The $1112 Colorado stimulus payment, offered through the Colorado Cash Back program, provided significant relief to eligible residents in 2023.
This one-time payment aimed to offset rising costs caused by inflation and economic challenges.
If you’re a Colorado citizen wondering about eligibility, payment timelines, or how to track your stimulus payment, this guide covers everything you need to know.
Overview of the Colorado $1112 Stimulus Payment
The Colorado Cash Back program was designed to distribute surplus state funds to residents. Here’s a quick breakdown of the payment structure:
| Category | Details |
|---|---|
| Payment Amount | $1112 for single filers; $2224 for joint filers |
| Eligibility | AGI up to $75,000 (single) or $150,000 (joint) |
| Payment Start Date | August 2023 for direct deposits, September for checks |
| Exclusions | Dependents and incarcerated residents |
What Was the Colorado $1112 Stimulus Payment?
The program was initiated in 2023 by Governor Jared Polis to return part of the state’s budget surplus to residents. The payment was structured into two parts:
- Base Payment: $750 for single filers, $1500 for joint filers.
- Supplemental Payment: An additional $362 for single filers and $724 for joint filers, based on income.
For example, a single filer earning $60,000 received the full $1112, while a married couple earning $100,000 received $2224.
Eligibility Criteria
To qualify for the $1112 stimulus payment, residents had to meet the following requirements:
Residency
- Must have been a full-time Colorado resident throughout 2022 (January 1 to December 31).
Income Limits
- Single Filers: Adjusted Gross Income (AGI) of $75,000 or less.
- Married Couples Filing Jointly: Combined AGI of $150,000 or less.
Filing Status
- Filed a 2022 Colorado state income tax return.
- Individuals claimed as dependents on someone else’s tax return were ineligible.
Exclusions
- Residents incarcerated for most of 2022 did not qualify.
Payment Distribution Timeline
The stimulus payments were distributed in two phases:
- Direct Deposits: Payments began in August 2023 for residents who provided direct deposit details on their tax returns.
- Paper Checks: Mailed starting in September 2023 and distributed throughout the fall.
If you filed your taxes early and included direct deposit information, you likely received your payment sooner.
Tracking Your $1112 Stimulus Payment
Here are steps to check the status of your payment:
- Verify Eligibility
- Confirm you filed a 2022 state tax return and met the income requirements.
- Check Online
- Visit the Colorado Department of Revenue website to track your payment.
- Use the Help Desk
- Contact the Department of Revenue for assistance if you haven’t received your payment or suspect an issue.
Practical Tips for Managing Your Payment
The $1112 stimulus payment offered flexibility for residents to address immediate needs or plan for the future. Here are some ways to make the most of it:
- Pay Down Debt: Reducing high-interest debt, like credit cards, can free up more money for other expenses.
- Save for Emergencies: Deposit the payment into a savings account to prepare for unexpected expenses.
- Support Local Businesses: Stimulate your community’s economy by shopping at local businesses.
Comparison with Other State Programs
Colorado wasn’t the only state to provide financial relief. Here’s how its program compared to similar initiatives:
| State | Program | Payment Amount |
|---|---|---|
| California | Middle-Class Tax Refund | $200–$1,050 based on income |
| New York | State Child Tax Credit | $100–$500 per eligible child |
| Illinois | Family Relief Plan | $50 per individual, $100 per couple + dependents |
These programs, like Colorado’s Cash Back, were designed to provide immediate relief and stimulate local economies.
Tax Implications
The Colorado stimulus payment is not taxable at the federal or state level. However, any interest or investment income earned from the payment could be subject to taxation.
For example, depositing the payment into a high-yield savings account might generate taxable interest.
Potential for Future Payments
While the $1112 stimulus payment was a one-time initiative, Colorado’s budget surpluses could lead to similar programs in the future. Residents should stay informed about:
- Energy Assistance Programs: Help with utility costs during the winter.
- Housing Support: State initiatives to assist with rent or homeownership.
- Small Business Grants: Opportunities for local entrepreneurs.
The $1112 Colorado stimulus payment provided timely financial relief for many residents.
By staying informed about eligibility and monitoring payment timelines, citizens can ensure they receive the benefits they’re entitled to and make the most of such programs.
