Ben Odorisio

  • commented on ColoradoCare Questions 2016-09-29 14:34:15 -0600
    The Colorado exemption for pensions, annuities, etc. applies to the first $20,000.

    Federal taxable income is used to calculate Colorado taxes owed. Is the same true for Coloradocare? My taxable income used to calculate Colorado taxes owed less the $20,000 exemption should determine the Colorado income used to calculate what is paid for Coloradocare? Example $32,000 total income less standard deductions and exemptions(Federal) of $20,000 = $12,000. Is it then true my amount owed on Coloradocare would be $0.00, since the $20,000 pension exemption would reduce my effective income to 0.00. Please respond.

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