IRS says Coloradans should wait to file their taxes
WASHINGTON D.C., Colo. (KKTV) - Tax season is underway, and the federal government and the state are now accepting returns But now the IRS is urging taxpayers to wait if they live in a state where special tax refunds or payments were made.
11 News has confirmed its warning includes Colorado. Last year, the state legislature passed the early payout of TABOR refunds. Granted under state law, $750 for individual filers and $1500 for joint filers.
Colorado Springs tax specialist Kathy Bylkas says that money is not taxable.
“There is nothing in our Colorado state statute saying that that $750 rebate that you got for the TABOR rebate should have any effect on your federal whatsoever,” Bylkas said.
In a statement, the Department of Revenue says in part:
Click here for a breakdown on what this means for you.
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