Does my pension from my federal government service received on 1099-R qualify for the Colorado State Income and annuity exclusion?

h0boterb06-0 — Sat, 01 Jun 2019 07:36:35 GMT

It depends on the type of pension income you are receivin...

DS30 — Sat, 01 Jun 2019 07:36:36 GMT

It depends on the type of pension income you are receiving (see screenshot).

According to the CO Department of Revenue, you might be eligible to subtract the income earned from a pension or annuity. Enter the qualifying amount if you:

Earned income from a pension/annuity that was not a premature distribution; and
It was included on your federal income tax return and is calculated as part of your federal taxable income; or
It was a lump-sum distribution and, as of December 31, 2015 you:

Were age 65 or older, then you are entitled to subtract $24,000 or the total amount of your taxable pension/annuity income, whichever is smaller; or
Were at least 55 years, but not yet 65, then you are entitled to subtract $20,000 or the total amount of your taxable pension/annuity income, whichever is smaller; or
Were young than 55 years, and you received pension/annuity income as a secondary beneficiary (ex: widow, dependent child, etc.) due to the death of the person who earned the pension/annuity, then you are entitled to subtract $20,000 or the total amount of your secondary beneficiary taxable pension/annuity income, whichever is smaller. If this applies to you, please list the Social Security number of the deceased in the space provided.

Note: Pension/annuity income should not be inter-mingled between spouses. Each spouse must meet the requirements for the subtraction separately and claim the subtraction only on their pension/annuity income.

But why doesn't Turbo Tax indicate the maximum amount all...

jableth — Sat, 01 Jun 2019 07:36:39 GMT

But why doesn't Turbo Tax indicate the maximum amount allowed for this exclusion?

But why doesn't Turbo Tax indicate the maximum amount all...

jableth — Sat, 01 Jun 2019 07:36:42 GMT

But why doesn't Turbo Tax indicate the maximum amount allowed for this exclusion?

topic Does my pension from my federal government service received on 1099-R qualify for the Colorado State Income and annuity exclusion? in Retirement tax questions

Does my pension from my federal government service received on 1099-R qualify for the Colorado State Income and annuity exclusion?

It depends on the type of pension income you are receivin...

But why doesn't Turbo Tax indicate the maximum amount all...

But why doesn't Turbo Tax indicate the maximum amount all...