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CO online Form Instructions 843: What You Should Know

Claiming a return refund for taxable years beginning more than 5 years ago is a difficult process. However, the provisions of Colorado Revised Statute 13-1-120.2, if applied properly, can reduce tax debt by as much as 90% of the taxable year for which tax was erroneously assessed. This statute allows taxpayers to correct past-due property taxes at the time of or before the filing of their return. The intent is to take advantage of the fact that many people file their annual income tax returns for one of four or more tax years and then for one or more years after, they have already paid their taxes to another state, district, or nation. (By filing tax returns for multiple years at the same time, the taxpayer reduces their tax payment to those other states, districts, or nations.) However, if you have paid to this time the Colorado income tax of the year in question, but in fact filed your return not for that tax year but for someone later on, you must make a claim for a refund of Colorado tax on your income tax return for that later tax year. To learn more about when to claim a refund, see: Injured Injunction Relief . The Colorado Uniform Claim for Refund Act (CURRY) applies to Colorado estates, trusts, or joint property if the taxpayer or estate paid a tax to this time in question for one of the later tax years of the taxpayer or estate. It also applies to estates, trusts, or joint property when the claim is made on or after October 1, 2000. CURRY applies to property, not the cash value of certain items of property held (including “life insurance policies,” but not other “capital assets”) by the taxpayer or estate. In addition, CURRY applies to property held to secure indebtedness or to obtain a loan to pay tax liability owed on any other property or on account of a loan. There is no limitation on the number of tax years covered by CURRY or the amount of the refunds that can be claimed. The maximum refund is 150 for each or any portion of the assessment year for which a refund is claimed and 500 if all or part of the assessment year for which a refund is claimed is later than October 1.

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