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Line 2a: Standard deduction or deductible taxes from Schedule A: In calculating the AMT, you cannot take itemized deductions for state and local income tax, real estate taxes and personal property taxes, even though these are deductible on your regular return.
To find out if you may be subject to the AMT, refer to the Alternative Minimum Tax (AMT) line instructions in the Instructions for Form 1040 (and Form 1040-SR). If subject to the AMT, you may be required to complete and attach Form 6251, Alternative Minimum Tax Individuals. See the Instructions for Form 6251PDF.
The Colorado credit is 12% of the federal minimum tax credit claimed on federal Form 8801 (for tax year 2017, the federal minimum tax credit used in calculating the Colorado minimum tax credit appears on line 25 of federal Form 8801).
This form apportions your gross income so that Colorado tax is calculated for only your Colorado income. Complete this form after you have filled out lines 1 through 9 of the DR 0104. If you filed federal form 1040NR, see the instructions.
About Colorado Cash Back On May 23, 2022, Gov. Jared Polis signed a new law (Senate Bill 22-233) to give Coloradans a tax rebate of $750 for individual filers and $1,500 for joint filers this summer.
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Congress enacted the alternative minimum tax (AMT) as a response to perceived abuses of the tax system. Congress believes that many wealthy taxpayers avoided paying income tax by using exclusions, deductions, and tax credits.
Individuals, estates and trusts may be subject to the Colorado Alternative Minimum Tax (AMT). There is no Colorado AMT for corporations. The Colorado AMT is the amount by which 3.47% of the Colorado alternative minimum taxable income exceeds the normal tax. It is due in addition to your regular Colorado income tax.
The Prior-Year Minimum Tax Credit lets you get back money you paid as an AMT in a prior year. You can only claim this credit in a year when you dont have to pay AMT. You cant use the credit to reduce your AMT liability in the future.
Today, six states have an AMT in their individual income tax code: California, Colorado, Connecticut, Iowa, Minnesota, and Wisconsin.
Use this schedule to report any subtractions from your Federal Taxable Income. These subtractions will change your Colorado Taxable Income from the amount of Federal Taxable Income. See instructions in the income tax booklet for additional guidance on completing this schedule. Do not enter negative amounts.

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