Retirement tax questions

The Colorado military retirement subtraction is for a retired servicemember who is under 55 years of age at the end of the tax year.

Retired service members age 55 or older will claim the regular pension and annuity subtraction.

Colorado says:

A retired servicemember may claim one of two subtractions for all or part of the military retirement benefits that are included in their federal taxable income. The subtraction that may be claimed depends on the retired servicemember's age at the end of the tax year. For more information on these subtractions, visit the Retired Servicemembers web page and review the guidance publication Income Tax Topics: Military Servicemembers.

You get one or the other, not both. TurboTax will give you the correct deduction based on your age.

Coloradoans a least 65 years old can subtract $24,000, those at least 55, but less than 65 years old can subtract $20,000.

Thank you for your honorable service to our nation.