Colorado $1,000 Seniors Refundable Credit

[hbl3973]

I heard recently that 2022 Colorado state tax filing senior citizens qualify for up to $1,000 of refundable housing credit.  Could you (a) give details about it and (b) do something to publicize it to Colorado residents who use TurboTax?

[RobertB4444]

The PTC rebate is available directly from the Colorado Department of Revenue, not as a credit on your tax return.  You will need to go take care of that separately from your filing on TurboTax.

Here is the info from Colorado.

Since you can't apply for this rebate thru TurboTax it probably won't be promoted here.

@hbl3973

[hbl3973]

Thanks, but that page contains the line:

An Income Qualified Senior Housing Income Tax Credit is also available. The Department of Revenue will use available information to evaluate whether you qualify for the additional $1,000 tax credit.

I'm pretty sure that is what I heard about.

[RobertB4444]

This is what they say about the additional credit, from that same page-

The Department of Revenue will use available information to evaluate whether you qualify for an additional tax credit. If you qualify, the amount ($1,000) will be distributed with your PTC rebate in the first installment payment. If you are not issued this payment but believe you are eligible, please file a complete income tax return (DR 0104) requesting the credit so the Department can evaluate your credit claim. There are a number of free and sliding scale resources available that provide help with tax filing, including AARP and VITA locations. More information about help filing a tax return is available at our Community Tax Help page.

You should qualify if:

• Your date of birth (or your spouse's date of birth) is December 31, 1957 or earlier; and
• You qualify for a PTC rebate grant; and
• You did not receive an exemption for any property tax as allowed under section 39-3-203 of the Colorado Revised Statutes (commonly known as the Senior Property Tax Exemption or Senior Homestead Exemption) on your property taxes for the property tax year beginning on January 1, 2022.
  • This exemption should appear on your property tax statement from your county assessor. You may have been approved for this exemption by applying in a prior year. This exemption is generally allowed if one owner of a home is 65 years old as of January 1, and has occupied the home as a primary residence for at least 10 consecutive years.

So it will be issued directly to you from the Colorado Department of Revenue.  Still not on your tax return.

@hbl3973

[hbl3973]

Robert,

I just dug into the CO 2020 Income Tax booklet  

https://tax.colorado.gov/sites/tax/files/documents/Book%20104_2022%20%282%29.pdf

and found what I believe I heard about as  Line 11 of form  DR 104CR.  It doesn't mention there that you don't have to file CO income tax to get that money.  Anyhow, if it is in the official tax booklet and forms, it does certainly seem to me that this refundable free money credit for senior citizens ought to be promoted in TT Colorado.  From what I read, you can be a renter or homeless and still qualify for it.  That would be huge!

[RobertB4444]

That is actually a different credit than the refundable $1,044 credit that you had asked about originally.  The low income senior housing credit is available to qualifying seniors and TurboTax will ask questions if your income is low enough to qualify for it and will then add it to your return.

@hbl3973

[hbl3973]

Good to know.