Ben Odorisio commented on ColoradoCare Questions 2016-09-29 14:34:15 -0600The 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.
An Amendment to upgrade the state of Colorado to universal health care is a pretty big deal.
We know you have questions. Ask us, and we'll try to respond with clear answers.