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Old 02-16-2013, 01:49 PM
 
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if I draw a PERS retirment from California and I am 77 years old, is my pension exempt from income? I am a full time resident of Colorado.
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Old 02-16-2013, 01:55 PM
 
Location: Western Colorado
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I retired to Colorado from Arkansas with a government pension. It's not taxed by Colorado, but I got a bill this year for "delinquent taxes" from 2009 (I had lived here a grand total of 2 months). After calling a dozen times, getting the run around, and send several letters, I just paid the bill. Didn't set well with me at all.
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Old 02-16-2013, 02:33 PM
 
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Quote:
Originally Posted by haymiss77 View Post
if I draw a PERS retirment from California and I am 77 years old, is my pension exempt from income? I am a full time resident of Colorado.
I've a federal pension and I pay COLO Income Tax.

NOTE: Colorado income tax allows you to exclude the first $20k of pension income, per person, which reduces the amount of Colo income tax that you owe.
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Old 02-17-2013, 07:45 AM
 
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Good info regarding taxing government pensions in Colorado. How does social security fit into the formula?
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Old 02-17-2013, 03:32 PM
 
Location: OH>IL>CO>CT
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Smile CO taxation of SS benefits

Quote:
Originally Posted by bongo View Post
Good info regarding taxing government pensions in Colorado. How does social security fit into the formula?
You can add SS benefits that were taxable on your Fed 1040 ( not the total of SS payments) in with taxable pension, IRA, annuity, etc reported on Fed 1040 up to the $20k (55-64) (or $24K over 65) exclusion . See Lines 7 & 8 of CO Form 104
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Old 02-18-2013, 11:11 AM
 
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Originally Posted by reed303 View Post
You can add SS benefits that were taxable on your Fed 1040 ( not the total of SS payments) in with taxable pension, IRA, annuity, etc reported on Fed 1040 up to the $20k (55-64) (or $24K over 65) exclusion . See Lines 7 & 8 of CO Form 104
Thanks for the info, reed.
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Old 03-30-2014, 06:59 PM
 
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my husband and I have military and civil service retirements. We will also have social security income this year. The way I am reading the Colorado laws, we can earn up to $20000 before it is taxed. Is that individually ? We can earn $20000 in military retirement, $20000 in civil service and $20000 in social security before they tax any of it? Or can we earn $60000 before anything is taxed? We also live in Texas and the taxes are outrageous. we definitely want to come back to Colorado but don't want our retirements taxed highly.
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Old 03-30-2014, 07:25 PM
 
Location: Eastern Colorado
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Quote:
Originally Posted by Dinanam1 View Post
my husband and I have military and civil service retirements. We will also have social security income this year. The way I am reading the Colorado laws, we can earn up to $20000 before it is taxed. Is that individually ? We can earn $20000 in military retirement, $20000 in civil service and $20000 in social security before they tax any of it? Or can we earn $60000 before anything is taxed? We also live in Texas and the taxes are outrageous. we definitely want to come back to Colorado but don't want our retirements taxed highly.
the $20,000 is per person, not per income stream. Also you need to be aware that it is not per person in that it is an automatic $40,000 for a married couple, it is $20,000 for each person's pension.
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Old 03-30-2014, 07:30 PM
 
Location: OH>IL>CO>CT
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You've got the basic idea. Except for some details.
1. All items are figured individually
2. Some items allow $24K depending on age
3. The CO Social Security "subtraction" is limited to the "taxable" amount on your Fed1040, not gross SS benefits from your SSA-1099

If you haven't yet, read these 2 pubs from CO
http://www.colorado.gov/cs/Satellite...%2FREVXAddLink
http://www.colorado.gov/cs/Satellite...%2FREVXAddLink
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Old 03-30-2014, 07:32 PM
 
8,317 posts, read 25,783,192 times
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Quote:
Originally Posted by Dinanam1 View Post
my husband and I have military and civil service retirements. We will also have social security income this year. The way I am reading the Colorado laws, we can earn up to $20000 before it is taxed. Is that individually ? We can earn $20000 in military retirement, $20000 in civil service and $20000 in social security before they tax any of it? Or can we earn $60000 before anything is taxed? We also live in Texas and the taxes are outrageous. we definitely want to come back to Colorado but don't want our retirements taxed highly.
The only tax that is overused in Texas is the property tax. The state has no income tax. Unlike Colorado, Texas motor vehicle fees are also low. As long as you're not living in a McMansion, Texas is one the most tax-friendly states there is. The most tax-friendly state in the Rocky Mountain region is Wyoming. It has both low property taxes and no income tax. Colorado has low residential property tax rates, but socks it to business on property taxes. Colorado's combined state and local sales taxes can easily top 8%, depending on location. The pension/Social Security state income tax exemption is a maximum of $20,000 of such income for people under 65, $24,000 for those over 65. See information here: http://www.colorado.gov/cs/Satellite...&ssbinary=true

Finally, Colorado's taxes can be deceiving. Because of the TABOR Amendment revenue limitations made part of the Colorado Constitution two decades ago, many Colorado taxing entities are now in severe fiscal distress. Many have resorted to collecting fees for services in lieu of taxes. While such fees are considered by many a more fair way to charge for government services, such fees are often overlooked when Colorado is rated for its "tax-friendliness."
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