DR 0104CR, 2024 Individual Credit Schedule-2025

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The document is the Individual Credit Schedule 2024 (Form 104CR) for Colorado taxpayers, detailing how to calculate various income tax credits. It provides instructions for submitting required documentation, outlines refundable and nonrefundable credits available to individuals, and specifies eligibility criteria for each credit. Taxpayers are advised to use electronic filing options and ensure accurate reporting of income and credits.

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How much is the Colorado child tax credit 2024?

How much is the credit in 2024? The lower the income, the greater the credit. For children 5 and younger: ranges from $120 for those at the highest income to $3,200 for those at the lowest range, per child. For children 6 to 16: ranges from $90 to $2,400 per child.

What is the dependent care tax credit for 2024?

To claim the credit, you (and your spouse, if youre married) must have income earned from a job and you must have paid for the care so that you could work or look for work. You can claim from 20% to 35% of your care expenses up to a maximum of $3,000 for one person, or $6,000 for two or more people (tax year 2024).

How much is the dependent tax credit in 2024?

If you have a child, you may be eligible for the Child Tax Credit. For 2024, the credit is up to $2,000 per qualifying child. To qualify, a child must: Have a Social Security number.

What is the maximum you can claim for dependent care?

How much is the child and dependent care credit? Adjusted gross incomePercentage of expenses* $39,001 to $41,000. 22%. $41,001 to $43,000. 21%. $43,001 and over. 20%. *For one dependent, the maximum amount of qualified expenses is $3,000. For two or more dependents, the maximum amount is $6,000.13 more rows Feb 25, 2025

Why are Colorado tax returns delayed?

This years delay was caused by the implementation of 26 major changes to the tax code, including 14 new tax credits that save Coloradans and businesses money all of which must be programmed into our tax procession system and thoroughly tested, Colorado Department of Revenue spokesperson Elizabeth Kosar said in an

What is the child dependent care credit for 2024?

Depending on income, taxpayers can get a credit worth up to 35% of their qualifying childcare expenses. At minimum, its 20% of those expenses. For 2024, the maximum eligible expense for this credit is $3,000 for one qualifying person and $6,000 for two or more.

Why am I only getting $1200 for dependent care credit?

The exact amount of the credit depends on your adjusted gross income (AGI) the higher your income, the smaller the tax credit.

What is a DR 0104 in Colorado?

DR 0104 - Individual Income Tax Return (form only) Department of Revenue - Taxation. Check the status of your income tax refund online no phone call needed.

DR 0104CR, 2024 Individual Credit Schedule-2025

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