104 2020-2025 Form

What is the Colorado Individual Income Tax Return

The Colorado Individual Income Tax Return, commonly referred to as Form 104, is a tax document used by residents of Colorado to report their income and calculate their state income tax liability. This form is essential for individuals who earn income in Colorado, including wages, salaries, and self-employment income. By filing Form 104, taxpayers can determine their tax obligations and claim any applicable deductions or credits.

How to use the Colorado Individual Income Tax Return

Using Form 104 involves several steps to ensure accurate reporting of income and tax calculations. Taxpayers should first gather all necessary financial documents, including W-2s, 1099s, and any other income statements. Next, individuals need to fill out the form by providing personal information, reporting income, and claiming deductions. After completing the form, it should be reviewed for accuracy before submission to avoid penalties or delays in processing.

Steps to complete the Colorado Individual Income Tax Return

Completing the Colorado Individual Income Tax Return involves a systematic approach:

• Gather all relevant income documentation, such as W-2 forms and 1099 forms.
• Fill out your personal information, including your name, address, and Social Security number.
• Report total income from all sources, including wages, interest, and dividends.
• Claim deductions and credits applicable to your situation, such as the standard deduction or itemized deductions.
• Calculate your total tax liability based on the income reported and applicable tax rates.
• Review the completed form for errors and ensure all required information is included.
• Submit the form electronically or by mail to the Colorado Department of Revenue.

Legal use of the Colorado Individual Income Tax Return

The Colorado Individual Income Tax Return is legally recognized as a valid document for reporting income and calculating state taxes. To ensure compliance, taxpayers must adhere to the guidelines set forth by the Colorado Department of Revenue. This includes filing the form by the designated deadlines and providing accurate information. Electronic signatures are accepted, provided they meet the legal requirements established under the ESIGN Act and UETA.

Filing Deadlines / Important Dates

Filing deadlines for the Colorado Individual Income Tax Return are crucial for taxpayers to avoid penalties. Typically, the deadline for filing is April 15 of each year. However, if this date falls on a weekend or holiday, the deadline may be extended to the next business day. Taxpayers should also be aware of any extensions that may apply and ensure that they file their returns on time to maintain compliance with state tax laws.

Required Documents

When preparing to file the Colorado Individual Income Tax Return, taxpayers should have the following documents ready:

• W-2 forms from employers.
• 1099 forms for any freelance or contract work.
• Records of other income sources, such as interest or dividends.
• Documentation for deductions, such as mortgage interest statements or medical expenses.
• Last year's tax return for reference.

Form Submission Methods (Online / Mail / In-Person)

Taxpayers have several options for submitting the Colorado Individual Income Tax Return. The form can be filed electronically through the Colorado Department of Revenue's online portal, which is often the fastest method for processing. Alternatively, individuals can print the completed form and mail it to the appropriate address. In-person submissions are also accepted at designated tax offices, allowing for direct assistance if needed.