Colorado tax brackets 20229/12/2023 ![]() ![]() States often adjust their tax brackets on a yearly basis, so make sure to check back later for Colorado's updated tax year 2023 tax brackets! The Colorado tax brackets on this page have been updated for tax year 2022, and are the latest brackets available. Is info on this page missing or out-of-date? Please let us know so we can fix it! ![]() Head over to the Federal income tax brackets page to learn about the Federal Income Tax, which applies in all states nationwide.ĭisclaimer: While we do our best to keep this list of Colorado income tax rates up to date and complete, we cannot be held liable for errors or omissions. The Federal income tax also has a standard deduction, personal exemptions, and dependant deductions, though they are different amounts than Colorado's and may have different rules. Likewise, you can take an additional dependent exemption for each qualifying dependent (like a child or family member), who you financially support. The Personal Exemption, which is not supported by the Colorado income tax, is an additional deduction you can take if you (and not someone else) are primarily responsible for your own living expenses. The standard deduction, which Colorado has, is a deduction that is available by default to all taxpayers who do not instead choose to file an itemized deduction.Įssentially, it translates to $13,850.00 per year of tax-free income for single Colorado taxpayers, and $27,700.00 for those filing jointly. The current values of these deductions for tax year 2022 are as follows: ![]() ![]() The three most common deductions encountered by taxpayers are the Colorado Standard Deduction, the Colorado Personal Exemption, and the Colorado Dependent Deduction. In addition to marginal tax brackets, one of the major features of the Colorado income tax is deductions. Remember that Colorado may have very different deduction laws from the Federal Income Tax, so you may have to write a whole new list of deductions for your Colorado income tax return. Qualifying deductions might include an itemized deduction, the Colorado standard deduction, exemptions for dependants, business expenses, etc. When calculating your Colorado income tax, keep in mind that the Colorado state income tax brackets are only applied to your adjusted gross income (AGI) after you have made any qualifying deductions. Keep in mind that this estimator assumes all income is from wages, assumes the standard deduction, and does not account for tax credits.įor a more detailed estimate that takes these factors into account, click "View Detailed Estimate" (this will will redirect to an external website). Marijuana: For retail purchases of marijuana in Colorado, 15% state m arijuana sales tax applies and a 15% excise tax, plus state and local sales taxes Colorado Estate and Inheritance TaxĬolorado doesn't have an estate or inheritance tax.You can use the income tax estimator to the left to calculate your approximate Colorado and Federal income tax based on the most recent tax brackets. Vapor products: 0% of the manufacturer's list price effective January 1, 2023. (A proposal would raise the cost of a pack of cigarettes to $2.24 in 2024 and then to $2.64 in 2027.)Īll other tobacco products: 50% of the manufacturer's list price. Gasoline: Gasoline is taxed in Colorado at 22 cents per gallon, but the state also imposes an additional road usage fee of 3 cents.ĭiesel: 20.5 cents per gallon (plus 6 cents for the road usage fee) Colorado Tobacco and Alcohol TaxesĬigarettes: Cigarettes in Colorado are taxed at $1.94 per pack additional local taxes may also apply. In any case, the qualifying resident must have owned and lived in the home for at least ten years. Married couples and individuals who apply for the exemption on multiple properties cannot claim the property tax exemption. That property must be his or her primary residence. There are specific requirements that must be met, but if you qualify, 50% of the first $200,000 of the value of a primary residence is exempt from property tax.Īn applicant or married couple can apply for the exemption on only one property. Colorado Property Tax Breaks for RetireesĬolorado Property Tax Exemption for Adults 65 and Older: Colorado offers a property tax exemption for older adults aged 65 or older. ![]()
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