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The document provides instructions for calculating the Colorado alternative minimum tax (AMT) for individual taxpayers, detailing how to determine the AMT based on modified federal alternative minimum taxable income. It includes specific guidelines for part-year and nonresident taxpayers regarding apportionment of the tax, as well as a computation schedule to assist in the calculation process. Additional resources are referenced for further information.

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Which schedule is used to calculate AMT on the return?

Complete Schedule P (540) to see if AMT applies to you. Attach it to Form 540 only if any one of the following apply: You owe AMT. You have more than two credits.

What triggers the alternative minimum tax?

The AMT is the excess of the tentative minimum tax over the regular tax. Thus, the AMT is owed only if the tentative minimum tax for the year is greater than the regular tax for that year. The tentative minimum tax is figured separately from the regular tax.

At what income level does AMT kick in?

The AMT is indexed yearly for inflation. For the 2025 tax year, its $88,100 for individuals and $137,000 for married couples filing jointly. It introduced higher income levels for exemption phaseout. Phaseout for the 2025 tax year starts at $626,350 for individuals and $1,252,700 for married couples filing jointly.

How do I know if I have to pay alternative minimum tax?

If the TMT exceeds the regular tax, the excess is the alternative minimum tax (AMT). The AMT for general and financial corporations represents the incremental portion of the tentative minimum tax (TMT) that exceeds the regular tax. If the regular tax exceeds the TMT, no AMT exists.

What is the alternative minimum tax in Colorado?

Colorado imposes an AMT rate of 3.47%. It generally follows federal AMT rules and calculation methods, with some adjustments specific to Colorado. Colorados AMT exemption amounts and phase-out thresholds are the same as the federal AMT exemption amounts and phase-out thresholds.

colorado alternative minimum tax

Federal Form 6251 Colorado Income Tax instructions 2024 Dr 0104amt 2023 2022 Colorado Income Tax instructions Alt min tax 2023 Colorado tax penalty and interest calculator DR 0104 instructions DR 4746p State of Colorado

Who is subject to Colorado AMT?

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.