Last year, 70 percent of individual taxpayers received a tax refund from the state of Colorado and the average state personal income tax refund was $535. So far this filing season, the average refund is about the same.
Colorado has 2.3 million individual income tax filers. Through the first week of March, a little more than one-third or 839,000 taxpayers have filed a return. Of those returns already filed, nearly 91 percent have been filed electronically either through tax software, with the help of a paid tax professional or through the Department of Revenue’s free “Revenue Online” service.
Last year, Colorado individual and estate/trust taxpayers received $841 million in income tax refunds while corporations received a total of $137 million in refunds. After accounting for refunds, the net Colorado income tax collected from individuals and corporations last year was nearly $5 billion.
The longer people wait to file, the longer it will take for a return, IRS officials said. 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.
For those who have not filed yet, the Department of Revenue offers free Revenue Online. Filing electronically and requesting a refund by direct deposit cuts the time to receive a refund to seven to 10 days because electronic filing reduces math and omission errors, officials said.
This year’s filing deadline is April 17.
For general Colorado tax information, see the Colorado Taxation Web site, www.TaxColorado.com