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posted Jun 1, 2019 12:19:48 AM

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

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1 Best answer
Employee Tax Expert
Jun 1, 2019 12:19:50 AM

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

1 Replies
Employee Tax Expert
Jun 1, 2019 12:19:50 AM

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