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TABOR Refund Update: $33.9 Million Overpayment Discovered – But What Does it Mean for Your Pocketbook?

Colorado Audit Reveals Potential Increase in TABOR Refunds for Taxpayers

$33.9 Million Error Uncovered – Impact on Taxpayers’ Future TABOR Refunds

According to Fox 31, a recent audit in Colorado found a big mistake that could mean more money for taxpayers in their TABOR refunds next year. The error, totaling $33.9 million, came from how taxes on health insurance premiums were handled by the Health Insurance Affordability Enterprise. Even though the audit revealed the issue, taxpayers won’t get the extra money until at least the start of 2025

READ ALSO: $300,000 In Scholarships Empower Los Angeles Students From Low-Income Public Housing To Reach For The Stars

(PHOTO: Colorado Newsline) (PHOTO: Colorado Newsline)

Anticipated Impact of Colorado’s $33.9 Million Error on Taxpayers’ TABOR Refunds

While this mix-up promises a bit more cash for taxpayers in the next tax season, the actual amount they receive may not be very large. With an expected $3.28 billion in TABOR refunds for 2024, the average refund is estimated at $847 for single filers and $1,694 for joint filers. So, the $34 million owed to taxpayers due to the mistake, while helpful, won’t be a significant boost when divided among everyone, adding just a little to the upcoming TABOR refunds for the next year.

READ ALSO: $850 A Month: How Atlanta’s ‘In Her Hands’ Basic Income Program Is Transforming The Lives Of Low-Income Black Women

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