Colorado Income Tax Planning Update: Form 104

The following items might seem new and/or different for Colorado taxpayers on the CO 104 Income Tax form, some are some are not. These points below basically represent some of the more persistent questions coming across my desk as part of year end tax planning.

  1. You must include the last 4 digits of your Colorado Driver's License or State ID
  2. Charitable contributions in excess of $5,000 requires you to submit the acknowledgement letter from the organization receiving the donation along with an itemized list of donated item's fair market value.
  3. Colorado vehicle registration and ownership tax forms are new - taxes are now listed on back.  ONLY THE SALES TAX IS DEDUCTIBLE.
  4. Form 104CR - Line 25 - Lone Term Care Insurance Credit - one qualifying policy per individual with max credit per policy $150 - income limitation $50K for single or $100K for married/joint filers
  5. Record retention - CO Rev says 4 years after due date.  If no tax return is filed keep records indefinitely as there is not statute of limitations on tax returns that have not been filed.
  6. The fee to dissolve business with Colorado SOS is reduced from $25 to $10
  7. Colorado employees must receive their W2's by 1/31 with copies to the Department of Revenue by 2/28 if in paper form and 3/31 if by electronical form
  8. Your Colorado tax filing status ALWAYS must match federal filing status

An in depth review of Colorado Use Tax will follow in my next post.

John R. Dundon, EA [720-234-1177, John@JohnRDundon.com]
Enrolled with the United States Department of Treasury to Practice before the IRS (Enrolled Agent # 85353). Under contract with the IRS as a Certified Individual Taxpayer Identification Number (ITIN) Acceptance Agent. A Federally Authorized Tax Practitioner (USC 31 Section 330 + IRC 7525a.3.A) regulated under US Treasury Cir. 230.

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Posted in Colorado Department of Revenue, Colorado Income Tax

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