federal and state Tax Credits
Learn about the TABOR refund, Child Tax Credit, Earned Income Tax Credit, and other tax credits that help Coloradans get ahead.
Taxpayer’s Bill of Rights (TABOR)
It’s not too late to claim your TABOR refund by October 15, 2024, if all of these are true for you:
If you were 18 or older for all of 2023,
You lived in Colorado for all of 2023
You owe tax on your 2023 Colorado state income tax return, or you are claiming a refund of wage withholding
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You must file a Colorado state income tax return or a PTC Rebate application to receive your TABOR refund.
File your tax return by October 15, 2024, if you:
Were at least 18 years old when the tax year began,
Have a Colorado income tax liability, or
Claim a refund of wage withholding.
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A qualifying Colorado resident can receive a refund of $800. Two qualifying individuals filing jointly can receive $1,600.
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To receive the Colorado TABOR refund, an individual must be at least 18 years of age on or before January 1, 2023, be a Colorado resident for the entire 2023 income tax year, and file a Colorado state income tax return for the 2023 income tax year, or apply for the PTC Rebate.
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October 15, 2024, if you:
Were at least 18 years old when the tax year began,
Have a Colorado income tax liability, or
Claim a refund of wage withholding.
Returns filed late can not receive the TABOR refund.
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No. Colorado residents who do not have a social security number (SSN) can use an Individual Taxpayer Identification Number (ITIN) when filing their state taxes to get the TABOR refund.
Federal Tax Credits
Earned Income Tax Credit
The Earned Income Tax Credit (EITC) is a federal tax credit that gives people who earn lower incomes money back. Many people who earn lower incomes that do not file their taxes miss out on this credit, so it is important to file a tax return to get the money you may be eligible for.
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File a tax return to learn how much money you qualify for and to get your payment.
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You can get up to $7,430 in Earned Income Tax Credit. The amount you get depends on your income, filing status (such as if you file as single, married, or head of household), and how many dependent children you have. For example:
People with no children can receive up to $600 in EITC payment
People with one eligible child can receive up to $3,995 in EITC payment
People with two eligible children can receive up to $6,604 in EITC payment
People with three eligible children can receive up to $7,430 in EITC payment
People who earn low to moderate incomes usually qualify for some amount of EITC cash back if they have qualifying children. You can estimate how much you might receive by viewing the IRS’s EITC Tables for Tax Year 2023.
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You need to earn some income to get the Earned Income Tax Credit. Even if you do not make a lot of money or do not owe income taxes, you should still file a tax return to receive this credit.
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Yes. You will need a social security number (SSN) to receive EITC. If you are married and filing jointly, your spouse will need a SSN too. Each child claimed on your tax return also will need a SSN.
Child Tax Credit
The Child Tax Credit (CTC) is a federal tax credit that helps families make ends meet. You do not need to earn a lot of income to get CTC, but you do need to file a tax return to receive your CTC payment.
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File a simple tax return to learn how much money you can receive and to get your CTC payment.
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Families can get up to $2,000 per child under the age of 16. This includes children born on or before December 31, 2023.
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You do not need to earn a lot of money to get CTC. Parents or families can get CTC if they have earned an income of at least $2,500.
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An eligible child could be the taxpayer’s son, daughter, stepchild, eligible foster child, brother, sister, stepbrother, stepsister, half-brother, half-sister, or a descendant of any of them (for example, a grandchild, niece, or nephew). The child must live with the taxpayer for at least half of the year and be claimed as a dependent on your tax return. Learn more about eligibility on the IRS website.
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Parents who do not have a social security number (SSN) can use an Individual Taxpayer Identification Number (ITIN) when filing their taxes to get the CTC. If you are married and filing jointly, your spouse will also need either a SSN or ITIN. Each dependent child claimed will need a SSN.
If you have an ITIN, you should check to see if your number needs to be renewed. If your ITIN has expired, you can renew it when you file your tax return. Learn more about renewing your ITIN here.
If you need an ITIN number and do not have one yet, you can learn how to apply for an ITIN here.
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Yes. Tax filers with eligible children in 2023 can file a tax return to get the CTC in 2024 (this year).
If you did not file a tax return last year but had eligible children living with you in 2022 or 2021, you may also be able to claim missed Child Tax Credit payments. This option is available to parents who did not receive Advanced Child Tax Credit payments in 2022 or 2021. Learn more here.
