This article was verified by our editors and Jennifer Samuel, Senior Product Specialist for Credit Karma. has been updated for fiscal year 2019.
But filing taxes in the state that’s home to the Rocky Mountains doesn’t have to be difficult. Colorado has a simple tax structure with a single individual income tax rate that applies to everyone who has to pay taxes to the Centennial State. Plus, there are many state-level deductions and credits available to help taxpayers reduce their state tax burden.
Let’s take a look at what you need to know about filing a Colorado state tax return.
- colorado state tax basics
- colorado deductions and credits to know
- how to file your colorado state tax
- if you owe and cannot pay
- track your tax refund colorado taxes
colorado state tax basics
colorado has several taxes, including a use tax, a sales tax, marijuana taxes, and property taxes at the county level. In addition, Colorado has an income tax and you may need to file a Colorado state income tax return if:
- are a full-time resident of colorado
- lived and worked in the state temporarily
- are a non-resident who earned income from colorado
- had to file a federal return with the irs
tax agency
the colorado department of revenue collects and administers state taxes. You can get help by phone and in person:
- by calling 1-303-238-7378 with general tax questions between 8 a.m. and 5 p.m. m. and 4:30 p.m. m. Mountain time Monday through Friday
- email your questions to dor_taxpayerservice@state.co.us
- mail the colorado department of revenue, po box 17087, denver, co 80217-0087
- visit one of several taxpayer service locations throughout the state
submission and payment deadline
For 2019 state taxes, the state has extended the payment deadline. Colorado residents now have until July 15, 2020 to pay any state taxes they owe. As with the federal deadline extension, Colorado will not charge interest on unpaid balances between April 15 and July 15, 2020.
In addition, all income tax returns with an original filing due date of April 15, 2020 will receive an automatic extension to October 15, 2020. from July 15, 2020. but it does not appear that Waive interest or penalties for filings and payments received after the July 15, 2020 deadline.
although this hearing is a little different, generally april 15 is the deadline to file your colorado state tax return and pay any tax you owe. if the 15th falls on a holiday or weekend, the annual deadline will be moved to the next business day.
marital status
colorado requires that you use the same filing status on your state return as you do on your federal tax return. filing statuses are single, married filing jointly, married filing separately, head of household, or qualifying widow(er) with dependent child.
colorado income tax rate
Calculating your Colorado state income tax is easy, because the state has a flat 4.5% tax rate. multiply your taxable income by 0.045 to calculate how much you owe in taxes.
colorado deductions and credits to know
- Child Care Contribution Credit: If you made a qualified donation (not a fee-for-service) to a licensed child care facility or qualified program (such as the Boys and Girls Club of Denver), you can take a tax credit of up to half of the qualified amount. the credit amount is capped at $100,000. the credit is nonrefundable, but you can carry over any leftover credits for up to five tax years.
- Child Care Tax Credit: If you spent money on child care and meet the Colorado income thresholds and residency requirements, you may be able to claim this tax credit at the state level. is worth 25% of your child care expenses, up to $500 for one child or $1,000 for two or more children.
- earned income tax credit: if you claimed the credit earned income tax on your federal income tax return, you may also be able to claim it on your Colorado state tax return, as long as you meet the state residency requirements. On your colorado taxes, the credit is worth 10% of how much you received for the credit on your federal tax return. this is a refundable credit, which means if it’s more than the amount you owe in taxes, you can get the rest back as a refund.
- Innovative Motor Vehicle Credit: if you purchased , leased or converted a qualified electric or hybrid vehicle, you may be eligible to receive a tax credit. the amount of the credit depends on multiple factors, such as the type of vehicle, the weight of the vehicle, and when you purchased it. check which vehicles qualify and other conditions.
- Long-term care insurance credit: If you purchased a long-term care insurance policy, you may be able to receive a credit per policy. To qualify, you must meet the income limits for your filing status and other requirements. the credit is generally worth 25% of the amount you paid for the policy during the tax year, up to $150 per policy.
- first-time homebuyer savings account deduction : The tax deduction allows homebuyers to deduct any interest or taxable earnings from a savings account that they designate specifically for the purchase of their first home in the year claimed.
- charitable contribution deduction: You can claim this deduction if you took the standard deduction on your federal return and donated money or property to a church (or other place or place of worship) or a qualified nonprofit organization, included an educational and medical group, and most importantly, he kept his receipts. limits apply.
- 529 plan deduction: If you save for college expenses in a 529 savings plan, you can deduct those contributions or payments from your income on your federal tax return. state of colorado as long as the amount has been included in your income on your federal return and has been directed to qualified state tuition programs.
how to file your colorado state tax return
You can electronically file your Colorado state tax return through the Department of Revenue’s free online revenue service. however, if this is your first year as a resident, you won’t have access to this handy tool until you’ve filed at least one state return. you can also use tax preparation software.
If you prefer to go on paper (or if you’re filing your taxes and it’s your first year of filing a Colorado state tax return), you can print a paper copy of Form 104 (the state income tax return). tax return form) and mail it to one of these addresses with your payment:
if including a tax payment:coloradodenver department of revenue, co 80261-0006
if not including a tax payment:colorado denver department of revenue, co 80261-0005
What if you need help with your taxes? In addition to reaching out directly to the state, the Python Foundation, a nonprofit organization that supports low-income families in Colorado, offers in-person tax preparation and filing at multiple locations to households earning below the threshold. established income.
if you owe and cannot pay
if you’re having trouble paying your taxes before they’re due, you can take advantage of the colorado department of revenue’s monthly installment plan. You can set up this plan through the state’s online portal, online revenue, or by calling the department at 1-303-205-8291.
Tracking Your Colorado Tax Refund
You can track the status of your tax refund online by providing information, including your social security number, the amount of your refund, and your pin/letter ID sent by the department of revenue.
end result
colorado offers many options for tax credits and deductions. That potentially means a bigger refund check for you at the end of the year if you overpaid your taxes. But to get that money (or find out if you owe money), you’ll first need to file your Colorado state tax return.
Relevant Sources: Colorado Department of Revenue: Individual Income Tax | colorado department of revenue: marijuana control | colorado department of local affairs: property tax division | colorado department of revenue: book 104: colorado individual income tax filing guide | colorado department of revenue: income tax credits | colorado department of revenue: income 35: child care tax credit | colorado department of revenue: income 33: tax credit for child care expenses | colorado department of revenue: income 27: earned income tax credit | colorado department of revenue: revenue 69: innovative motor vehicle and truck loans for electric and plug-in hybrid vehicles | colorado department of revenue: revenue 37: long-term care insurance credit | colorado department of revenue: savings account interest deduction instructions for first time home buyers | colorado department of revenue: revenue 48 — subtraction of charitable contributions | colorado department of revenue: revenue 44 — state tuition program contribution subtraction | colorado department of revenue: | colorado department of revenue: individual income tax: forms and instructions | irs: determine your correct filing status | Gary’s Community Investments: The Python Foundation
Jennifer Samuel, Senior Tax Products Specialist for Credit Karma, has over a decade of experience in the tax preparation industry, including working as a tax analyst and tax preparation professional. . she has a bachelor’s degree in accounting from saint leo university. you can find it on linkedin.