Colorado’s flat state earnings tax of 4.25% simplifies submitting for everybody—whether or not you’re incomes a wage, freelancing, or working a enterprise. You don’t need to juggle a number of tax brackets and earnings thresholds to determine your tax legal responsibility.
Colorado is one in every of a number of states with a flat tax, which makes state earnings taxes extra predictable than in states that also make use of tiered tax brackets.
For people submitting Colorado earnings tax returns, the flat tax means much less guesswork and fewer complications when tax season rolls round.
To get the total image of how Colorado’s state earnings taxes work, let’s discover deductions, submitting guidelines, and different key concerns for the 2024 tax season (the taxes you file in 2025).
*Notice you might be nonetheless liable for Federal taxes in the event you make the IRS earnings submitting threshold. This text addresses state-specific taxes solely.
What’s Colorado’s customary deduction?
In contrast to many states, Colorado doesn’t have an ordinary deduction, which is a set greenback quantity that reduces your taxable earnings. It’s sometimes out there to most taxpayers who don’t itemize deductions, a course of that entails itemizing and claiming particular eligible bills.
Whereas there’s no customary or itemized deduction in Colorado, there is a vital consideration for higher-income earners. Beginning with the 2023 tax 12 months, Colorado requires an “addback” for single or joint filers whose federal adjusted gross earnings (AGI) exceeds $300,000. This rule applies whether or not you declare itemized deductions or the federal customary deduction in your federal return.
The addback is the quantity by which your federal deductions—customary or itemized—exceed state-imposed limits. The bounds are:
Submitting statusLimitSingle$12,000Married submitting collectively$16,000
Supply: Colorado Division of Income
Colorado’s addback will be difficult to make sense of, so let’s take a look at an instance: Let’s say your AGI is $335,000, you’re married and file collectively, and your deductions whole $20,000. As a result of your deductions exceed the state restrict of $16,000 by $4,000, it’s essential to add $4,000 again to your Colorado taxable earnings.
Who has to file Colorado state earnings tax?
Colorado earnings tax is calculated primarily based on the taxpayer’s residency standing. You can be categorised as a resident, part-year resident, or a nonresident. Your residency standing determines how a lot of your earnings is taxable within the state. Moreover, 5 Colorado cities—Denver, Aurora, Glendale, Greenwood Village, and Sheridan—impose an occupational privilege tax on people working in these jurisdictions.
Right here’s a deeper take a look at how the residency statuses have an effect on Colorado taxes for every group:
Residency standing Definition How Colorado taxes earnings Resident Somebody who lives in Colorado full-time or maintains a everlasting residence and spends greater than six months per 12 months within the state. All earnings is taxed, no matter the place it’s earned. Half-year resident Somebody who lived in Colorado for a part of the 12 months and moved in or out of the state. Earnings earned throughout the time in Colorado is taxed. Nonresident Somebody who doesn’t stay in Colorado however earns earnings within the state. Solely earnings sourced from Colorado is taxed.
Figuring out your residency standing is step one in figuring out how Colorado’s state earnings tax applies to you. Use the state’s definitions to determine which kinds you’ll want in your particular circumstances.
Fortunately, submitting your taxes with TurboTax simplifies the method. Our platform guides you thru the method, serving to you establish your residency standing and full the proper kinds with confidence.
Different earnings tax concerns in Colorado
Varied forms of earnings, from retirement advantages to army pay, have distinctive tax guidelines underneath Colorado’s tax system. Right here’s a fast overview of how the state taxes totally different earnings sorts:
Funding earnings: Typically taxed at Colorado’s flat 4.25% charge, similar to different types of private earnings. There’s a deduction out there for farmers that acknowledge a capital achieve from the sale of agricultural actual property.
Retirement and pension earnings: Taxable, however taxpayers 55 to 64 (or these of any age receiving the earnings as a dying profit) might exclude the lesser of $20,000 or their taxable retirement earnings. Taxpayers which can be 65 and older can subtract the lesser of $24,000 or their taxable retirement earnings. Completely different guidelines apply to Social Safety and army retirement advantages (see under).
