kathyc2 Posted February 27 Report Share Posted February 27 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 Link to comment Share on other sites More sharing options...
mwrightea Posted February 27 Report Share Posted February 27 Pension, IRA & taxable Social Security can be deducted within certain limits for age on CO104AD Quote Link to comment Share on other sites More sharing options...
[email protected] Posted February 28 Report Share Posted February 28 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 Link to comment Share on other sites More sharing options...
kathyc2 Posted February 28 Author Report Share Posted February 28 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 Link to comment Share on other sites More sharing options...
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