There is a possibility you can subtract your qualifying pension from your Colorado income before applying tax. See the information below.
WHO CAN CLAIM THE PENSION/ANNUITY SUBTRACTION
You can claim the pension/annuity subtraction if you received qualifying pension or annuity income (defined below) and either:
- ? you were 55 years or older and the end of the tax year, or
- ? you received the qualifying pension or annuity income as a beneficiary because of the death of the person who earned the pension
or annuity.
PENSION AND ANNUITY INCOME THAT QUALIFIES FOR THE SUBTRACTION Pension and annuity income qualifies for the subtraction only if it is included in your federal taxable income in the same tax year you
claim the subtraction. The income must also be one of the income types included in the following table and reported on the appropriate
line of your federal income tax return. (see image attached)
