Colorado Individual Estimated Income Tax Payment Form
Extracted from PDF file 2023-colorado-form-104ep.pdf, last modified June 2022
Individual Estimated Income Tax Payment FormDR 0104EP (11/17/22) COLORADO DEPARTMENT OF REVENUE Denver CO 80261-0008 Tax.Colorado.gov *DO=NOT=SEND* Individual Estimated Income Tax Instructions Estimated tax is the method used to pay tax on income that is not subject to withholding. Wages typically have withholding, but earnings from self-employment, interest, dividends, rents, etc. would be subject to estimated tax. You might also pay estimated tax if your withholdings are not enough to be excluded from the General Rule below. If you file federal Form 1040-ES with the federal Internal Revenue Service (IRS), typically you would pay estimated tax to the Colorado Department of Revenue. See the individual income tax guidance publications available at Tax.Colorado.gov for more information. Calculating the Payment General Rule Failure to timely remit estimated tax as necessary will result in an Estimated Tax Penalty. By law, exceptions will be given to farmers or fishermen who file and remit full payment by March 1. Otherwise, penalty will be calculated for each missed, late, or underpaid payment. For calculation specifics, or to remit this penalty before being billed, see form DR 0204, Underpayment of Individual Estimated Tax. In most cases, you must pay estimated tax if you expect to owe more than $1,000 in net tax for 2023, after subtracting any withholding or credits you might have. Required Payments The required annual amount to be paid is the smaller of: • 70% of the actual net Colorado tax liability, or • 100% of the preceding year’s net Colorado tax liability. This rule only applies if the preceding year was a 12-month tax year, the individual filed a Colorado return, and the federal adjusted gross income on that return was $150,000 or less (or, if married filing separately, $75,000 or less), or • 110% of the preceding year’s net Colorado tax liability. This amount applies only if the preceding year was a 12-month year, and the individual filed a Colorado return, or • If at least 2/3 of your income is from farming or fishing, 50% of the actual net Colorado tax liability. Annualized Installment Method If you use an annualized method to file estimated payments for your federal income tax, you may file using this method for Colorado estimated payments. Specific instructions for the annualized installment method are available in publication Individual Income Tax Guide. Carryforward of Estimated Overpayment Any overpayment designated for carryforward on your Colorado income tax return from the previous year will be applied to the first estimated tax payment due for this tax period. Estimated tax payments can be made on a quarterly basis. Use the worksheet provided on the following page to calculate the amount of estimated tax owed. Reference the previous year Colorado income tax return and instructions for help determining taxable income. Those who file joint returns must make the payment under the taxpayer name and Social Security or ID number that will be listed first on the income tax return. Remit payments on or before the due dates listed in the table following calculation worksheet on the next page. Penalties Refunds Estimated tax payments can only be claimed as prepayment credit on the 2023 Colorado income tax return. Therefore, estimated payments cannot be refunded in any manner until such time that the Colorado income tax return is filed. Go Green with Revenue Online Colorado.gov/RevenueOnline allows taxpayers to file taxes, remit payments and monitor their tax accounts. The DR 0104EP is not required if electronic payment is remitted through this site. Please be advised that a nominal processing fee may apply to electronic payments. Pay by Electronic Funds Transfer (EFT) EFT payments can be made safely, for free, and can be scheduled up to 12 months ahead of time to avoid forgetting to make a quarterly payment. This requires pre-registration before payments can be made. Visit Tax.Colorado.gov/electronic-funds-transfer for registration information. Additional information, guidance publications and forms are available at Tax.Colorado.gov or you can call 303-238-SERV (7378) for assistance. DR 0104EP (11/17/22) COLORADO DEPARTMENT OF REVENUE Denver CO 80261-0008 Tax.Colorado.gov *DO=NOT=SEND* Colorado Estimated Tax – Individuals Worksheet Do not send, keep for your records 1. Estimated 2023 Colorado taxable income $ 00 2. Estimated 2023 Colorado income tax — 4.4% of line 1 $ 00 3. Estimated 2023 Colorado alternative minimum tax $ 00 4. Estimated 2023 recapture of prior year credits $ 00 5. Total of lines 2, 3 and 4 $ 00 6. All credits other than withholding and estimated payments $ 00 7. Subtract line 6 from line 5 $ 00 8. Estimated 2023 Colorado wage or nonresident real estate withholding tax $ 00 9. Net estimated tax, subtract line 8 from line 7 $ 00 Payment Number 2022 Overpayment Applied Net Amount Due Payment Due Due Dates 1 $ 00 $ 00 $ 00 April 15 2 $ 00 $ 00 $ 00 June 15 3 $ 00 $ 00 $ 00 September 15 4 $ 00 $ 00 $ 00 January 15, 2024 Round your payment to the nearest dollar. If paying by check, the amount on the check and the amount entered on the payment form must be the same. This will help maintain accuracy in your tax account. It is strongly recommended that estimated payments be remitted online at Colorado.gov/RevenueOnline or by EFT at Tax.Colorado.gov/electronic-funds-transfer to avoid problems or delays with the 2023 income tax return. Due Dates: If the due date falls on a weekend or federal holiday, payment will be due the next business day. *230104EP19999* DR 0104EP (11/17/22) COLORADO DEPARTMENT OF REVENUE Denver CO 80261-0008 Tax.Colorado.gov Page 1 of 1 (0012) 2023 Colorado Estimated Income Tax Payment Form Only return this payment form with a check or money order. DO NOT CUT – Return Full Page (0012) DR 0104EP Return the DR 0104EP with check or money order payable to the “Colorado Department of Revenue”. Mail payments to Colorado Department of Revenue, Denver, Colorado 80261-0008. These addresses and ZIP codes are exclusive to the Colorado Department of Revenue, so a street address is not required. Write your Social Security number or ITIN and “2023 DR 0104EP” on your check or money order. Do not send cash. Enclose, but do not staple or attach, your payment with this form. File only if you are making a payment of estimated tax and are unable to pay online or by EFT. SSN or ITIN Your Last Name Your First Name Middle Initial Spouse SSN or ITIN Spouse Last Name Spouse First Name Middle Initial Address City State ZIP Amount of Payment The State may convert your check to a one-time electronic banking transaction. Your bank account may be debited as early as the same day received by the State. If converted, your check will not be returned. If your check is rejected due to insufficient or uncollected funds, the Department of Revenue may collect the payment amount directly from your bank account electronically. $ DO NOT CUT – Return Full Page. IF NO PAYMENT IS DUE, DO NOT FILE THIS FORM.
DR 0104EP, Individual Estimated Income Tax
More about the Colorado Form 104EP Individual Income Tax Estimated TY 2023
You must pay estimated income tax if you are self employed or do not pay sufficient tax withholding. Estimated tax payments are due on a quarterly basis; The due dates are: April 15 (first calender quarter), June 15 (second calender quarter), September 15
We last updated the Individual Estimated Income Tax Payment Form in February 2023, so this is the latest version of Form 104EP, fully updated for tax year 2022. You can download or print current or past-year PDFs of Form 104EP 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 DR 0900||Payment Voucher for Individuals|
|Form 104EP||Individual Estimated Income Tax Payment Form|
|Form DR 0102||Deceased Taxpayer - Claim for Refund|
|Form 104CR||Tax Credits for Individuals|
Colorado usually releases forms for the current tax year between January and April. We last updated Colorado Form 104EP from the Department of Revenue in February 2023.
Form 104EP is a Colorado Individual Income Tax form. While most taxpayers have income taxes automatically withheld every pay period by their employer, taxpayers who earn money that is not subject to withholding (such as self employed income, investment returns, etc) are often required to make estimated tax payments on a quarterly basis. Failure to make correct estimated payments can result in interest or penalties.
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 104EP
We have a total of ten past-year versions of Form 104EP 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.