Starting this year, Colorado taxpayers have the option to donate all or some of their state income tax refund directly to the nonprofit of their choosing. If you choose to provide a portion of that refund to The Greeley Dream Team, you might be wondering how the process works and what happens after you submit your taxes. Keep reading for more information and answers to the questions you may have!
First of all, what makes The Greeley Dream Team part of this?
Eligible nonprofits must be considered 501(c)(3) tax-exempt with the IRS, registered with the Secretary of State pursuant to Colorado Charitable Solicitations Act (CCSA) for at least five years, and in good standing as of September 1, 2019. The Greeley Dream Team meets all of these requirements.
What do I need to do to donate all or part of my state tax refund?
Use the “Voluntary Contributions” schedule on your taxes, and keep an eye out for “Donate to a Colorado Nonprofit Fund” whether you file on paper or using a system like TurboTax. You’ll need to provide three things:
- The name “The Greeley Dream Team, Inc.”
- Our registration number, 20083002216
- How much of your refund you are wanting to give (only up to your total refund)
What happens to my refund when I choose to donate it?
Donations are anonymous, so we won’t know that you chose to donate a portion or all of your tax refund to us unless you let us know. Your donation will go directly to helping support Dream Teams students in Greeley-Evans School District 6 as they work through their schooling and pursue their dreams to become tomorrow’s leaders!
Of course, if you choose to have this donation remain anonymous, that is entirely up to you. All you need to do is schedule the donation and then not let us know that you donated.
Why do I need to input the registration number? Isn’t “The Greeley Dream Team, Inc.” enough information for my taxes?
We know it’s a long number, but you do need to use it. There are thousands of nonprofits in the state of Colorado that are eligible to participate in ReFUND CO, and using our number (20083002216) will help let the Department of Revenue know that you want your donation to go to us and not someone else.
Can I split my refund between nonprofits?
No. A refunder can only select one nonprofit to write in for Donate to a Colorado Nonprofit Fund. If you want to donate to more than one, you can write in one (The Greeley Dream Team, Inc.) and choose from a named organization on the Voluntary Contributions Schedule.
Do I have to give away a certain percentage of my refund?
No, that choice is yours. As long as the donated portion is lesser than or equal to the entirety of your refund, you can donate any part of it that you want. You do not have to donate all of it, and there isn’t a minimum amount you have to write in.
Can I deduct the amount I donate from my refund in my federal taxable income?
Yes, for the year in which you make the donation. You file your 2019 taxes in 2020, and the Donate to a Colorado Nonprofit Fund donation occurs when you file in 2020. If you itemize your tax return, you can claim this as a deduction in 2020.