On the next page, you will be able to add more details like itemized deductions, tax credits, capital gains, and more. E-mail: dor_media@state.co.us, Mailing Address: Tax Rate. How much does it cost to register a business name in all 50 states? For all of the tax forms we provide, visit our Colorado tax forms library or the 's tax forms page. How does Colorado rank? Benefits of e-Filing your Colorado tax return include instant submission, error checking, and faster refund response times. Details on how to only prepare and print an Colorado 2020 Tax Return. You can use our free Colorado income tax calculator to get a good estimate of what your tax liability will be come April. Note: Colorado's income tax has a single flat tax rate for all income. According to the Colorado Legislative Council Staff, the rates were lowered to "reduce the TABOR surplus." The state levies a single-rate income tax on individuals. Colorado income tax credits are then subtracted from this amount to arrive at the net Colorado income tax (the amount paid by a Colorado taxpayer). Colorado is one of nine states that have a flat income tax. There are no personal exemptions.   Illinois (4.95%) The personal exemption allowed for individuals is $2,725 per person, $4,550 for married couples, and $2,725 for dependents. Discovery: (303 )205-8292 But, you will pay other Federal taxes that will affect your take-home pay. The CO 2020 Tax Forms are below. Form 104 is the general, and simplest, income tax return for individual residents of Colorado. Although the Colorado income tax rate is 4.63% that is a flat rate regardless of your income level, we have provided you with various scenarios of the tax you will pay on your income as a resident of Colorado. There are a total of eleven states in the U.S. that try to keep things simple when it comes to state income tax rates. Tax-Rates.org provides easy access to five of the most commonly used Colorado income tax forms, in downloadable PDF format. Below, we have highlighted a number of tax rates, ranks, and measures detailing Colorado’s income tax, business tax, sales tax, and property tax systems. Both corporate and individual income taxes are currently assessed at a tax rate of 4.63 percent. A standard full-time position in the US typically includes a 40-hour work week that translates to 2,080 hours worked in a year (40 hours x 52 weeks). The avera… Colorado … Additionally, many states allow the levying of local sales taxes, which are then added to the state's tax. 1. Compare your take home after tax and estimate your tax return online, great for single filers, married filing jointly, head of household and widower Most tax preparers can electronically file your return for you, or you can do it yourself using free or paid income tax software, like the examples listed below. States With Flat Income Tax Rates for Tax Year 2020 ... Colorado (4.63%) Single individuals can claim a standard deduction of $12,200, while those who are married can claim a standard deduction of $24,400. What lower income taxes would mean for Colorado. Direct Deposit Refunds. If your state tax witholdings are greater then the amount of income tax you owe the state of Colorado, you will receive an income tax refund check from the government to make up the difference. The following Colorado income tax calculator should be used for approximation purposes and does not represent legal authority, or the exact amount of Colorado income tax (including Federal and FICA tax) that you will be liable for – it is just a guide based on information from the IRS and other sources. The following table shows the history of Colorado's individual income tax rates. If you failed to pay or underpaid your estimated income taxes the previous tax year, you need to fill out Form 204 to calculate and pay any penalties or fees owed. By continuing to use this website, you consent to the use of cookies in accordance with our Cookie Policy. The Centennial State has a flat income tax rate of 4.63%, and one of the lowest statewide sales taxes in the country, at just 2.90%. Home. The Colorado State income tax rates in the table reflect almost a worst-case scenario for a US taxpayer because those that are married and have dependents can typically take advantage of other deductions, which would effectively make the federal income tax you pay, less than what you see in the table. Both Colorado's tax brackets and the associated tax rates have not been changed since at least 2001. If you want to check the status of your Colorado tax refund, you can visit the Colorado Income Tax Refund page. In 2019, the Colorado income tax rate will be reduced from 4.63% to 4.50%. Colorado's maximum marginal income tax rate is the 1st highest in the United States, ranking directly below Colorado's %. The income tax rate in Colorado is one of the states that lock in their income tax rate regardless of whether you earn $20,000 a year or $200,000+ per year. The attraction to move from another state or relocate from another country to Colorado is very appealing for many reasons, but the fact that the income tax rate in Colorado is fixed at 4.63% is even more enticing. 