due date of October 17, 2022 to make things simple. Any delay past that will cause complications and the check will not arrive to you by it's final expected date of January 31, 2023. Furthermore, if you have recently moved and have not filed a Address Change Form (DR 1102), there is a good chance your check went to an old address. Complete this right away to have the issue rectified. Finally, if you have further questions or concerns, call us and we can ensure you receive your check and have all of your grievances addressed.
The Colorado Department of Revenue put out their own FAQ page due to the flood of questions people have regarding this check. If you want to deep dive into their list of questions, you can find them HERE. As always, if you filed your taxes with our professional CPAs, you have nothing to worry about and your check should arrive shortly.