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Personal assets taxes
How is taxable claimed assets bent in your state?
Colorado imposes a tax on the federal taxable assets of every alone (C.R.S. 39-22-104). Colorado defines adapted adapted gross assets as the federal adapted gross assets additional or bare some of the additions and subtractions to federal taxable assets that are appear on the Colorado Form 104: Instructions to Alone Assets Tax Acknowledgment (2017). Assertive items charge be added to federal taxable income, including lump-sum distributions added than from pensions, and assertive items may be subtracted from federal taxable gross income, including alone retirement adjustment contributions (C.R.S. §39-22-104(3)(a) to (k) (regarding additions), -104(4)(a) to (x) (regarding subtractions)).
Under what affairs is an alone accounted citizen in your accompaniment for claimed assets tax purposes?
Colorado collects tax on Colorado assets from association and tax on Colorado antecedent assets for non-residents (C.R.S. §39-22-103(8)(a), -109).
Colorado defines a “resident” as a accustomed being who:
There are two tests for free residency. The aboriginal ysis focuses on “domicile,” which is bent by evaluating assorted factors, such as the absorbed to authorize a domicile, the area of family, the blazon of absolute acreage ownership, and aborigine allotment (see 39 Colo. Code Regs. §§ 22-103(8)(a)(2)(b), (c), -(8)(a)(3)(c)). The additional test, alleged the “statutory abode rule” or “six-month rule,” provides that a aborigine is a Colorado citizen if it has a “permanent address of abode” in Colorado and is physically in the accompaniment for added than six months of the year (39 Colo. Code Regs. § 22-103(8)(a)(3)).
What are the applicative claimed assets tax rates?
Colorado’s assets tax amount for individuals, estates and trusts is 4.63% of federal taxable assets (C.R.S. § 39-22-104(1.7)).
Exemptions, deductions and credits
What exemptions, deductions, and credits are available?
Colorado does not action accepted or itemized deductions because taxpayers’ federal taxable assets is the starting point for free their assets tax liability. Taxpayers who catalog deductions on their federal tax allotment charge add aback on the Colorado acknowledgment any accompaniment assets tax included in their federal deductions (see C.R.S. § 39-22-104(3)(d); Colorado Form 104: Alone Assets Tax Return; Colorado FYI Assets 4). As discussed above, Colorado law imposes assertive additions and subtractions to federal taxable assets that may adapt the ultimate taxable assets figure.
Colorado does not admission a Colorado claimed absolution to citizen taxpayers (C.R.S. § 39-22-106).
Colorado offers a acclaim for assets taxes paid to addition accompaniment or country (C.R.S. § 39-22-108; 39 Colo. Code Regs. § 22-108). Taxpayers may affirmation a acclaim for taxes paid to addition accompaniment alone on assets sourced aural the added state.
Colorado additionally offers credits for assorted purposes, such as for bread-and-er development incentives, low-income credits, and ecology incentives.
What filing requirements and procedures apply?
The Colorado Alone Assets Tax Form 104 is due on the 15th day of the fourth ages afterward the aing of the taxable year (C.R.S. § 39-22-608(2); Colorado Form 104: Instructions to Alone Assets Tax Return).
What obligations are imposed on the employer in affiliation to the accumulating and remittance of accompaniment claimed assets taxes (e.g., withholding)?
Colorado administration charge abstain taxes from accomplishment paid to an agent who is a Colorado citizen or a non-resident of Colorado alive in Colorado if such accomplishment are accountable to federal assets tax denial (see C.R.S. § 39-22-604(3); 39 Colo. Code Regs. § 22-604; see additionally Colo. Dept. of Rev., Colorado Assets Tax Denial Tables for Employers, able Jan. 2017).
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