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cbiros
New Member

Colorado State tax has calculation issue for large charitable donations

As I enter my charitable donations, both my federal and colorado state tax that I owe decrease. However, when I cross the $14902 threshold, my colorado tax suddenly jumps by $634, but the federal tax still decreases.  So, for $14902, my CO tax owed is $278.  When I increase my donation to $14903, it jumps to $912.

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1 Reply
ErnieS0
Expert Alumni

Colorado State tax has calculation issue for large charitable donations

You may have an itemized deduction addback.

 

For taxpayers who have federal adjusted gross income exceeding $400,000 in tax year 2022, if those taxpayers claimed itemized deductions on their federal return, they may be required to add back itemized deductions over a certain amount in this line.

 

If the filing status for your federal return was single, married filing separately or head of household AND 

 

  • Your federal adjusted gross income as reported on line 11 of Federal Form 1040 exceeds $400,000 AND
  • Your claimed itemized deductions on line 17 on Schedule A of Federal Form 1040 AND
  • Those itemized deductions on line 17 exceed $30,000
  • You must subtract $30,000 from the amount you reported on Line 17 of Schedule A and enter the result on line 4 of this form.

If the filing status for your federal return was married filing jointly AND

 

  • Your federal adjusted gross income as reported on line 11 of Federal Form 1040 exceeds $400,000 AND
  • Your claimed itemized deductions on line 17 on
  • Schedule A of Federal Form 1040 AND
  • Those itemized deductions on line 17 exceed $60,000
  • You must subtract $60,000 from the amount you reported on Line 17 of Schedule A and enter the result on line 4 of this form.
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