Colorado DOR Issues Individual Income Tax Information Regarding Social Security, Pensions, Annuities

The Colorado Department of Revenue (DOR) Jan. 1 issued information regarding different pension and annuity income that may qualify for a subtraction on state individual income tax returns as well as certain limitations that apply. The information includes: 1) qualifying individuals may claim a subtraction on Form DR 104AD, Subtractions from Income Schedule, for pension and annuity income included in their federal adjusted gross income; 2) the subtraction is generally allowed only to individuals age 55 or older but may also be claimed by individuals younger than 55 for pension and annuity income they receive as a death benefit; 3) ...