Form 104 - Colorado Individual Income Tax - 2011 (Page 8 of 24) in pdf

Page 8

especially when providing property descriptions,

receipts of items like clothing or toys purchased for

ownership, and dates of acquisition and sale.

donation. Submit using Revenue Online, or attach to

your paper return.

LINE

Tuition Program Contribution

Contributions to qualified Colorado tuition savings

LINE

Other Subtractions from Federal Taxable Income

plans can be deducted from your return. The

Click the EDIT button on Revenue Online to complete

contribution must have been included on your federal

this line, or enter the sum of the following on your

income tax return and calculated as part of your federal

paper return:

taxable income. We recommend that you read FYI

• PERA/DPSRS Benefits—the amount of any PERA

Publication—Income 44 if this applies to you.

or Denver School District No. 1 retirement benefits

received, but only if contributions were made

The 3 new fields on line 10 should be left blank if

to PERA 1984-1986 or to DPSRS in 1986. We

the taxpayer and/or spouse are the CollegeInvest

recommend that you read FYI Publication—Income

account owners who set up the account for the student

16 if this situation applies to you.

beneficiary. If you are not the account owner (e.g.

• Tier 1 and 2 Railroad Retirement—the amount of

grandparent, friend) complete the 3 additional fields.

tier 1 and tier 2 railroad retirement benefits that you

To report contributions to more than 1 account you

reported on your federal income tax return and is

must file electronically. DO NOT deduct contributions

calculated as part of your federal taxable income.

made to a tuition savings plan for another state or any

• Income for Native Americans—the amount of

tuition you paid while attending school.

income earned by a recognized tribal member while

LINE

Qualifying Charitable Contributions

working and residing on a Native American Indian

Taxpayers who make donations to charity, but do

reservation.

not claim federal itemized deductions on Schedule

• Medical Savings Account Interest—the amount of

A of form 1040, might be eligible to deduct a portion

interest paid toward contributions made to your

of their donation on this form. We recommend that

medical savings account. DO NOT include amounts

you read FYI Publication—Income 48 if this applies

that were deducted on your federal return. We

to you. Use the worksheet below to determine your

recommend that you read FYI Publication—Income

qualifying contribution:

29 if this applies to you.

(a) Did you itemize your deductions on

• Wildfire Mitigation—half (50%) of the amount

Schedule A of federal form 1040?

Yes

incurred in performing wildfire mitigation, up

to $2,500. We recommend that you read FYI

(b) As an individual or a business, did you

Publication—Income 65 to properly calculate this

deduct charitable contributions on the

subtraction.

federal form?

Yes

If you answered Yes on either (a) or (b) above, enter $0

DO NOT include amounts that were earned outside

on line 11; you do not qualify for this subtraction. If you

Colorado, net operating losses, military income

answered No on both (a) and (b) above, continue

below.

or wage adjustments on this line. Include a clear

explanation of the subtraction being claimed on your

return.

deducted as charitable contributions on

lines 16 and 17 of federal Schedule A.

LINE

Subtotal

This line is automatically calculated by Revenue

(d) Colorado adjustment

$500

Online, or enter the sum of lines 5–12 if filing a paper

(e) Subtract line (d) from line (c). This is

return.

the qualifying amount. If the amount

LINE

Colorado Taxable Income

is greater than $0, transfer to line 11.

This line is automatically calculated by Revenue

Online. If filing a paper return, subtract line 13 from

Enter the total contributions in the space provided

line 4. This is your Colorado taxable income, and is

and the subtraction after the $500 adjustment on

the figure used to determine how much Colorado tax

line 11.

is owed, if any.

DO NOT enter an amount on this line if you already

PART-YEAR RESIDENTS OR

deducted your charitable donation on Schedule A of

the federal 1040 form. Otherwise, you will be issued

NONRESIDENTS GO TO 104PN; FULL-

an assessment that will likely include penalty and

YEAR RESIDENTS CONTINUE TO LINE 15

interest.

LINE

Colorado Tax

If you are claiming a charitable contribution greater

The income tax rate is currently 4.63%, which is a

than $5,000, you should submit the receipts you

reduction from the 1999 rate of 4.75% and the 1998

received AT THE TIME OF DONATION. Receipts

(and prior) rate of 5%. This line is automatically

should be from the charity itself, DO NOT send

Form 104 - Colorado Individual Income Tax - 2011 Page 8

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