Social Safety earnings: For tax years 2022 and later, the quantity subtracted for Social Safety advantages acquired is lowered by the quantity deducted for pension and annuity advantages deducted. The mixed whole deducted can not exceed $24,000.
Army earnings: Energetic responsibility pay is exempt for nonresidents; sure advantages may additionally be excluded for residents. Energetic responsibility pay earned in a fight zone is just not topic to Colorado earnings tax. Service members underneath 55 years of age who obtain army retirement advantages can exclude as much as $15,000 from their earnings. Taxpayers 65 and older can deduct as much as the total quantity of their federally taxable advantages, as much as $24,000. Taxpayers between 55 and 64 years of age can deduct as much as $20,000.
Speak to a tax professional without spending a dime
Do you’ve gotten tax questions? Get solutions from one in every of our tax specialists. Specialists out there 5am – 8pm PST – 7 days per week
Colorado tax deductions and credit
Right here’s a fast take a look at widespread Colorado-specific tax deductions and credit for earnings tax. These may help cut back the quantity of tax you owe and even enhance your refund.
Tax credit score Description Quantity Colorado Youngster Tax Credit score (CTC) Helps households with qualifying youngsters underneath 6 years previous primarily based on earnings. Varies by earnings (as much as $75,000 for single filers or $85,000 for joint filers) and household measurement, as much as federal limits ($2,000 per baby). Colorado Earned Earnings Tax Credit score (EITC) A lift for low- to moderate-income staff who qualify for the federal EITC. 38% of the federal EITC, which is $7,830.Youngster Care Contribution Credit score For donations to qualifying baby care organizations in Colorado. 50% of the whole donation, capped yearly at $100,000. Youngster Care Bills Credit score Helps offset baby care prices for working dad and mom. Based mostly on earnings and bills; as much as $500 per baby for low-income households. For residents and part-time residents solely. Federal adjusted gross earnings should be underneath $25,000 to qualify. Property Tax/Lease/Warmth Rebate (PTC) Rebates for qualifying seniors or people with disabilities who pay property taxes, lease or heating payments. Submitted individually on Type DR 0104PTC, not in your Earnings Tax Return.As much as $1,112 yearly, relying on earnings and bills. For full-year Colorado residents who’re both 65 years of age or older, a surviving partner 58 years of age or older, or disabled, no matter age.Modern Motor Automobile Credit score Encourages buy or lease of different gasoline automobiles or conversions, particularly electrical automobiles (EVs) and plug-in hybrid EVs (PHEVs). $5,000 for automobiles with a manufacturer-suggested retail worth (MSRP) of as much as $80,000, and an extra $2,500 for any new automobile with an MSRP of as much as $35,000. Modern Truck CreditEncourages buy or lease of a brand new electrical, plug-in hybrid electrical, or hydrogen gasoline cell truck that’s titled and registered in Colorado. As much as $12,000 for medium responsibility electrical vehicles (10,001 – 26,000 lbs GVWR) and heavy responsibility vehicles (better than 26,000 GVWR).
For the entire listing of Colorado’s tax credit and deductions, go to the Colorado Division of Income web site.
The right way to file Colorado earnings tax
Submitting your Colorado state earnings taxes doesn’t need to be overwhelming. TurboTax simplifies every thing, from understanding residency guidelines and state-specific deductions to navigating advanced kinds. TurboTax offers you the instruments to:
Do it your self: TurboTax supplies easy-to-use software program that guides you step-by-step, serving to you determine each deduction and credit score you qualify for in Colorado.
Get professional assist: Want a bit of further help? TurboTax’s workforce of tax professionals is right here for you. From answering inquiries to getting ready and submitting your return, we’ve obtained you lined.
Maximize your refund: Our software program ensures you’ll be able to leverage each tax-saving alternative out there and get probably the most out of your Colorado state earnings tax refund.
Irrespective of your scenario, TurboTax makes submitting your Colorado earnings taxes easy and stress-free. Need personalised help? Join with a Colorado tax professional who will deal with every thing for you—from begin to end.
File with TurboTax right this moment and really feel assured that you simply’re benefiting from each credit score, deduction, and rebate.
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