kathyc2 Posted February 27, 2024 Report Posted February 27, 2024 Retired client moved to CO in 2023. Is it correct that the return starts with federal taxable income instead of AGI? Then it takes off from the fed taxable income amounts from pensions? It results in negative CO income. Seems like double dipping to me and just wanting to make sure this is how CO handles tax for retirees???? Quote
mwrightea Posted February 27, 2024 Report Posted February 27, 2024 Pension, IRA & taxable Social Security can be deducted within certain limits for age on CO104AD Quote
[email protected] Posted February 28, 2024 Report Posted February 28, 2024 You can deduct taxable social security and pension income up to $20000 if under 65 and $24000 if over. Do this on the CO 104PN, not on the CO104. This may result in negative income 1 Quote
kathyc2 Posted February 28, 2024 Author Report Posted February 28, 2024 Thanks for confirming. I don't remember ever having a state that started with federal taxable and then took deductions off that. Am I correct that this years negative amount will not carry forward to next year? Quote
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