Colorado Fiduciary Tax Booklet - 2013 (Page 7 of 20) in pdf

Page 7

must be computed for each state. The total credit for taxes

Schedule F

paid to other states may not exceed the Colorado tax

Schedule F is used to compute the alternative minimum

attributable to non-Colorado source income.

tax. The Colorado alternative minimum tax is the amount by

which 3.47% of the Colorado alternative minimum taxable

If income and/or losses are received from two or more

income exceeds the normal tax. The Colorado alternative

other states:

minimum taxable income is the federal alternative minimum

taxable income minus the federal AMT exemption and plus

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

taxes are paid, and

or minus the modifications from line 6 of Form 105. Do not

include modifications that duplicate adjustments made in

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

arriving at federal alternative taxable income.

as name of state) combining all tax paid, income, and

losses from all other states to determine the

Resident estates and trusts complete only lines 1 through

maximum credit available.

4 of the federal column and lines 7 and 8. Line 1 may be a

negative amount.

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

computed for each state in step 1, or the credit

The alternative minimum tax for nonresident estates

and trusts is apportioned in the ratio of Colorado-source

limitation computed in step 2. Both calculations will

be submitted with your return.

modified federal alternative minimum taxable income to the

total modified federal alternative minimum taxable income.

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

Complete lines 1 through 4 of the federal column as though

at or submit with form

the estate or trust were a resident estate or trust.

DR 1778. If you file a paper return you must attach the

returns to your Colorado return.

In computing the amount to enter on line 1, Colorado

column, the Colorado source total income and the

Dual-Resident Trust Credit

Colorado source allowable deductions shall be as reported

A credit is available to a qualifying trust that is a resident

on lines 1 and 2 of Schedule E, Colorado column. The

trust in both Colorado and another state. Submit a copy of

federal adjustments and tax preference items shall be

the tax return filed with the other state at

allocated to Colorado to the extent they relate to a business

or submit with form DR

being carried on in Colorado or to income from Colorado

1778. If you file a paper return you must attach the returns

sources. The alternative tax net operating loss deduction

to your return. We recommend that you read publication

shall be allowed to the extent it was from Colorado sources

FYI Income 63 if this applies to you.

in the year in which it arose.

Alternative Minimum Tax Credit

Estates and trusts are allowed a credit of 12% of the

The income distribution deduction, the estate tax deduction

federal alternative minimum tax credit for the same taxable

and the federal alternative minimum tax exemption

year. Part-year/nonresident estates and trusts must

deduction are allowed in the ratio of the Colorado source

apportion this credit in the ratio that the modified federal

federal distributable net alternative minimum taxable

alternative minimum taxable income that gave rise to the

income to the total federal distributable net alternative

minimum taxable income.

prior year federal alternative minimum tax was considered

Colorado alternative minimum taxable income. For

Schedule G

example, if a nonresident estate’s 2013 federal alternative

Schedule G is used to compute any Fiduciary Tax Credits.

minimum taxable income was 30% Colorado source, its

credit would be 30% of 12% of the 2013 federal credit

allowed for 2012 minimum tax.

Credit for Tax Paid to Another State

Other Credits

Enter on line 4 any other credit being claimed.

A resident estate or trust may claim credit for income

tax paid to another state on income from sources in that

Total Credits

state (including the District of Columbia and territories or

Line 6 is the total of all credits claimed on lines 1 through 5.

possessions of the United States).

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

the total tax liability on line 10, Form 105.

Income from intangible assets, such as interest, dividends

and gains or losses from the sale or exchange of

Gross Conservation Easement Credit

securities, unless from a business carried on in the other

Submit a copy of form DR 1305 when claiming this credit.

state, is not considered to be from sources in the other

Donors must also attach forms DR 1303 and DR 1304

state. The credit must be claimed on the accrual basis and

when filing their returns. We recommend that you read

is limited to the Colorado tax attributable to such income.

publication FYI Income 39 if this applies to you.

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

Colorado Fiduciary Tax Booklet - 2013 Page 7

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