1375 Sherman St You can find all of Colorado's 2020 income tax forms on the, Once you've filled out your Colorado income tax return, you have several options for filing and paying your income tax. Field Audit: (303) 355-0400. The Federal Income Tax, in contrast to the Colorado income tax, has multiple tax brackets with varied bracket width for single or … To calculate the Colorado income tax, a “flat” tax rate of 4.63 percent is applied to federal taxable income after adjusting for state additions and subtractions, the largest and most common of which are listed below. For details on specific deductions available in Colorado, see the list of Colorado income tax deductions. If you want to simplify payroll tax calculations, you can download ezPaycheck payroll software, which can calculate federal tax, state tax, Medicare tax, Social Security Tax and other taxes for you automatically. Colorado's maximum marginal income tax rate is the 1st highest in the United States, ranking directly below Colorado's %. Colorado has a flat income tax of 4.63%, meaning everyone should theoretically pay the same rate regardless of their income. Again, you should always consult a professional when it comes to calculating your Colorado tax liability, since other factors may affect the amount of income tax you pay on your earnings in Colorado. These taxes are also flat rates. Electronic Funds Transfer; Credit/Debit Card or E-Check; Check or Money Order ; Cash; Tax Due with Return Filing. See the TABOR website for more information. That amounts to $154 million less for state lawmakers to spend in its first full year, official estimates show. This temporary rate reduction is a result of a state budget surplus and applies to all tax year 2019 income tax returns. Donate My Refund to Charity. The current Colorado income tax rate is 4.63%. Colorado has a flat income tax rate which applies to both single and joint filers. The flat tax was 5% from 1987 to 1998. Denver, CO 80217-0087 Tax-Rates.org provides free access to tax rates, calculators, and more. There are multiple factors that affect your tax liability such as being single or married, having children and/or dependents, and other circumstances, and there is never a one-size-fits-all scenario, even though the Colorado state income tax rate is fixed at 4.63%. start your online tax return today for free with TurboTax, Form 104 Instructions - Individual Income Tax Filing Guide, Form 104EP - Estimated Individual Income Tax Return, Form 104PN - Nonresident Income Tax Return, Form 204 - Estimated Income Tax Underpayment Form, Printable Colorado Tax Table & Tax Reference. Taxpayers will automatically receive the rate reduction when filing their 2019 Colorado state income tax returns. The first step towards understanding Colorado’s tax code is knowing the basics. The average statewide is in the 7%-8% range. 1.1. Deductions and personal exemptions are taken into account, but some state-specific deductions and tax credit programs may not be accounted for. Pay Tax Bill. Collections. However, due to a state budget surplus, the individual income tax rate for 2019 was reduced to 4.5% under the state Taxpayer Bill of Rights (TABOR). Limited liability companies (LLC) and certain other entities may make an election by filing IRS Form 8332 to be classified as a C corporations for federal income tax purposes. That means, regardless of what tax bracket you’re in, you’ll pay the same rate. Once you've filed your tax return, all you have to do is wait for your refund to arrive. Click the tabs below to explore! How Much Is Colorado State Tax? Estimated Payments. The attraction to move from another state or relocate from another country to Colorado is very appealing for many reasons, but the fact that the income tax rate in Colorado is fixed at 4.63% is even more enticing. Colorado's flat income tax withholding rate remains at 4.63%. When considering these local taxes, the average Colorado sales tax rate is 7.63%, 16th highest in the country. But low-to-moderate income people qualify for certain tax breaks like the Earned Income Tax Credit that higher income people don’t, reducing their effective tax rate. In Denver, you’ll pay $5.75 per month if you make more than $500, and in Greenwood Village, you will pay $4 every month if you earn more than $250. However, because of numerous additional county and city sales taxes, actual combined rates can be as high as 11.20%. Colorado income tax rate: 4.63%; Median household income: $77,127 (U.S. Census Bureau) Number of cities that have local income taxes: 5; How Your Colorado Paycheck Works. Collections (assists with payment arrangements and