Colorado Tax Rate is Incorrect

[rick-timm]

Turbo Tax is still using a tax rate of 4.5%, The correct rate for 2022 is 4.4%

[SteamTrain]

Check out this response to that:

TT 2022 Colorado State Income Tax Rate is wrong (intuit.com)

Especially, use lines 9 and 10 of the CO tax return to calculate the tax, not lines 9 & 13.

[SteamTrain]

And the lower end of the Colorado tax table...involves some rounding which fudges the exact %.

i.e. it assesses $46 on $1001  (4.6%)

and also assesses $46 on $1100 (4.2%)

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At higher Taxable incomes, it's closer to the exact 4.4% value

[jcquest7]

My taxable income is at the higher end and the rate used should be 4.4% not 4.5%.  This is not a rounding issue.  This error reduces my State Tax Refund by $100.  THIS IS NOT ACCEPTABLE!  The Colorado State Income tax rate needs to be corrected for taxable income over $50,000. 

[SteamTrain]

@jcquest7    @rick-timm 

Probably time to go over to this other post......

TT 2022 Colorado State Income Tax Rate is wrong (intuit.com)

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The TTX Expert over there did determine that for CO taxable incomes higher than 50,000, that TTX was using 4.5%....Teh Expert there will report, if it hasn't already.

Check on Friday 27 Jan to see if it's corrected...if not this week, then the Friday after. 

 Software updates usually happen on Wed or Thurs evening...so we can't know if it got into the software correction folks in time for this week's update.  (If you are using desktop software, you'll have to run an update then)

[BillM223]

JCQUEST7, please see our answer to your other post on this issue.

@jcquest7