Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
artbcool
New Member

I am a retired teacher in colorado. I believe I qualify for the 20000 credit on takes but not sure. what qualifies that deduction

 
1 Best answer

Accepted Solutions
PaulaM
Expert Alumni

I am a retired teacher in colorado. I believe I qualify for the 20000 credit on takes but not sure. what qualifies that deduction

The first $20,000 of pension or annuity income is exempt from tax for retired individuals aged 55 to 64, and for individuals receiving the pension as the result of the death of the individual who earned the pension. The first $24,000 of pension or annuity is exempt from tax for retired individuals aged 65 and over. For further information, see FYI Income 2, Pension/Annuity Subtraction.

See link below.

https://www.colorado.gov/pacific/sites/default/files/General5.pdf

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

1 Reply
PaulaM
Expert Alumni

I am a retired teacher in colorado. I believe I qualify for the 20000 credit on takes but not sure. what qualifies that deduction

The first $20,000 of pension or annuity income is exempt from tax for retired individuals aged 55 to 64, and for individuals receiving the pension as the result of the death of the individual who earned the pension. The first $24,000 of pension or annuity is exempt from tax for retired individuals aged 65 and over. For further information, see FYI Income 2, Pension/Annuity Subtraction.

See link below.

https://www.colorado.gov/pacific/sites/default/files/General5.pdf

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Dynamic AdsDynamic Ads
Privacy Settings
v