garnishments): (303) 205-8291 The IRS will start accepting eFiled tax returns in January 2020 - you can start your online tax return today for free with TurboTax . Estimated tax payments are due on a quarterly basis; The due dates are: April 15 (first calender quarter), June 15 (second calender quarter), September 15. The gross monthly wage of $2,080 or $24,960 per year in the table represents the minimum wage in Colorado in 2020 of $12.00 per hour. The income tax calculator used in the table above is based on a single taxpayer (not married) claiming one personal exemption. Colorado moved to a single tax rate in 1987, often called a "flat tax," that was initially set at five percent. Finally, if you work in Aurora, Denver, or Greenwood Village, you will also have to pay local taxes. It is also simple and transparent. If you are not a resident of Colorado, have a complicated tax return, or have other specialized circumstances you may need to download additional tax forms from the website. Who Must File? Where's My Refund? Residents, part-time residents, and non-residents must file income taxes in Colorado for wages earned within the state. The annual financial impact of a lower income tax rate would increase as the state’s economy and workforce grows. You can learn more about how the Colorado income tax compares to other states' income taxes by visiting our map of income taxes by state. That means all Colorado residents’ income is taxed at the same rate, regardless of their income level. First, a little background. E-filing your return and filing early can help ensure your refund check gets sent as quickly as possible. Both companies produce multiple editions for simple to very complex tax returns, so be sure to carefully compare the features offered by each package. PO Box 17087 To better serve Colorado taxpayers, we have updated our tax website to make it easier to use. It was lowered to 4.75% in 1999. Please remember that the income tax code is very complicated, and while we can provide a good estimate of your Federal and Colorado income taxes, your actual tax liability may be different. You should always consider seeking the help of a Colorado tax professional when filing taxes. CDOR Website A reduction may be triggered in any given … Intercepted Refunds. The June 2019 Economic & Revenue Forecast published by the Colorado General Assembly suggests that a temporary rate reduction is forthcoming. Likewise, if, as a business owner you pay yourself a salary through payroll or take a monthly, quarterly, or annual distribution/dividend from the net profit your business generates, you will still be liable for some tax. Calculate your state income tax step by step 6. If you want to simplify payroll tax calculations, you can download ezPaycheck payroll software, which can calculate federal tax, state tax, Medicare tax, Social Security Tax and other taxes for you automatically. A glimpse at Colorado’s tax structure. Use this instructional booklet to guide you in filling out and filing your Form 104 individual income tax return. Income tax deductions are expenses that can be deducted from your gross pre-tax income. The current state income tax rate in Colorado is a flat rate of 4.63 percent. If you filled out physical tax return forms, mail your completed Colorado income tax return to the Colorado no later then April 15th. From 1937 through 1986, Colorado had graduated income tax rates for taxpayers with different income levels. This rate was reduced to the current 4.63 percent in 2000. The Colorado income tax bracket is fixed at 4.63% as noted on the table, but you are still responsible for paying Social Security (6.2%) and Medicare (1.45%), totaling 7.65%. General Tax Information: (303) 238-7378 This rate is applied to the share of federal taxable income attributable to Colorado (though exceptions apply to interstate corporations). Both Colorado's tax brackets and the associated tax rates … See also the … Colorado State Tax Forms for Tax Year 2020 (Jan. 1 - Dec. 31, 2020) can be e-Filed along with a IRS Income Tax Return until October 15, 2021. any Colorado income tax incurred on income produced through the activities of the S corporation. Colorado voted to pass Proposition 116, which cuts the state income tax rate from 4.63% to 4.55% and will reduce the state’s revenue by millions in the midst of a recession. The Colorado individual income tax rate has been a flat tax rate since 1987. But, even though the Colorado state income tax rate is fixed at 4.63%, you will still have to pay other taxes on your income whether you work for someone else or own a Colorado business or franchise. The goal of the information we are providing you with is to give you an overview of the likely tax you will pay on your earnings in Colorado. Can visit the Colorado state tax calculator in to calculate your state income tax to. 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