Early Childhood Educator Income Tax Credit
The Early Childhood Educator Income Tax Credit is a refundable tax credit available to qualifying early childhood educators in Colorado.
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The Early Childhood Educator Income Tax Credit can be claimed using the Colorado state tax form DR 1703. The DR 1703 must be filed with your Colorado Individual Income Tax Return. This form can be completed electronically or by paper. For more information on where to access the form and instructions, visit the Colorado Department of Revenue's (DOR) Early Childhood Educator Income Tax Credit website.
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Qualifying early childhood educators could get up to $1,620. The amount of money you receive depends on your credential level, with higher levels receiving a larger credit. For more information on tax credit amounts, visit the Colorado Department of Revenue's (DOR) Early Childhood Educator Income Tax Credit website.
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Qualifying early childhood educators must be Colorado residents to receive this credit.
Those professionals who are also Colorado Residents may now qualify for the Early Childhood Educator Income Tax Credit.
To qualify for this credit, you must have:
A federal adjusted gross income (AGI) less than or equal to $75,000 if filing a single return or less than equal to $150,000 if filing jointly
Held an Early Childhood Professional Credential issued by the Colorado Department of Early Childhood for at least part of the income tax year, and
Been either the licensee of an eligible program or employed by an eligible program for at least six months of the income tax year. "Eligible program" means either an early childhood education program as defined in section 26.5-2-202(3), C.R.S. or a licensed family child care home. "Family child care home" has the same meaning as set forth in section 26.5-5-303(7), C.R.S. An eligible program must have held at least a level one quality rating pursuant to the Colorado Shines Quality Rating and Improvement System (Coloradoshines.com/programs) during the income tax year.
Child and Dependent care tax credit
The Child and Dependent Care Tax Credit (CDCTC) is a federal tax credit that helps parents pay for childcare while they are working or looking for work. It is also available for people and families who pay for the care of a spouse or an adult dependent who needs help caring for themselves.
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File a simple tax return to learn how much money you can receive.
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The amount you get depends on your income, your spouse’s income (if you file jointly), and the number of children or dependents you care for. Here’s how it works:
To get the CDCTC, you first need to track and add up your expenses to claim them. Qualifying expenses include paying a childcare provider to care for your children or your dependent family member while you work or look for work. You can claim up to $3,000 in qualifying expenses if you have one child or one dependent family member. If you have one or more children, and one or more dependent family members, you can claim up to $6,000 in qualifying expenses.
The CDCTC gives back between 20-35% of your claimed expenses, depending on your income, tax filing status, and the number of dependents. For example, if you are a single parent with two children who earned less than $43,000 in adjusted gross income that claimed $6,000 in expenses, you will get $2,100 back.
Calculating your CDCTC credit can seem complicated. Get Ahead Colorado recommends three free tax filing resources that make claiming the CDCTC easy by calculating your credit from the information you enter in your tax return form. You can also visit www.211colorado.org, call (866) 760-6489 toll-free, or text your ZIP CODE to 898-211 to get help or ask questions.
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You do need to earn some income to get the CDCTC. If you are married, file your taxes jointly, and your spouse earns some income, you may be able to get the CDCTC even if you do not earn income because you are a full-time student or if you were unable to care for yourself without help.
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Your family could claim the credit if you paid for care in 2023 for a dependent child under age 13 or a spouse or adult dependent who cannot care for themselves while you worked or looked for work.
The child or dependent claimed must have lived with you for at least half of the year.
In addition, you will need to show that you needed the child or dependent care in order to work or look for work. In a two-parent family, both spouses or partners must have needed the child or dependent care to work or to look for work unless one spouse was a full-time student or unable to care for themselves.
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Any kind of child or dependent care can qualify. This includes daycare centers, a family day care home or a church, vacation day camps, or care provided by a neighbor or a relative. Before you file your taxes, make sure you have the EIN (Employer Identification Number) or the TIN (Tax Identification Number) for each care provider.
If a family receives free child care, such as from a state-subsidized program, that care cannot be used to qualify for the credit.
Premium Tax Credit
The Premium Tax Credit (PTC) is a federal tax credit for people who purchase health insurance through the marketplace. The PTC helps reduce a person’s monthly health insurance premium.
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File a simple tax return to learn how much money you can receive.
