Question

Colorado State Tax figuring

Forum|Forum|4 years ago
March 30, 2022
1 reply
0 views

This program is not figuring the senior exclusion correctly. My husband and I do not qualify for the full exclusion because we do not get the full exclusion amount from Social Security or from our pension.

I have put into the program only the amounts that we qualify to exclude but the program continually tells me I qualify for the full $48,000 exclusion. This needs to be corrected.

TurboTax Deluxe Online

AmyC

Employee

When you go into the CO Pension and Annuity Income Exclusion, the program determines your allowable amounts from Social Security and pension. Then, if you click continue, you can enter an amount for any other pension or annuity income that qualifies.

Please delete your entries in that box and see what the program is calculating for you. Then, you can add any missed income to that box.

If you were at least 55 years old at the end of the year, part or all of your income from your pension, annuity, Social Security or IRA accounts that is taxable on your federal tax return may not be taxed by Colorado.

Note: Premature distributions do not qualify for this subtraction. The railroad retirement benefits subtraction is allowed on the Subtractions from Income Schedule (Form DR 0104AD), Line 12 automatically and not here.

See the Colorado instructions for Form 104, line 6 and at the Colorado Department of Revenue website at Income 25.

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M

mtbrAuthor

No, this answer did not help as I had already tried this multiple times. Someone else's answer to a similar question did help me. I had to go to the forms view and change the numbers there. This corrected the problem. I saw another hint to "clear the cache" but I did not understand how to do this. Thankfully the forms view change solved the problem. This is a significant problem that may cause me not to purchase your product next year. The program should not assume that you get the maximum exclusion and force you to find a way around it. Please look at this issue.