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L
lschlenz
January 2, 2021
Question

Colorado Income Tax 2020 tax year. Tax is 4.5% but TurboTax seems to calculate 4.55%. What am I missing here?

  • January 2, 2021
  • 1 reply
  • 0 views
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    1 reply

    SteamTrain
    SteamTrain
    Employee
    January 2, 2021

    Prop 116 was approve in the November election cutting the tax rate from 5.63 to 5.55%  4.63% to 4.55%.

     

    https://www.thedenverchannel.com/news/election-2020/colorado-voters-pass-proposition-116-which-cuts-the-state-income-tax-rate

     

    ___________________

    I can't see whether it has really been implemented by CO yet, because the CO dept of revenue tax webpage is down for a few days for updating....but if the tax software is using 5.55%  4.55%, that would appear that is the proper rate.

     

    Of course, ALLL the software is in a state of change right now...there will be hundreds of needed updates before you can file at the end of January, or early February...so I guess it's possible it could change.

    ____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
    L
    lschlenzAuthor
    January 2, 2021

    Thanks. The 2020 tax booklet itself says 4.5%, as well as online multiple sites. I'm in no hurry to file so I'll stand by.

    SteamTrain
    SteamTrain
    Employee
    January 2, 2021

    ooops, I typed the wrong %'s in the original.

     

    I do see news info where the 2019 tax rate was temporarily reduced to 4.5% but that was for 2019, not 2020.

    ......will be interesting what the CO DOR says once their web pages are re-activated.

     

     

    ____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
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