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The Inflation Reduction Act extended eligibility for premium tax credits to reach people with incomes over 400% FPL ($54,360 for a single person in 2023 or $111,000 for a family of 4). You are eligible for the PTC if you meet the income requirements and if you purchase health insurance through your state’s marketplace.
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The amount of PTC money you might get is based on a sliding scale. People with lower incomes receive a larger credit to help them cover their health insurance costs. You can choose to have your PTC money go directly to offset your health insurance premium. This is called advance payments of premium tax credit (APTC). Or you can get it as a lump sum when you file your taxes.
For APTC, you can choose to have your state’s health insurance Marketplace calculate an estimated credit that is paid to your insurance company to lower the amount you pay for your monthly premium. If you choose this option, your credit will be automatically applied to your monthly premium, reducing the amount of money you pay out of pocket.
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No. The PTC does not change the amount of money you can get in health insurance premium subsidies.
Health insurance premium subsidies are not tax credits even though your income qualifies your eligibility. You can estimate how much subsidy you may qualify for here.
State Tax Credits
Colorado Child Tax Credit
The Colorado Child Tax Credit (COCTC) is a state tax credit that helps Colorado parents and families. You do not need to earn a lot of income to get COCTC, but you do need to file a state tax return to receive your COCTC payment.
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File a state tax return to learn how much money you can receive and to get your COCTC payment.
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Colorado parents and families can receive $200 to $1200, depending on their income. 60% is available to the lowest income filers who earned $25,000 or less.
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You do not need to earn a lot of money in order to get COCTC. Parents or families can get COCTC if they have earned an income of at least $2,500.
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COCTC is available for Colorado parents and families with children under the age of 6 as of December 31, 2023. The amount of income you make impacts if you can get COCTC. COCTC is available for individuals who make up to $75,000 or joint tax filers who make up to $85,000.
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Parents who do not have a social security number (SSN) can use an Individual Taxpayer Identification Number (ITIN) when filing their taxes to get the COCTC. If you are married and filing jointly, your spouse will also need either a SSN or ITIN. Each dependent child claimed will need a SSN or an ITIN.
Colorado Earned Income Tax Credit
The Colorado Earned Income Tax Credit (COEITC) is a state tax credit that gives people who earn lower incomes money back. Many people who earn lower incomes that do not file their taxes miss out on this credit, so it is important to file a state tax return to get the money you may be eligible for.
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File a state tax return to learn how much money you qualify for and to get your payment.
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Colorado residents can get an extra 50% of whatever amount of money they receive from the federal Earned Income Tax Credit (EITC) for the 2023 tax year only (taxes filed in 2024). For example, if you got $600 in federal EITC money, you would get an extra $300 in COEITC.
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You need to earn some income to get the COEITC. Even if you do not make a lot of money or do not owe income taxes, you should still file a tax return to receive this credit. Colorado residents who get the federal EITC can also claim the COEITC.
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No. Colorado residents who do not have a social security number (SSN) can use an Individual Taxpayer Identification Number (ITIN) when filing their state taxes to get the COEITC.
Colorado Property Tax/Rent/Heat Rebate (PTC Rebate)
The Colorado Property Tax/Rent/Heat (PTC) Rebate is a state tax rebate that helps make housing expenses more affordable for Colorado seniors and Coloradans with disabilities.
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You may be eligible for the PTC Rebate if:
1.) You lived in Colorado for the entire year.
2.) Your income is under the limit for the year. For the current tax year, the income limits are:
$18,026 for individual tax filers
$24,345 for married (filing jointly) tax filers
3.) You (or your spouse, if applicable) were:
Disabled for the entire year (regardless of age) or
You were at least 65 years old by December 31, 2023, or are a surviving spouse at least 58 years old by December 31, 2023.
You are not claimed as a dependent on any other person's federal income tax return.
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Any Colorado resident who meets the eligibility requirements should submit a rebate application. Once you complete the application, you can bring it to a Colorado Department of Revenue Taxpayer Service Center or send it in by mail to: Colorado Department of Revenue, Denver, CO 80261-0005. You can also file your PTC Rebate application online at colorado.gov/revenueonline.
Student Credits
American Opportunity Tax Credit
The American Opportunity Tax Credit is a federal tax credit that helps students and families pay for expenses that go toward the student’s first four years of post-secondary education (examples include colleges, universities, technical schools, vocational schools, and more).
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File a simple tax return to learn how much money you can receive.
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Students or their families can get up to $2,500 each year for the four years they are in school. Learn more.