The state of Colorado is offering a $1,112 stimulus payment to help its residents cope with rising living costs.
This payment is part of the Property Tax, Rent, and Heat Rebate Program (PTC), aimed at supporting seniors, disabled individuals, and low-income residents.
If you are wondering whether you are eligible for this payment and how to apply, this article will help you understand everything you need to know.
What Is the $1,112 Stimulus Payment?
Colorado’s $1,112 stimulus payment is designed to help people with essential living expenses such as property taxes, rent, and heating bills.
These costs can be especially high during the winter months when heating bills rise. By offering this rebate, the state aims to provide financial relief to residents who need it most. Payments will be distributed in installments to eligible applicants.
Who Is Eligible for the $1,112 Stimulus Payment?
To qualify for the PTC Rebate Program, you must meet the following criteria:
- Residency: You must be a full-year resident of Colorado in 2023. This means you should have lived in the state from January 1 to December 31, 2023.
- Age: Applicants must be 65 or older. Surviving spouses who are 58 or older also qualify. If you are disabled, you can apply regardless of your age, as long as you meet the other requirements.
- Income Limits: To qualify, your income must be below certain thresholds:
- Single filers: Income must not exceed $18,026.
- Married couples filing jointly: Combined income must not exceed $24,345.
- Expense Requirements: You must have paid at least one of the following expenses in 2023:
- Property taxes
- Rent
- Heating bills
- Dependency Status: You cannot be claimed as a dependent on someone else’s tax return.
How to Apply for the Stimulus Payment?
The application process for the $1,112 stimulus payment is straightforward, but it’s important to follow all steps carefully. Here’s what you need to do:
- Gather Required Forms: You need to collect the following forms:
- Form 104PTC: This is the official PTC rebate application.
- Affidavit: If you are not a U.S. citizen or do not have a Social Security Number, you must submit this affidavit.
These forms can be downloaded from the Colorado Department of Revenue’s website.
- Complete the Application: Fill out the application form with accurate personal and financial information. Make sure all the details match your official records.
- Submit the Application: You can submit your application in one of three ways:
- Online: If you have applied for the PTC rebate in the past two years, you can submit your application electronically via the Revenue Online portal.
- By Mail: Send the completed forms to the Colorado Department of Revenue.
- In Person: Drop off your application at a designated service center in Colorado.
- Monitor Your Application Status: Once you submit your application, you can check its status online through the Revenue Online portal or by calling the Colorado Department of Revenue at 303-238-7378.
When Will You Receive the Payment?
Payments for approved applications will begin on January 5, 2025. If you submit your application by the December 10, 2024 deadline, you will receive your payment in the next cycle.
If you miss the deadline, your application will be processed in the following year. The final deadline to apply for the 2024 rebate is December 31, 2025.
Additional Financial Help: TABOR Refund
In addition to the $1,112 stimulus payment, Colorado residents may also qualify for the TABOR refund, which could provide up to $1,600 depending on your circumstances. This refund is separate from the PTC rebate but can offer extra financial relief.
For more details about the TABOR refund, visit the official Colorado TABOR Refund page.
Key Takeaways
Colorado’s $1,112 stimulus payment is a much-needed relief for seniors, disabled individuals, and low-income residents.
By meeting the eligibility requirements and following the application steps, you can secure this financial aid.
Remember to submit your application by December 10, 2024, to receive the payment in the next cycle. Don’t miss out on this opportunity for extra financial support!
For more information on how to apply or to download the necessary forms, visit the Colorado Department of Revenue’s website.
Note- Every piece of content is rigorously reviewed by our team of experienced writers and editors to ensure its accuracy. Our writers use credible sources and adhere to strict fact-checking protocols to verify all claims and data before publication. If any error is identified we promptly correct it and strive for transparency in all updates.
Archer Bannister is a journalist with 4 years of experience covering hard-hitting stories. Currently working with Mikeandjonpodcast, Archer specializes in delivering timely and in-depth updates on a variety of topics, including crime news, politics, and national issues affecting the USA. His expertise and dedication to delivering accurate, impactful news make him a trusted voice for audiences seeking to stay informed on critical topics.
