Form 104 - Colorado Individual Income Tax - 2011 (Page 7 of 24) in pdf

Page 7

here might be eligible for the pension subtraction on

• Were age 65 or older, then you are entitled to

subtract $24,000 or the the total amount of your

lines 7 or 8.

taxable pension/annuity income, whichever is

• Dependent child income—the amount from IRS

smaller; or

Form 8814, line 14, or $950, whichever is smaller.

• Were at least 55 years, but not yet 65, then you are

Include this income only if you elected to report your

entitled to subtract $20,000 or the the total amount

child’s income on your federal income tax return.

of your taxable pension/annuity income, whichever

• Charitable gross conservation easement—the

is smaller; or

amount of any charitable contribution taken

• Were younger than 55 years, and you received

as an IRS deduction that will be claimed as

pension/annuity income as a secondary beneficiary

a gross conservation easement credit on the

(ex: widow, dependent child, etc.) due to the death

Colorado return. We recommend that you read FYI

of the person who earned the pension/annuity,

Publication—Income 39 if this applies to you.

then you are entitled to subtract $20,000 or the

• Alien labor—the amount of expenses for unauthorized

total amount of your secondary beneficiary taxable

alien labor services. We recommend that you read

pension/annuity income, whichever is smaller. If

FYI Publication—Income 64 if this applies to you.

this applies to you, please list the Social Security

• Partnership/Fiduciary—the amount of any fiduciary

number of the deceased in the space provided.

adjustment or par tnership modification that

increases your federal taxable income.

Pension/annuity income should not be inter-mingled

between spouses. Each spouse must meet the

LINE

Subtotal

requirements for the subtraction separately and

This line is automatically calculated by Revenue

claim the subtraction only on their pension/annuity

Online, or enter the sum of lines 1–3 if filing a paper

income. Any qualifying spouse pension/annuity

return.

income should be reported on line 8.

Subtractions

LINE

Spouse Pension and Annuity Subtraction

LINE

State Income Tax Refund

If the secondary taxpayer listed on a jointly filed return

Refer to your federal income tax return to complete

is eligible for the pension and annuity subtraction,

this line:

enter the qualifying amount on this line. Review the

instructions for line 7 to see what amount qualifies.

• 1040EZ Form, enter $0

We recommend that you read FYI Publication—

• 1040A Form, enter $0

Income 25 if this applies to you.

• 1040 Form, enter the amount from line 10

LINE

US Government Interest

If only one spouse qualifies for the pension/annuity

Enter the sum of all interest earned from US

subtraction on a jointly filed return, take precautions

government bonds, treasury bills and other obligations

to report the subtraction on the correct line. The first

of the U.S. or its territories, possessions, and

person listed on the return shall report on line 7 and

agencies that you reported on your federal income

the second person listed shall report on line 8.

tax return and is calculated as part of your federal

LINE

Colorado Source Capital Gain Subtraction

taxable income. We recommend that you read FYI

You might be eligible to subtract the income you

Publication—Income 20 if this applies to you.

earned from a Colorado-source capital gain. We

recommend that you read FYI Publication—Income

DO NOT include interest earned from Federal

15 if this applies to you. The amount of this subtraction

National Mortgage Association and Government

is limited to $100,000 and qualifies if the capital gain

National Mortgage Association (Fannie Mae and

was:

Ginnie Mae). Dividends from mutual funds may not

be 100% exempt.

• Earned from the sale of real or tangible personal

property that was located in Colorado at the time

LINE

Pension and Annuity Subtraction

of the sale transaction; and

You might be eligible to subtract the income you

earned from a pension or annuity. We recommend

• Included on your federal income tax return and is

that you read FYI Publications—Income 18 and 25

calculated as part of your federal taxable income;

and

if this applies to you. Enter the qualifying amount if

you:

• Acquired on or after May 9, 1994 and was owned

continuously for five years prior to the sale

• Earned income from a pension/annuity that was not

transaction date.

a premature distribution; and

• It was included on your federal income tax return

Complete and submit the DR 1316. Revenue Online

and is calculated as part of your federal taxable

allows you to directly enter the DR 1316 by clicking

income; or

the EDIT button. Paper filers should attach this form

• It was a lump-sum distribution that was reported

to their return. Take precaution to completely fill out

on line 3 above and, as of December 31, 2011 you:

each item of this form. Be as detailed as possible,

Form 104 - Colorado Individual Income Tax - 2011 Page 7

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