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What is the Colorado individual income tax form?

This filing guide will assist you with completing your Colorado Income Tax Return.

Do Colorado residents pay state income tax?

Colorado Income Tax Range For the 2021 tax year, Colorado has a flat income tax rate of 4.5%. It was lowered from 4.55% to 4.5% because of a high fiscal year revenue growth rate. The rate goes back to 4.55% for 2022.

What are subtractions from income?

The subtraction is the amount of income from the return or replacement of assets that has not been deducted or excluded from income on your federal return. Military retirement income received by individuals awarded the Medal of Honor can be subtracted from federal gross income.

What is considered income in Colorado?

Per C.R.S. 14-10-115(5)(a)(I), Gross income includes income from any source, except as otherwise provided. While not limited to these sources, the statute sets an A-Z list (literally) of examples of income, including: Salary, wages, tips. Overtime pay, when overtime is required as a condition of employment.

Who gets Colorado refund?

Be at least 18 years of age on or before December 31, 2021; Be a Colorado resident for the entire 2021 income tax year; And file a state income tax return for the 2021 income tax year (or on extension by October 17, 2022) or apply for a Property Tax/Rent/Heat Credit (PTC) Rebate.

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