Why would the Colorado Department of Revenue send me a letter?

While the Department is required by law to send the Notice of Deficiency or Rejection of Refund Claim letter, the main purpose of this letter is to provide you with the following information: Any adjustment made to the return you filed and the detail of that adjustment. The outstanding balance for a specified tax year.

What qualifies for the Colorado pension and annuity exclusion?

Colorado law excludes from Colorado state income tax total pension income up to $20,000 per year per person for those retirees age 55 through 64, or $24,000 for those retirees age 65 and over. The retiree’s age on December 31 is used to determine the exclusion amount for that year.

Do I have to pay Colorado income tax if I live out of state?

Nonresident Definition A nonresident is required to file a Colorado income tax return if they: are required to file a federal income tax return, and. had taxable Colorado-sourced income.

Does the Colorado Department of Revenue use a collection agency?

Quick Tip: Colorado Department of Revenue uses 2 third party collection agencies to assist in collecting back-tax debts. If your case is transferred to either collection agency, you will have to deal directly with them. Our advice is to be proactive to avoid this!

Do I qualify for a pension exclusion?

To take this exclusion each spouse must determine their eligibility independent of the other and the pensioner or retirement income recipient must meet one of the following conditions: You were 55 years of age or older on December 31, 2021. You are disabled.

Is annuity income taxable in Colorado?

If you meet certain qualifications, you can subtract some or all of your pension and annuity income on your Colorado individual income tax return (Form 104). You must be at least 55 years of age unless you receive pension and annuity income as a death benefit.

Do I need to file taxes if I made less than $5000?

Income under $500. —A single person with less than $500 income should file a return to get a refund if tax was withheld. A married person with less than $500 income should always file a joint return with husband or wife to get the lesser tax or larger refund for the couple.

Who must file a Colorado return?

You must file a Colorado income tax return if during the year you were: A full-year resident of Colorado, or. A part-year resident of Colorado with taxable income during that part of the year you were a resident, or.

How long can debt collectors try to collect in Colorado?

Colorado puts a limit on how long creditors can seek to collect on old debts. These statutes of limitations range from Three Years for certain contracts to 20 years for District Court judgments. (An attorney can answer questions about specific cases.)