2020-2025 Form

What is the 104 Colorado Form

The 104 Colorado Form is a state-specific tax form used by residents of Colorado to report their income and calculate their state tax liability. This form is essential for individuals and businesses operating within the state, as it ensures compliance with Colorado tax regulations. The form collects various types of income, deductions, and credits applicable to the taxpayer's situation, ultimately determining the amount owed or refunded.

How to use the 104 Colorado Form

Using the 104 Colorado Form involves several steps to ensure accurate completion. Taxpayers should first gather all necessary financial documents, including W-2s, 1099s, and any relevant receipts for deductions. After collecting this information, individuals can fill out the form, entering their income, deductions, and credits in the appropriate sections. It is crucial to double-check all entries for accuracy before submission to avoid delays or penalties.

Steps to complete the 104 Colorado Form

Completing the 104 Colorado Form requires careful attention to detail. Follow these steps for a smooth process:

• Gather all necessary documents, including income statements and deduction receipts.
• Download the 104 Colorado Form from the Colorado Department of Revenue website or use an electronic filing service.
• Fill in your personal information, including name, address, and Social Security number.
• Report all sources of income, including wages, interest, and dividends.
• Claim any eligible deductions and credits, ensuring you have documentation to support your claims.
• Calculate your total tax liability or refund based on the information provided.
• Review the completed form for accuracy before submitting it.

Legal use of the 104 Colorado Form

The 104 Colorado Form is legally binding and must be filled out accurately to comply with state tax laws. Failure to provide truthful information can result in penalties, including fines and interest on unpaid taxes. It is essential to keep records of all submitted forms and supporting documents for at least three years, as the Colorado Department of Revenue may audit taxpayers during this period.

Filing Deadlines / Important Dates

Timely submission of the 104 Colorado Form is crucial to avoid penalties. The standard filing deadline for individual tax returns is typically April 15. 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 available and the necessary procedures to follow if they require additional time to file.

Who Issues the Form

The 104 Colorado Form is issued by the Colorado Department of Revenue. This state agency is responsible for administering tax laws and ensuring compliance among taxpayers. Individuals can access the form directly from the Department's website, where they can also find additional resources and guidance on completing their tax returns.