Form Income 18 - Colorado Pension Exclusion For Married Couples When Both Spouses Receive Social Security

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TAXPAYER SERVICE DIVISION
FYI – For Your Information
Colorado Pension Exclusion for Married
Couples When Both Spouses Receive
Social Security
For Colorado income tax purposes,
filing joint income tax returns, Colorado
pension recipients can exclude up to
law requires that they prorate that
$20,000 of certain pension benefits that
portion of the benefits included in their
are taxable for federal income tax pur-
federal taxable income between them.
poses on the Colorado 104 Form.
Taxable benefits are prorated in the ratio
of their separate benefits to their total
Social Security benefits qualify for the
benefits in order to determine their
Colorado pension exclusion. But when a
separate Colorado pension exclusions.
husband and wife are both receiving
[§39-22-104 (4) (f) (III) C.R.S.].
Social Security benefits and they are
Use the following worksheet to prorate Social Security benefits included in
your federal taxable income:
1)
Husband’s total Social Security benefits for the year
$_____________
2)
Wife’s total Social Security benefits for the year
$_____________
3)
Total of lines 1 and 2
$_____________
4)
Husband’s percentage (line 1 divided by line 3)
_____________
5)
Wife’s percentage (line 2 divided by line 3)
_____________
6)
Taxable amount of Social Security benefits included on
federal Form 1040 or federal Form 1040A
$_____________
Colorado Department
of Revenue
Taxpayer Service Division
7)
Husband’s share of taxable Social Security benefits
1375 Sherman St.
(amount on line 6 multiplied by percentage on line 4)
$_____________
Denver, Colorado 80261
8)
Wife’s share of taxable Social Security benefits
Sales Tax: (303) 232-2416
Withholding Tax: (303) 232-2416
(amount on line 6 multiplied by percentage on line 5)
$_____________
Income Tax: (303) 232-2446
Severance Tax: (303) 232-2446
Fuel Tax: (303) 232-2451
PAGE 1 OF 2
INCOME 18 (09/98)

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