Taxpayers who did not submit their income tax filings by the Wednesday, April 15 deadline are reminded that the extension due date for Colorado’s 2008 income tax filing is Thursday, Oct. 15.
This is a “paperless” extension, meaning no form was required to ask for an extension. Taxpayers have six months (Oct. 15) to file on paper or electronically. Those who are expecting an income tax refund may file on or before Oct. 15. Electronic filing of the 104 state tax return through NetFile (online Internet filing) and TeleFile (filing by touch-tone telephone) is available until the Oct. 15 deadline. Visit the Web site at www.TaxColorado.com for links to these services. The extension applies only to filing the tax information; the extension does not apply to any money owed to the state.
If an individual took advantage of the extension and tax is due, that person must have paid at least 90 percent of the tax owed along with form 158-I “Extension of Time to File Voucher” by the April 15 deadline to avoid penalty charges. Those who owe tax and paid less than the required 90 percent of the amount due on or before the April 15 deadline will be charged interest and penalty on the unpaid balance. If the payment was 90 percent or more of the amount owed, the department charges interest but no penalty as long as the 2008 income tax filing and balance owed are submitted by the Oct. 15 extension deadline.
Payments must be postmarked by the Oct. 15 filing deadline date.
NetFile at www.Netfile.state.co.us can be used to file the tax information and pay tax by credit card or e-check.
Online Tax Payment at www.Colorado.gov/paytax can be used to pay by credit card or e-check. The system will calculate the total tax owed, plus interest and penalty.
The interest rate this year is 5 percent on tax owed (8 percent if not paid within 30 days of billing). Penalty is 5 percent of the balance due for the first month past the April 15 deadline, then an additional 0.5 percent for each month thereafter, up to a maximum of 12 percent.
During the last filing season (2008) more than 120,000 taxpayers took advantage of the paperless extension of time to file. So far in 2009, more than 31,000 taxpayers made tax payments for the 2008 tax year with the voucher (form DR 158-I) prior to filing the actual income tax form.
The Department of Revenue encourages electronic filing. For e-file options visit www.ColoradoEFile.state.co.us. Current year income tax forms may be found on our Web site or may be ordered via mail by calling the department’s 24-hour Tax Forms Line at 303-238-FAST (3278).