Colorado families may be missing out on thousands of dollars in tax credits: it's not too late to apply
Many Colorado families struggling to make ends meet could be leaving thousands of dollars unclaimed through state tax credits designed to help lower-income households.
For Elita Regalado, a single mother raising two children, claiming those credits resulted in an unexpected financial boost.
"I believe I got about $8,000," Regalado said.
She said the money was far more than a typical refund.
"That's life-changing, absolutely life-changing," Regalado said. "I work hard all year long, and I still live paycheck to paycheck."
The refund arrived at a critical time for her family.
"We were able to put a deposit and the first month's rent for my home," she said.
Colorado Gov. Jared Polis is encouraging eligible Coloradans to take a closer look at their tax returns to determine whether they qualify for state tax credits. Colorado offers several programs aimed at helping lower-income families, including the Family Affordability Tax Credit, the state Child Tax Credit and the state Earned Income Tax Credit.
"These tax credits are money in the pocket of Colorado families that need it the most," Polis said.
According to Polis, the Child Tax Credit is designed to help families with young children, while the Earned Income Tax Credit helps working people keep more of what they earn.
Polis said people who missed the April 15 tax filing deadline may still be eligible to claim the credits.
"If you missed that because you don't have to file because you don't make enough, you can still file, and you should," Polis said. "Especially if you have kids, but even if you don't, because of the Earned Income Tax Credit, you may have something coming back to you."
To help families access available benefits, the state offers tax-filing tools to simplify the process and reduce documentation requirements for qualifying credits.
Regalado said she was surprised to learn she qualified for the assistance.
"I work all year long, I pay my taxes like everybody else, and just to know that I had that backup resource was shocking and amazing," she said.
She hopes other families who may qualify will take advantage of the programs.
"It's a relief," Regalado said. "A huge relief."
Helpful links:
https://www.getaheadcolorado.org/tax-credits#state-tax-credits