Colorado DOR Issues Instructions on 2022 Colorado K-1 Tax Form for Individual Partners, Shareholders

The Colorado Department of Revenue June 1 issued instructions to partnerships and S corporations for filing a completed Colorado K-1 for each partner or shareholder to report their share of income, deductions, modifications, and credits, for individual income and corporate income tax purposes. The instructions include: 1) the federal income and deduction amounts on certain lines in Column A of the 2022 Colorado K-1 aren’t reported directly on an individual income tax return; 2) the addition and subtraction amounts entered on certain lines in Column A are reported on an individual’s tax return as provided in the instructions; 3) taxpayers ...