Yes. See this CO Revenue document.
Money withdrawn from pensions, IRAs, 401(k) plans and other retirement plan income is subject to Colorado's 4.25 percent income tax. People 65 and older may deduct up to $24,000 in pension and annuity income from their taxable income. Typically, those ages 55 to 64 may deduct up to $20,000.Mar 23, 2025
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