Form 104x Draft - Amended Colorado Individual Income Tax Return

FORM 104X INSTRUCTIONS

The 2007 Form 104X, Amended Colorado Income Tax Return, is used to

If you have previously been assessed a delinquency penalty or

correct your 2007 individual income tax return. For more information or

estimated tax penalty and this amended return causes the amount of

any questions pertaining to income, additions, subtractions, credits, etc.,

penalty to change, enter the decreased penalties on lines 44 and/or 45.

refer to the income tax book for 2007, or call the Department of Revenue

at (303) 238-SERV (7378). You can also obtain forms and information from

Leave line 46 blank. Interest will be computed by the Department of

the Internet at

Revenue. Interest on any refund created by a loss carry-back or an

investment tax credit carry-back will be paid from the last day of the

Complete the first column of Form 104X showing the income, additions,

taxable year in which the loss or credit originated.

subtractions, taxes and credits the way your return was originally filed, as

last corrected by yourself on Form 104X, or as last changed by the

Direct Deposit. Complete the direct deposit information if you want

Department of Revenue. Complete the second column showing the

your refund deposited directly into your account at a United States

corrected amounts. Complete the third column showing the net changes

bank or other financial institution.

with decreases indicated by a “–” minus sign.

Foreign Address. If you are entering an address for a foreign

Line 31 computes the amount of credit available on your tax return after

country, place any postal code at the end of the address line and enter

comparing the tax liabilities to the available credits. Any increase in this

XXXXX in the ZIP code box.

amount between columns one and two will indicate that a refund is due on

this return. Any decrease in this amount between columns one and two

Deceased taxpayer. If the taxpayer died since the original return was

will indicate that a balance is owed back to the state. For example, if your

filed and you are requesting a refund, attach a copy of Form 102 -

refund increased from $200 to $250 when you corrected your return,

Claim for Refund Due Deceased Taxpayer and a copy of the death

column three would indicate the $50 increase on this line. On the other

certificate. Check the deceased box after the decedent’s name.

hand, if your refund decreased from $400 to $140 when you corrected

your return, column three would indicate the $260 difference that you would

A federal net operating loss carried back to a tax year beginning on

need to repay to the state of Colorado.

or after January 1, 1987, or carried forward will be allowed for Colorado

income tax purposes. A nonresident or a part-year resident may carry

Line 32 computes the amount owed to the state on your tax return after

back or forward that portion of his federal net operating loss that is from

comparing the tax liabilities to the available credits. Any decrease in this

Colorado sources or which relates to the Colorado portion of the year.

amount between columns one and two will indicate that a refund is due on

this return. Any increase in this amount between columns one and two will

Statute of limitations. The statute of limitations for filing a Colorado

indicate that a balance is owed back to the state. For example, if your

claim for refund is generally four years from the original due date of the

balance due increased from $50 to $70 when you corrected your return,

return or three years from the date of last payment of tax for the year

column three would indicate the $20 you owe to Colorado with this return.

involved, whichever is later. The statute of limitations for claiming a

On the other hand, if your balance due decreased from $50 to $0 when

refund that is the result of a loss carry-back or an investment tax credit

you corrected your return, column three would indicate the $50 difference

carry-back is four years from the due date of the return for the year in

that would be refunded based on this return.

which the loss or credit originated. See FYI General 18.

AMOUNT OWED

Protective Claims. If this amended return is being filed to keep the

Line 35 is the total of any decrease indicated in column three of line 31

statute of limitations open pending the outcome of a court case or tax

and any increase indicated in column three of line 32. These amounts

determination in another state that affects your Colorado return, check

reflect the additional tax due as a result of this return. (It will not include

the protective claim box under reason for filing corrected return.

any tax that may still be due based on earlier assessments or on your

original return.) For example, if the overpayment claimed on your original

Change in filing status. If the amended return is being filed to change

return was $50 and the corrected balance due computed in column two is

the filing status from single or married separate to joint, the taxpayer

$90, then the total of these changes from lines 30 and 31 will be $140,

that filed the single return must be listed first on the amended return. If

which is the tax increase that will be reported on this return.

both taxpayers have filed single, then either taxpayer can be listed first

and the explanation must specify that one of the original returns was

If you owe additional tax, add interest calculated from the original due

filed under a different primary Social Security Number (SSN).

date of the return on line 36.

If the amended return is being filed to change the filing status from

If you have previously been assessed a delinquency penalty or estimated

joint to single or married separate, the taxpayer whose SSN was listed

tax penalty and this amended return causes the amount of penalty to

first on the joint return should include all applicable tax data in

change, enter the increased penalties on lines 37 and/or 38.

column one of their amended return. The taxpayer whose SSN was

listed second on the joint return should not have any information in

REFUND AMOUNT

column one and the explanation must specify that the original return

Line 42 is the total of any increase indicated in column three of line 31 and

was filed under a different primary SSN.

any decrease indicated in column three of line 32. These amounts reflect

the additional refund due as a result of this return. (It will not include any

Interest rates on additional amounts due or refunds are as follows:

refund that may still be pending based on your original return.) For

January 1 through December 31, 2008.

example, if the overpayment claimed on your original return was $50 and

Tax due paid without billing, or paid within 30 days of billing, or on

the corrected overpayment computed in column two is $210, then the

refunds $5,000 or more and 10% or more of the net tax liability .... 8%

total of these changes from lines 30 and 31 will be $160, which is the

Tax due paid after 30 days of billing, or on other refunds ..................11%

refund claim that will be reported on this return.

Make checks payable to:

Colorado Department of Revenue

Enter on line 43 any portion of the refund from line 42 that you want

Denver CO 80261-0005

applied to your 2008 estimated tax rather than having it refunded at this time.

Form 104x Draft - Amended Colorado Individual Income Tax Return - 2007

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