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Question

State Witholding -Colorado

Forum|Forum|3 years ago
May 24, 2023
2 replies
19 views

I retired this year. On my pension, they do make deductions for federal taxes, but not for state. They will withhold any amount I request for the state witholdings. How do I determine what amount I should have deducted from each check in order to not end up paying it all when taxes are due next year?

Ask the Experts - W-4 - May 2023

Employee Tax Expert

Employee Tax Expert

Congrats on your retirement! So there's a lot of different factors that could affect this. Generally speaking, Colorado's income tax rate for 2022 is 4.4% Colorado Individual Income tax FAQs You could certainly contact the financial institution that administers your pension and ask them to withhold 4.4%. Most employers don't offer pensions any more. That being said, is it possible your pension is not taxable to Colorado? Many state employees do not pay state tax on state retirement. Hope this helps!

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Employee Tax Expert

Employee Tax Expert

Here is another link that could be useful that contains retirement info for Colorado: Colorado retirement FAQs

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