Colorado State Income Tax - Tax Year 2012
Colorado Income Tax Table
|Tax Bracket (Single) ||Tax Bracket (Couple) ||Marginal Tax Rate|
Note: Colorado's income tax has a single flat tax rate for all income.
The Colorado Income Tax
Colorado has a flat income tax rate of 4.63% of gross income, unlike the federal income tax which uses tax brackets based on marginal income. Colorado's maximum marginal income tax rate is the 5th lowest in the United States, ranking directly below North Dakota's 4.86%.
Colorado requires all residents, or nonresidents who have earned income within the state, to file a Colorado income tax if they are required by the IRS to file a federal income tax return. A small local income tax is collected by several cities in Colorado. There are -37 days left until Tax Day, on April 15th 2013.
Colorado Tax Deductions
Income tax deductions are expenses that can be deducted from your gross pre-tax income. Using deductions is an excellent way to reduce your Colorado income tax and maximize your refund, so be sure to research deductions that you mey be able to claim on your Federal and Colorado tax returns. For details on specific deductions available in Colorado, see the list of Colorado income tax deductions.
- Unlike many other states, Colorado has no standard deduction. Certain itemized deductions (including property tax, qualified charitable contributions, etc) may be allowed depending on the income level and filing type of the taxpayer. Keep in mind that not all deductions allowed on your federal income tax return are necessarily going to be allowed on your Colorado income tax return.
- Colorado has no personal exemption. The Federal Income Tax, however, does allow a personal exemption to be deducted from your gross income if you are responsible for supporting yourself financially.
- Unlike most states, Colorado does not have a dependent deduction. You can, however, claim dependent deductions on your Federal Tax Return.
- Colorado allows itemized deductions, and you can claim the same itemized deductions on your Colorado tax return as you do on your Federal tax return. You must choose between itemizing your deductions and choosing the Colorado standard deduction, so it's generally only worth itemizing your deductions if your itemized total is more then the Colorado and Federal standard deductions. For more details, visit the list of Colorado itemized deductions.
Colorado Income Tax Forms
How To File Your Colorado Income Tax Return
Where To Send Your Colorado Tax Return
Estimated Income Tax Returns
Colorado Department of Revenue 1375 Sherman St. Denver, CO 80261-0008
Income Tax Returns
Colorado Department of Revenue 1375 Sherman St. Denver, CO 80261-0005
e-Filing: Submit Your Colorado Tax Return Online
You can save time and money by electronically filing your Colorado income tax directly with the Department of Revenue . Benefits of e-Filing your Colorado tax return include instant submission, error checking, and faster refund response times. 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.
To e-file your Colorado and Federal income tax returns, you need a piece of tax software that is certified for eFile by the IRS. While most in-depth tax software charges a fee, there are several free options available through the states, and simple versions are also offered free of charge by most tax software companies.
The two most popular tax software packages are H&R Block At Home, sold by the H&R Block tax preparation company, and TurboTax Federal & State, sold by the Intuit software company. Both companies produce multiple editions for simple to very complex tax returns, so be sure to carefully compare the features offered by each package.
Getting Your Colorado Tax Refund
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.
It should take one to three weeks for your refund check to be processed after your income tax return is recieved. E-filing your return and filing early can help ensure your refund check gets sent as quickly as possible.
Once you've filed your tax return, all you have to do is wait for your refund to arrive. If you want to check the status of your Colorado tax refund, you can visit the Colorado Department of Revenue Income Tax Refund page.
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- Our state ranking and income tax figures are based on a family of four (married parents with two children) earning the national median household income of $50,000 per year. Deductions and personal exemptions are taken into account, but some state-specific deductions and tax credit programs may not be accounted for.
- Before the official 2013 Colorado income tax rates are released, provisional 2013 tax rates are based on Colorado's 2012 income tax brackets.
- The 2013 state personal income tax brackets are updated from the Colorado Department of Revenue and Tax Foundation data.
- Colorado tax forms are sourced from the Colorado Department of Revenue income tax forms page, and are updated on a yearly basis. Please make sure the Colorado forms you are using are up-to-date.