topic Colorado Income Tax 2020 tax year. Tax is 4.5% but TurboTax seems to calculate 4.55%. What am I missing here? in State tax filing

Colorado Income Tax 2020 tax year. Tax is 4.5% but TurboTax seems to calculate 4.55%. What am I missing here?

lschlenz — Sat, 02 Jan 2021 15:57:07 GMT

Re: Colorado Income Tax 2020 tax year. Tax is 4.5% but TurboTax seems to calculate 4.55%. What am I missing here?

SteamTrain — Sat, 02 Jan 2021 16:43:25 GMT

Prop 116 was approve in the November election cutting the tax rate from ~~5.63 to 5.55%~~ 4.63% to 4.55%.

https://www.thedenverchannel.com/news/election-2020/colorado-voters-pass-proposition-116-which-cuts-the-state-income-tax-rate

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I can't see whether it has really been implemented by CO yet, because the CO dept of revenue tax webpage is down for a few days for updating....but if the tax software is using ~~5.55%~~ 4.55%, that would appear that is the proper rate.

Of course, ALLL the software is in a state of change right now...there will be hundreds of needed updates before you can file at the end of January, or early February...so I guess it's possible it could change.

Re: Colorado Income Tax 2020 tax year. Tax is 4.5% but TurboTax seems to calculate 4.55%. What am I missing here?

lschlenz — Sat, 02 Jan 2021 16:36:10 GMT

Thanks. The 2020 tax booklet itself says 4.5%, as well as online multiple sites. I'm in no hurry to file so I'll stand by.

Re: Colorado Income Tax 2020 tax year. Tax is 4.5% but TurboTax seems to calculate 4.55%. What am I missing here?

SteamTrain — Sat, 02 Jan 2021 16:46:28 GMT

ooops, I typed the wrong %'s in the original.

I do see news info where the 2019 tax rate was temporarily reduced to 4.5% but that was for 2019, not 2020.

......will be interesting what the CO DOR says once their web pages are re-activated.