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Level 3
posted Apr 11, 2024 1:06:11 PM

Colorado State Tax Issue - Transferring From 1040

I noticed an issue with my high school daughter's Colorado State taxes and how the Taxable amount from the 1040 was transferred to the State form.  Line 1 (Enter Federal Taxable Income from your federal income tax form: 1040, 1040 SR, or 1040 SP) on the state form has a negative amount, -$377.  

 

However, form 1040 line 15 (taxable income) has a value of $0.  The instructions for this line say: Subtract line 14 from line 11. If zero or less, enter -0-. This is your taxable income .  So, it cannot be less than zero.

 

Is this anything to be concerned about?  I don't think it matters as the CO tax on $0 or -$377 are both zero.  

0 1 2688
1 Replies
Expert Alumni
Apr 11, 2024 1:38:28 PM

I do not think it is anything to worry about about, since, as you say, -377 is the same as zero.