Do you have any retirement income reported on your federal return? You are eligible to subtract up to $20k (up to $24k if at least 65) of retirement income from your Colorado tax return. Colorado allows a pension/annuity subtraction for:
- Taxpayers who are at least 55 years of age as of the last day of the tax year
- Beneficiaries of any age (such as a widowed spouse or orphan child) who are receiving a pension or annuity because of the death of the person who earned the pension
Subtraction Amounts
If you entered retirement (pension, annuities, social security, etc.) income on your federal return, you are allowed to subtract a portion, depending on your age, from your CO tax return.
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