You may be able to also exclude your pension income in Colorado.
- Taxpayers who are 65 years of age or older as of the last day of the tax year can subtract the smaller of $24,000 or the taxable pension/annuity income included in federal taxable income.
- Note: For taxpayers aged 65 or older, there is an exception to this limitation for tax years 2022 and later. If the taxpayer's social security benefits included in their federal taxable income exceed $24,000, they can subtract the full amount of those social security benefits on their Colorado return. For tax year 2022 there are separate lines on form DR 0104AD specifically for the subtraction of social security benefits.
Qualifying taxpayers may claim the subtraction for social security benefits, pensions, or annutities on lines 3-6 of the 2022 Subtractions from Income Schedule (DR 0104AD).
Click this link for more info for Colorado Retirees.
@WDM67
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