Coloradoans over 65 can receive up to a $1000 Senior Income Tax Credit if they have less than $25,000 annual income. Individuals earning up to $75,000 are also eligible for the Senior Income Income Tax Credit, if they do not receive the Senior Property Tax Exemption. Form must be filed by April 15, 2023.
HOW TO CLAIM THE SENIOR INCOME TAX CREDIT
To claim the Tax Credit, if you do not have any taxable wages, file both the Colorado Income Tax Form DR0104 and DR0104CR
Instructions to complete the DR0104 for those making less than $25,000 per year.
Step 1: Enter your contact information and mailing address
Step 2: Put a ZERO on lines 1, 7, 9, and 10
Step 3: Go to line 27 and transfer over the enter amount from line 14 on the DR0104CR form and enter that number on line 27 on this form (if you qualify for the Senior Income Tax Credit)
Step 4: On line 29: enter ZERO (since you do not pay federal taxes)
Step 5: On line 30: enter in your nontaxable Social Security Income
Step 6: On line 31: enter ZERO
Step 7: On line 32: Enter the sum of lines 29 through 31
Step 8: Enter direct deposit bank account information (if you want the refund direct deposited)
Step 9: Sign form and mail to: COLORADO DEPARTMENT OF REVENUE Denver, CO 80261-0005 MAIL BOTH THE DR0104 AND THE DR0104CR IN THE SAME ENVELOPE.
HOW TO CLAIM THE TABOR REFUND
Instructions to complete the DR0104CR for those making less than $25,000 per year.
Step 1: Enter name and SSN or ITIN#
Step 2: See page 16 in the 11104 Booklet instructions” to find your federal filing status and adjusted gross income (AGI) in the table and select the corresponding credit value. Transfer this amount to line 11 on the form
Step 3: Sum all of the allowable, refundable credits from lines 1-13 and put that sum on line 14
Step 4: Transfer entered amount in line 14 on to line 27 on the Individual Income Tax Return form (DR0104)
Step 5: Attach this Senior Income Tax form DR0104CR with your Tabor Refund Form DR0104 and mail to: COLORADO DEPARTMENT OF REVENUE Denver, CO 80261-0005
Instructions for those making more than $25,000 per year or have taxable wages and not claiming the Senior Property Tax Exemption.
File a Federal Income Tax Form 1040, a Colorado Income Tax Form DR0104 and a DR0104CR. Individuals whose annual income is between $25,000 and $75,000 will receive a prorated income tax credit depending on adjusted gross income.
FREE tax assistance?
Call AARP at 888-227-7669 to find tax assistance near you if you need help filing any of the tax forms.
You may also qualify for LEAP (low-income energy assistance program). Call 1-866-432-8435 to learn more or 303-333-3482, 1-855-293-6911 or 1-855-880-4777.