Get the free 2016 Colorado Estimated Income Tax Payment Form

Departmental Use Only (0012) DR 0104EP (06/02/15) COLORADO DEPARTMENT OF REVENUE Denver, CO 802610008 www.TaxColorado.com 2016 Colorado Estimated Income Tax Payment Form *160104EP19999* Colorado Estimated

How to fill out 2016 colorado estimated income

How to fill out 2016 Colorado estimated income:

1. Start by gathering all the necessary information and documents such as your W-2 forms, 1099s, and records of any other sources of income you received in 2016.
2. Calculate your total income by adding up the amounts from each income source. Include any wages, salaries, tips, bonuses, self-employment income, rental income, and any other taxable income earned in 2016.
3. Determine any deductions and adjustments that you qualify for. These include expenses such as student loan interest, self-employed health insurance, and contributions to retirement plans. Subtract these deductions from your total income to arrive at your adjusted gross income (AGI).
4. Consider whether you are eligible for any credits or exemptions. Some common credits include the Earned Income Credit (EIC), Child Tax Credit, and Education Credits. Apply these credits to reduce your tax liability.
5. Calculate your estimated tax liability using the Colorado tax tables or tax software. Be sure to consider both the state income tax and any applicable local taxes.
6. Subtract any tax payments already made during the year, such as tax withholding from your wages, estimated tax payments, or refund applied from the previous year. This will yield the amount of tax you still owe.
7. Complete the necessary forms, such as the Colorado Individual Estimated Income Tax Form, to report your estimated income and tax liability. Follow the instructions provided with the form carefully to avoid errors.
8. Keep a copy of your completed form and any supporting documents for your records. Make sure to file your estimated income tax forms by the due date indicated by Colorado tax authorities.

Who needs 2016 Colorado estimated income?

1. Individuals who are self-employed or have income from sources that are not subject to tax withholding need to estimate and pay their Colorado income tax.
2. People who expect to owe at least $1,000 in Colorado income tax after subtracting their tax withholding and credits may need to file estimated income tax.
3. Colorado residents who have income from sources outside of the state may also need to estimate and pay their Colorado income tax.

Please note that this information is provided as a general guide and you should consult with a tax professional or refer to the official Colorado tax resources for specific instructions and requirements.

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What is colorado estimated income tax?

Colorado estimated income tax is an estimate of the amount of state income tax that an individual expects to owe for the tax year.

Who is required to file colorado estimated income tax?

Individuals who expect to owe at least $1,000 in state income tax after withholding are required to file Colorado estimated income tax.

How to fill out colorado estimated income tax?

Colorado estimated income tax can be filled out using Form DR 0104EP, which is available on the Colorado Department of Revenue website.

What is the purpose of colorado estimated income tax?

The purpose of Colorado estimated income tax is to ensure that taxpayers pay a sufficient amount of state income tax throughout the year to avoid underpayment penalties.

What information must be reported on colorado estimated income tax?

Information such as estimated income, deductions, credits, and previous payments must be reported on Colorado estimated income tax.