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Form Income 18 - Pension Subtraction For Married Couples When Both Spouses Receive Social Security Page 2

EXAMPLE: John Williams, age 63, had

FURTHER INFORMATION

Social Security benefits of $8,065. His

For more information on related topics,

wife Mary had Social Security benefits of

consult the following DOR publications:

$13,500. The amount of the benefits

• FYI General 6 “Part-Year and Nonresi-

included in their federal taxable income

dents”;

was $5,965.

• FYI General 7 “Property Tax Rebates

They would compute their proration

and Deferrals for the Elderly and

schedule as follows:

Disabled;

1) John’s benefits

8,065

• FYI Income 16 “Modification for

Recipients of PERA or Denver Public

2) Mary’s benefits

13,500

Schools Retirement Benefits;

3) Total benefits

21,565

• FYI Income 25 “Pension Exclusion.”

4) John’s percentage

37.399 %

FYIs, commonly used forms and

5) Mary’s percentage

62.601 %

additional tax information are available

6) Taxable benefits

5,965

on the Web at

7) John’s share of the

taxable benefits

2,231

For additional income tax information

8) Mary’s share of the

visit the "Tax Information Index" at

taxable benefits

3,734

If John also had civil service pension

FYIs provide general information concerning

income of $18,500 included in the joint

a variety of Colorado tax topics in simple and

federal taxable income, his Colorado

straightforward language. Although the

pension subtraction would be limited to

FYIs represent a good faith effort to provide

the $18,500 civil service pension plus

accurate and complete tax information, the

$1,500 of his Social Security benefits for a

information is not binding on the Colorado

total of $20,000. If Mary had no other

Department of Revenue, nor does it replace,

pension income, she could claim a sub-

alter or supersede Colorado law and regula-

traction of $3,734, her share of the

tions. The Executive Director, who by

benefits included in federal income.

statute is the only person having authority to

bind the Department, has not formally

reviewed and/or approved these FYIs.

PAGE 2 OF 2

INCOME 18 (09/04)

Form Income 18 - Pension Subtraction For Married Couples When Both Spouses Receive Social Security Page 2

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