The taxpayer making the contribution does not have to be related to the owner or beneficiary of the plan. ![]() Taxpayers can deduct contributions made via CollegeInvest 529 college savings plans. State Tuition Program Contribution Deduction You may deduct 50% of what you paid, up to a maximum of $2,500. Qualifying expenses may include payments to contractors, the cost of equipment, or the cost of vehicle rental. ![]() If you own land in Colorado, you can claim a subtraction on your Colorado income tax return for actions you take to mitigate wildfires. To determine the amount you may deduct from your Colorado tax return, subtract $500 from the total of your contributions. Contributions must be made to religious organizations, nonprofit charitable or educational organizations, or hospitals and nonprofit medical research organizations.Ĭontributions of clothing and household goods qualify, but only if they’re in good (or better) used condition or are valued at more than $500 based on an appraisal. If you take the standard deduction on your federal and Colorado tax returns, you may be able to deduct the value of your charitable contributions. Income Tax Deductions for Colorado Charitable Contribution Deduction Colorado Income Tax Brackets and RatesĬolorado has a flat tax rate of 4.5% for 2021, meaning everyone pays the same state income tax regardless of their income. The state income tax rate is 4.5%, and the sales tax rate is 2.9% to 15%.Ĭolorado state offers tax deductions and credits to reduce your tax liability, including a standard deduction, itemized deduction, the earned income tax credit, child and dependent care credit and college access tax credit. The state of Colorado requires you to pay taxes if you’re a resident or nonresident that receives income from a Colorado source. On Intuit's Website What You Need To Know About Colorado State Taxes Here is a list of our partners who offer products that we have affiliate links for. While we work hard to provide accurate and up to date information that we think you will find relevant, Forbes Advisor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impact any of the editorial content on Forbes Advisor. Second, we also include links to advertisers' offers in some of our articles these “affiliate links” may generate income for our site when you click on them. ![]() This site does not include all companies or products available within the market. The compensation we receive for those placements affects how and where advertisers' offers appear on the site. First, we provide paid placements to advertisers to present their offers. This compensation comes from two main sources. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. The Forbes Advisor editorial team is independent and objective.
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