Form 105 - Colorado Fiduciary Income Tax Return

distributable net income.

source income.

Include the state tax deduction addback modification relating to prior

If income and/or losses are received from two or more other states:

years and the state tax refund subtraction modification in the Colorado

1. Complete lines 1a through 1g for each state to which taxes

column in the ratio that the estate or trust income was Colorado source

are paid, and

income for the year to which the deduction or the refund applies.

2. Complete lines 1a through 1g (enter “Combined” as name

For example, if the fiduciary paid $2,000 state tax during 2011 for

of state) combining all tax paid, income, and losses from all

2010, and the 2010 estate or trust income was 40% Colorado source,

other states to determine the maximum credit available.

include 40% or $800 on line 4 of the Colorado column.

3. The credit will be the lesser of the total credits computed for

Do NoT include the state tax deduction add back modification

each state in step 1, or the credit limitation computed in step

relating to taxes paid for the current year on line 4 of either column.

2. Both calculations will be submitted with your return.

Complete Schedule E in accordance with the instructions given on

submit a copy of the tax return filed with the other state(s) at

the form.

or submit with form DR 1778.

Schedule F. Schedule F is used to compute the alternative minimum

If you file a paper return you must attach the returns to your Colorado

tax. The Colorado alternative minimum tax is the amount by which

return.

3.47% of the Colorado alternative minimum taxable income exceeds

Dual-Resident Trust Credit. A credit is available to a qualifying

the normal tax. The Colorado alternative minimum taxable income

trust that is a resident trust in both Colorado and another state.

is the federal alternative minimum taxable income minus the federal

submit a copy of the tax return filed with the other state at

AmT exemption and plus or minus the modifications from line 6 of

or submit with form DR 1778.

Form 105. Do not include modifications that duplicate adjustments

If you file a paper return you must attach the returns to your return.

made in arriving at federal alternative taxable income.

see FyI Income 63 for details.

Resident estates and trusts complete only lines 1 through 4 of the

Alternative Minimum Tax Credit. Estates and trusts are allowed

federal column and lines 7 and 8. line 1 may be a negative amount.

a credit of 12% of the federal alternative minimum tax credit for

The alternative minimum tax for nonresident estates

the same taxable year. Part-year/nonresident estates and trusts

and trusts is apportioned in the ratio of Colorado-

must apportion this credit in the ratio that the modified federal

source modified federal alternative minimum taxable

alternative minimum taxable income that gave rise to the prior

income to the total modified federal alternative minimum

year federal alternative minimum tax was considered Colorado

taxable income. Complete lines 1 through 4 of the federal column as

alternative minimum taxable income. For example, if a nonresident

though the estate or trust were a resident estate or trust.

estate’s 2011 federal alternative minimum taxable income was 30%

Colorado source, its credit would be 30% of 12% of the 2011 federal

In computing the amount to enter on line 1, Colorado column, the

credit allowed for 2010 minimum tax.

Colorado source total income and the Colorado source allowable

deductions shall be as reported on lines 1 and 2 of Schedule E,

Enterprise Zone Credits. If the estate or trust owned a business

Colorado column. The federal adjustments and tax preference items

located in a Colorado enterprise zone, it may be entitled

shall be allocated to Colorado to the extent they relate to a business

to claim an enterprise zone credit. Information on the various

being carried on in Colorado or to income from Colorado sources.

enterprise zone credits is available in the Tax Information Index at

The alternative tax net operating loss deduction shall be allowed

to the extent it was from Colorado sources in the year in which it

Other Credits. Enter on line 5 any other credit being claimed.

arose. The income distribution deduction, the estate tax deduction

Visit the Tax Information Index on the Taxation Web site at

and the federal alternative minimum tax exemption deduction are

for details on other credits available to

allowed in the ratio of the Colorado source federal distributable net

estates and trusts.

alternative minimum taxable income to the total federal distributable

Total Credits. line 7 is the total of all credits claimed on lines 1

net alternative minimum taxable income.

through 6. The total amount entered on lines 7 and 8 may not exceed

Schedule G. schedule G is used to compute any Fiduciary Tax Credits.

the total tax liability on line 10, Form 105.

Credit for tax paid to another state. A resident estate or trust may

Gross Conservation Easement Credit. Submit a copy of form DR

claim credit for income tax paid to another state on income from

1305 when claiming this credit. If you donated the easement during

sources in that state (including the District of Columbia and territories

2011 you must also submit form DR 1303 and submit form DR 1304

or possessions of the united states).

in a separate mailing. see FyI Income 39 for details.

Income from intangible assets, such as interest, dividends and gains

Alternative Fuel Vehicle Credit. Alternative fuel vehicle credits

or losses from the sale or exchange of securities, unless from a

generated in 2011 are refundable (can exceed the net tax on line 14).

business carried on in the other state, is not considered to be from

Enter the alternative fuel vehicle credit generated in 2011 on line 9,

sources in the other state. The credit must be claimed on the accrual

schedule G, and on line 19, Form 105. This credit is not refundable

basis and is limited to the Colorado tax attributable to such income.

for credits carried forward for prior years. If you are carrying forward

If taxes were paid to two or more states, a separate credit must

an alternative fuel vehicle credit from prior years, enter the amount

be computed for each state. The total credit for taxes paid to other

on line 6, schedule G. see FyI Income 9 for details.

states may not exceed the Colorado tax attributable to non-Colorado

Page 6

Form 105 - Colorado Fiduciary Income Tax Return - 2011 Page 6

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