Colorado Income Tax Filing Guide - 2013 Page 8
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Distributions included here are subject to 10-year
• Earned income from a pension/annuity that was
averaging on the federal return. If your lump-sum
not a premature distribution;
distributions are not subject to 10-year averaging
and
and were included in your federal taxable income
• It was included on your federal income tax return
(line 1), DO NOT report them on line 3. The
and is calculated as part of your federal taxable
amount included here might be eligible for the
income;
pension subtraction on lines 7 or 8.
or
• Dependent child income—the amount from IRS
• It was a lump-sum distribution that was reported
form 8814, line 14, or $1000, whichever is smaller.
on line 3 above;
Include this income only if you elected to report
and
your child’s income on your federal income tax
return.
As of December 31, 2013 you:
• Charitable gross conservation easement—the
• Were age 65 or older, then you are entitled to
amount of any charitable contribution taken as
subtract $24,000 or the total amount of your
an IRS deduction that will be claimed as a gross
taxable pension/annuity income, whichever is
conservation easement credit on the Colorado
smaller;
return. We recommend that you read publication
or
FYI Income 39 if this applies to you.
• Were at least 55 years, but not yet 65, then
• Alien labor—the amount of expenses for
you are entitled to subtract $20,000 or the total
unauthorized alien labor services. We recommend
amount of your taxable pension/annuity income,
that you read publication FYI Income 64 if this
whichever is smaller;
applies to you.
or
• Partnership/Fiduciary—the amount of any
fiduciary adjustment or partnership modification
• Were younger than 55 years, and you received
that increases your federal taxable income.
pension/annuity income as a secondary
beneficiary (widow, dependent child, etc.) due to
Line 4
Subtotal
the death of the person who earned the pension/
This line is automatically calculated by Revenue Online, or
annuity, then you are entitled to subtract $20,000
enter the sum of lines 1 through 3 if filing a paper return.
or the total amount of your secondary beneficiary
Subtractions
taxable pension/annuity income, whichever is
smaller. If this applies to you, please list the
Line 5
State Income Tax Refund
Social Security number of the deceased in the
Refer to your federal income tax return to complete this
space provided.
line:
Pension/annuity income should not be
intermingled between spouses. Each spouse
• 1040EZ form, enter $0
must meet the requirements for the subtraction
• 1040A form, enter $0
separately and claim the subtraction only on their
• 1040 form, enter the amount from line 10
pension/annuity income. Any qualifying spouse
pension/annuity income should be reported on
Line 6
U.S. Government Interest
line 8.
Enter the sum of all interest earned from U.S. government
Submit copies of all 1099R and SSA-1099
bonds, treasury bills and other obligations of the U.S.
statements with your return. Submit using
or its territories, possessions, and agencies that you
Revenue Online or attach to your paper return.
reported on your federal income tax return and is
calculated as part of your federal taxable income. We
Line 8
Spouse Pension and Annuity
recommend that you read publication FYI Income 20 if
Subtraction
this applies to you.
If the secondary taxpayer listed on a jointly filed return is
DO NOT include interest earned from Federal
National Mortgage Association and Government
eligible for the pension and annuity subtraction, enter the
National Mortgage Association (Fannie Mae and
qualifying amount on this line. Review the instructions for
line 7 to see what amount qualifies. We recommend that
Ginnie Mae). Dividends from mutual funds may
not be 100% exempt.
you read publication FYI Income 25 if this applies to you.
If only one spouse qualifies for the pension/
Line 7
Pension and Annuity Subtraction
annuity subtraction on a jointly filed return, take
You might be eligible to subtract the income you earned
precautions to report the subtraction on the
from a pension or annuity. We recommend that you read
correct line. The first person listed on the return
publications FYI Income 18 and 25 if this applies to you.
shall report on line 7 and the second person
Enter the qualifying amount if you:
listed shall report on line 8.
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