Non-Colorado resident. Can only exclude $48,000 from total non-Colorado qualifying amount of $125,000 in Pensions/Annuities. Is there a way to get the extra removed?

(Item 6 of the Colorado Pension and Annuity Exclusion Worksheet limits amount to exclude as a non-resident)

780

1 Best answer

Intuit Alumni

Jun 1, 2019 11:26:24 AM

No - The pension exclusion for taxpayers 65 or older as of December 31, 2018 is $24,000; and $20,000 for taxpayers at least 55 but not yet 65 as of December 31, 2018.

Each spouse must meet the requirements for the subtraction separately and claim the subtraction only on their pension/annuity income.

So between you and your spouse, the most you can exclude is $48,000.

Intuit Alumni

Jun 1, 2019 11:26:24 AM

No - The pension exclusion for taxpayers 65 or older as of December 31, 2018 is $24,000; and $20,000 for taxpayers at least 55 but not yet 65 as of December 31, 2018.

Each spouse must meet the requirements for the subtraction separately and claim the subtraction only on their pension/annuity income.

So between you and your spouse, the most you can exclude is $48,000.

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Non-Colorado resident. Can only exclude $48,000 from total non-Colorado qualifying amount of $125,000 in Pensions/Annuities. Is there a way to get the extra removed?