The IRS said it has received nearly 19 million filings so far this tax season. The news release went on to say, “The state of Colorado has been doing some form of TABOR refund mechanism for 30 years in those years when the state’s revenues exceed the revenue cap and it refunds to taxpayers under TABOR, regardless of the form they take, has never been taxed.” “I will continue fighting to maintain this precedent that refunds under TABOR should never be taxed.” This ultimately is the best outcome for families and individuals and we will continue seeking out more ways to save people money,” Polis said in a news release. “We, like millions of Coloradans, are breathing a sigh of relief that the IRS and federal government have stepped away from taxing our refunds this year. Ultimately, the IRS decided that Colorado taxpayers who received the payments last year will not need to report them on their 2022 tax returns. Jared Polis and the state’s congressional delegation asked the IRS to treat the payments as nontaxable income. The state said, at the time, that the checks would not be taxed. Single filers received $750 and joint filers received $1,500. This has to do with the Colorado Cash Back checks that the state sent out last year, as part of an early Colorado Taxpayer’s Bill of Rights (TABOR) refund. There was some confusion when the IRS asked taxpayers in several states, including Colorado, to hold off on filing while it looked into whether stimulus checks were subject to federal income tax. (KKTV) - In case you missed it, the Internal Revenue Service gave Coloradans the green light to go ahead and file your taxes now. Our 11 News Call For Action team pens a weekly column for our news partner The Gazette.
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