Form 105 - Colorado Fiduciary Income Tax Return

• Any lump-sum pension or profit sharing distribution made to the

Line 9 Alternative Minimum Tax

estate or trust during the tax year to the extent such distribution

Enter the Colorado alternative minimum tax, if any, from Schedule F.

was reported as income on federal Form 4972. The amount to be

ordinarily there will be a Colorado alternative minimum tax if there

entered shall be net of any estate tax attributable to the distribution

is a federal alternative minimum tax.

to the extent claimed as a deduction on Form 4972.

Line 11 Credits

• Any charitable contribution deduction claimed in 2011 for the

Enter the credits, if any, from line 7, Schedule G.

donation of a conservation easement that qualified for the gross

Line 12 Gross Conservation Easement Credit

conservation easement credit.

Enter the credit, if any, from line 8, schedule G. you must include

Line 3 Subtractions From Taxable Income

all required attachments when claiming this credit. see FyI Income

Enter the sum of the following:

39 for details.

line 13 Enterprise Zone Commercial Vehicle Investment Credit

• Any refund of state income tax included in federal taxable income.

Enter the credit, if any, from line 9, schedule G. This credit

• To the extent included in federal gross taxable income of the estate

will be available after the office of Economic Development and

or trust, any united states government interest income not subject

International Trade approves the credit and notifies the Department

to tax by the State of Colorado.

of Revenue of the credit amount. Credit availability will be published

• To the extent included in federal gross taxable income or as added

on line 2, but not more than $20,000, the Colorado pension/annuity

Line 16 Estimated Tax Payments and Credits

subtraction. The pension/annuity subtraction is allowed only to the

Enter any amount paid on behalf of the estate or trust with the

extent the benefits were paid because of the death of the person

extension of time for filing payment voucher. Include amounts paid,

who earned the pension/annuity income. We recommend that you

if any, as estimated tax payments or as withholding on nonresident

read FyI publication — Income 25 for details.

real estate sales.

• To the extent included in federal taxable income, the amount of

Line 17 Colorado Income Tax Withheld

capital gain income earned from the sale of real or tangible personal

Enter any amount of Colorado income tax withholding on wages

property located in Colorado that was acquired on or after may 9,

reported as taxable income by the estate.

1994 and held continuously for at least five years prior to the date

line 18

of the transaction from which the capital gains arise. you must

attach form DR 1316 to the return to provide information explaining

Enter the amount of any W-2G lottery withholding.

how these assets qualify for the subtraction. see FyI Income 15

Line 19 Refundable Alternative Fuel Vehicle Credit

for details.

Enter the credit, if any, from line 9, schedule G. see FyI Income

9 for details.

• To the extent included in federal gross taxable income payments or

contributions made to a qualified state tuition program administered

line 20

by CollegeInvest.

Enter the sum of lines 16 through 19.

Line 4 Net Modifications

line 21 through line 23

line 4 is the difference between lines 2 and 3. If line 3 exceeds line

line 23 is the balance of tax due, line 15 minus line 20. Include

2, show the amount on line 4 in brackets.

penalty and/or interest on lines 21 and 22 if paid after the original

due date of the return.

Lines 5 and 6 Allocation of Modifications

Enter the amount of the net modifications allocated to the beneficiaries.

If 90% or more of the net tax was paid by the original due date of

These modifications should be allocated to the beneficiaries using

the return (April 17 for calendar year returns) and the balance is paid

the (beneficiary) “subtotal” percentage from schedule B, page 2 of

when the return is filed by the last day of the extension period then

the return. Enter the balance of the modifications, if any, on line 6.

only interest will be due. If less than 90% of the net tax was paid by

Where the allocation of the modifications as given in the instructions

the original due date of the return, penalty and interest will be due.

for line 5 would produce a result that is substantially inequitable, the

The penalty is 5% of the balance of tax due for the first month or fraction

fiduciary may (with the permission of the executive director) use such

of a month of delinquency plus 1/2% for each additional month or

other method of allocation of all or a part of such modifications that

fraction of a month of delinquency, not to exceed 12% in the aggregate.

will produce a fair and equitable result to both the fiduciary and the

Interest is computed at the rate of 3% per annum on any tax unpaid

beneficiaries.

as of the due date of the return from the due date to the date of

Line 7 Colorado Taxable Income

payment. (Interest on any tax due more than 30 days after billing

Enter the amount by which line 1 exceeds line 6 or the total of lines

will be assessed at 6%.)

1 and 6. This is the modified federal taxable income of the estate

or trust subject to tax by Colorado.

Paid Preparer Authorization

If the fiduciary wants to allow the Colorado Department of Revenue

Line 8 Tax

to discuss the estate’s or trust’s 2011 tax return with the paid preparer

Enter the Colorado normal tax of the estate or trust, 4.63% of the

who signed it, check the “yes” box. This authorization applies only to

amount on line 7. Nonresident estates and trusts enter the amount

the individual whose name appears in the “person or Firm preparing

from line 8, Schedule E. This represents a reduction in the rate from

Return” area of the fiduciary’s return. It does not apply to the firm, if

the 1999 rate of 4.75% and the 1998 rate of 5%.

any, shown in that section.

Page 4

Form 105 - Colorado Fiduciary Income Tax Return - 2011 Page 4

Related Articles

Related forms

Related Categories