According to Fox 31, Colorado Audit Uncovers $33.9 Million Error Impacting Taxpayer Refunds
A recent audit in Colorado has uncovered a significant error that could potentially increase taxpayers’ TABOR refunds next year. The mistake, amounting to $33.9 million, stems from mishandling taxes on health insurance premiums by the Health Insurance Affordability Enterprise. Despite the audit’s revelation, taxpayers will not see the additional funds until at least the beginning of 2025.
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While this discovery promises a slight increase in refunds for taxpayers in the upcoming tax season, the actual impact on individuals may be modest. Expected to total $3.28 billion for 2024, TABOR refunds are anticipated to average $847 for single filers and $1,694 for joint filers. Therefore, the $33.9 million owed to taxpayers due to the error, though beneficial, will only marginally augment the forthcoming TABOR refunds for the next year when distributed among all recipients.
