Colorado DOR Releases Guidance on Social Security, Pensions, Annuities

The Colorado Department of Revenue (DOR) released guidance on subtractions allowed for pension and annuity income on Colorado individual income tax returns. The document outlines various types of qualifying income, including pensions, annuities, social security benefits, IRA distributions, and disability payments, along with applicable limitations and exclusions. The DOR notes that taxpayers aged 55 to 64 may be able to subtract their entire social security benefit income if their adjusted gross income does not exceed certain thresholds. [Colo. Dep’t of Revenue, Income Tax Topics: Social Security, Pensions, and Annuities, 01/01/25]

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