Colorado benefiting taxpayers with rebate, overall Tax refunds expected to decline in 2023

Colorado residents who filed their 2021 tax returns by June 30 were in line to get a physical check for $750 by September 30.

Joint filers received $1,500 from the 1992 Taxpayer’s Bill of Rights Amendment.

Governor Jared Polis created a bill in May to get cash to residents even sooner, sending them out by late August.

However, if taxpayers waited to file by the October 17 deadline, they would receive these refunds by January 31, 2023.

Due to the lack of a federal stimulus check this year, families may be disappointed in 2023 when their tax refunds decline.

Mark Steber, the chief tax information officer at Jackson Hewitt, told CBS News, “You’re probably not going to have as pleasant an experience as last year.”

According to the outlet, the average return in 2023 is expected to be around $2,700 compared to over $3,200 this year.

Many Americans were pleasantly surprised to receive a larger tax refund this year due to state surpluses.

In addition, temporary programs like federal stimulus checks and the Child Tax Credit program increased the average tax return by nearly 14 percent, according to the IRS.

Taxpayers could claim the fourth federal stimulus check if they didn’t receive them in 2021.

Families also could claim a third check for children born in 2021.