Colorado Alternative Minimum Tax Schedule
Extracted from PDF file 2016-colorado-form-104amt.pdf, last modified August 2016
Alternative Minimum Tax Schedule*DO=NOT=SEND* DR 0104AMT (11/16/16) COLORADO DEPARTMENT OF REVENUE Denver CO 80261-0005 www.TaxColorado.com Alternative Minimum Tax Instructions for Part-Year and Nonresidents In the case of a nonresident, the Colorado alternative minimum tax shall be apportioned in the ratio of the modified federal alternative minimum taxable income from Colorado sources to the total modified federal alternative minimum taxable income. In the case of a part-year resident, the Colorado alternative minimum tax shall be apportioned in the ratio of the modified federal alternative minimum taxable income applicable to that part of the year he was a resident plus the modified federal alternative minimum taxable income from Colorado sources, if any, during that part of the year he was a nonresident over the total modified federal alternative minimum taxable income. Adjustments relative to the standard deduction and itemized deductions would be Colorado adjustments to the extent of the Colorado adjusted gross income ratio as determined on line 34 of Form 104PN. Other adjustments would be Colorado adjustments to the extent they relate to items of income from Colorado sources. Tax preference items are Colorado items to the extent they relate to a business being carried on in Colorado. Example: Taxpayers are nonresidents of Colorado. Their federal adjusted gross income is $100,000, $9,000 of which is U.S. government interest. They have $4,800 of non-Colorado state bond interest. Their federal itemized deductions are $31,100, and their federal exemptions are $6,800. $29,000 of their federal adjusted gross income is Colorado source income. They have federal alternative minimum tax adjustments of $27,100 relating to itemized deductions. Their tax preference items are $28,000, $24,000 of which relate to Colorado activities. Their Colorado alternative minimum tax computation is as follows: Colorado Portion Total 1. Federal adjusted gross income $ 2. State Interest addition 3. Total $ 104,800 $ $ 95,800 30.27% 31,100 7. Federal exemptions 6,800 8. Modified federal taxable income $ 57,900 9. Normal tax at 4.63% $ 2,681 10. Prorated at 30.27% $ 12. Exemption addback 13. Modified federal line 36 amount 29,000 9,000 6. Federal itemized deductions 11. Modified federal taxable income from line 8 29,000 4,800 4. U.S. Interest subtraction 5. Modified federal A.G.I. 100,000 $ $ 812 57,900 $ 17,526 30.27% 2,058 30.27% 6,800 $ 64,700 $ 19,584 14. Adjustments 27,100 8,203 15. Preferences 28,000 24,000 16. Modified federal alternative minimum taxable income (lines 13, 14 and 15) $ 17. Federal alternative minimum tax exemption 119,800 $ $ 49,850 19. Alternative Minimum tax at 3.47% $ 1,730 $ 21. Minus normal tax 22. Colorado alternative minimum tax 51,787 69,950 18. Net 20. Prorated at 43.23% Colorado Percentage 748 812 $ 236 30.27% 43.23% DR 0104AMT (11/16/16) COLORADO DEPARTMENT OF REVENUE Denver CO 80261-0005 www.TaxColorado.com *160104AM19999* 2016 Colorado Alternative Minimum Tax Computation Schedule Individual taxpayers are subject to a Colorado alternative minimum tax equal to the amount by which 3.47% of their Colorado alternative minimum taxable income exceeds their Colorado normal tax. Colorado alternative minimum taxable income is the federal alternative minimum taxable income increased by the additions entered on line 3, Form 104, and decreased by the federal alternative minimum tax exemption and the sum of all subtractions entered on lines 2 through 15, Form 104AD. Last Name Do not enter on line 2 or line 4 below any amount that duplicates an adjustment made in arriving at federal alternative minimum taxable income. Part-year residents and nonresidents, please see additional instructions on this form. Ordinarily, you will have a Colorado alternative minimum tax if you have a federal alternative minimum tax. First Name Middle Initial SSN Round to the nearest dollar 1. Amount from line 30 Federal Form 6251. If line 29 is larger that line 28, form 6251, enter the amount here 1 0 0 2. Additions from line 3, Form 104, see instructions above 2 0 0 3. Total lines 1 and 2 3 0 0 4. Subtractions from lines 2 through 15, Form 104AD. See Instructions above 4 0 0 5. Line 3 minus line 4 6. Amount on line 5 multiplied by 3.47% (In the case of nonresident or part-year resident taxpayer apportioned at: 5 0 0 6 0 0 7 0 0 7. Colorado normal tax from line 7, Form 104 % 8. Colorado alternative minimum tax, the amount by which line 6 exceeds line 7 8 Attach this form to your paper Form 104, Colorado Income Tax Return, or submit electronically using the E-file Attachment option at www.Colorado.gov/RevenueOnline 0 0
More about the Colorado Form 104AMT Individual Income Tax TY 2016
We last updated the Alternative Minimum Tax Schedule in February 2017, so this is the latest version of Form 104AMT, fully updated for tax year 2016. You can download or print current or past-year PDFs of Form 104AMT directly from TaxFormFinder. You can print other Colorado tax forms here.
Other Colorado Individual Income Tax Forms:
|Form Code||Form Name|
|Form 104||Colorado Income Tax Return|
|Form 104EP||Estimated Tax - Individual Coupon|
|Form 104PN||Part-Year/Nonresident Computation Form|
|Form 104CR||Credits -- for Individuals|
|Form DR 0900||Payment Voucher -- Individuals|
Colorado usually releases forms for the current tax year between January and April. We last updated Colorado Form 104AMT from the Department of Revenue in February 2017.
About the Individual Income Tax
The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.
Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!
Historical Past-Year Versions of Colorado Form 104AMT
We have a total of six past-year versions of Form 104AMT in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
While we do our best to keep our list of Colorado Income Tax Forms up to date and complete, we cannot be held liable for errors or omissions. Is the form on this page out-of-date or not working? Please let us know and we will fix it ASAP.