Table of Contents
The Colorado Tax Form is a crucial document for individuals navigating their state income tax obligations. This form, known as the DR 0104, is designed for full-year residents, part-year residents, and nonresidents who earn income from Colorado sources. Accompanying the main form are several related schedules and instructions that guide taxpayers through the filing process. Notably, the form includes the Voluntary Contributions Schedule (DR 0104CH), which allows taxpayers to contribute to various charitable organizations, and the Individual Credit Schedule (DR 0104CR), where eligible taxpayers can claim tax credits. Additionally, the Subtractions from Income Schedule (DR 0104AD) helps individuals identify certain deductions that can reduce their taxable income. For those who need more time, an extension payment form (DR 0158-I) is also available. It’s essential to be aware of the filing deadlines, typically set for April 15, and the specific mailing addresses for submissions, which differ based on whether or not a payment is included. Understanding the intricacies of the Colorado Tax Form not only ensures compliance but also maximizes potential refunds and minimizes tax liabilities.
Key takeaways
1. Understand Your Filing Requirements: Determine if you need to file based on your residency status and income. Full-year residents, part-year residents with Colorado income, and non-residents earning income in Colorado must file.
2. Use the Correct Forms: Complete the DR 0104 form for your Colorado income tax return. Additional schedules like DR 0104AD and DR 0104CR may be necessary for specific deductions and credits.
3. File Electronically for Accuracy: Filing your return electronically through Revenue Online significantly reduces the chance of errors. If electronic filing is not an option, ensure all forms are completed accurately before mailing.
4. Be Aware of Deadlines: The tax return is due by April 15. An automatic extension to October 15 is available for filing, but any taxes owed must be paid by the original deadline to avoid penalties.
5. Provide Necessary Documentation: Some credits and deductions require supporting documents. Ensure you include any required paperwork with your return to avoid processing delays or denial of claims.
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Dos and Don'ts
Things to Do:
- Read the instructions carefully before starting the form.
- Use your federal income tax return to complete the Colorado form accurately.
- File electronically through Revenue Online to reduce errors and speed up processing.
Things Not to Do:
- Do not leave any required fields blank; this can cause delays.
- Do not forget to include supporting documents for credits and subtractions.
- Do not use incorrect residency status; this can lead to filing errors.
File Specs
| Fact Name | Description |
|---|---|
| Form Type | The Colorado Individual Income Tax Form is known as DR 0104. |
| Filing Guide | The booklet includes instructions and related forms for full-year, part-year, and nonresident individuals. |
| Mailing Address | Forms must be mailed to the Colorado Department of Revenue at specific addresses based on whether payment is included. |
| Filing Deadline | The due date for filing is April 15, with an automatic extension available until October 15. |
| Residency Requirements | Individuals must file if they are full-year residents or part-year residents with Colorado-sourced income. |
| Tax Rate | The current income tax rate for Colorado is 4.5% on taxable income. |
| Extension for Military | Active duty military members may qualify for special filing considerations and extensions. |
| Supporting Documentation | Some credits and subtractions require additional documentation to be submitted with the form. |
| Governing Laws | The Colorado income tax return is governed by Colorado Revised Statutes, Title 39, Article 22. |