You have received the maximum amount of pension and annuity subtraction available in 2019. Your combined social security benefits are not excluded from your Colorado state income. Only social security retirement benefits included in federal taxable income qualify for the pension and annuity subtraction. According to the Colorado revenue page, the amount of subtraction is computed separately for each spouse. If a taxpayer’s qualifying pension and annuity income exceed the maximum allowable amount, the excess income cannot be subtracted either by that taxpayer or their spouse, even if the amount of the spouse’s pension and annuity income is less than the maximum allowable subtraction amount.
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