Get the free COLORADO Estimated Tax - Estates Trusts - colorado

Departmental Use Only (0032) DR 0105EP (06/02/15) COLORADO DEPARTMENT OF REVENUE Denver, CO 802610008 www.TaxColorado.com *160105EP19999* 2016 Estate/Trust Estimated Tax Payment Form Instructions

How to fill out colorado estimated tax

How to fill out Colorado estimated tax:

1. Determine if you are required to make estimated tax payments in Colorado. Generally, you need to make estimated tax payments if you expect to owe $100 or more in Colorado tax after subtracting your withholding and refundable credits.
2. Obtain the Colorado Estimated Income Tax Form (Form 104EP) from the Colorado Department of Revenue website or by visiting a local tax office.
3. Gather all the necessary information, including your income statements (such as W-2s, 1099s, and any other relevant documents), records of deductible expenses, and any other information needed to accurately report your income.
4. Fill out the required personal information on the top of the Form 104EP, including your name, mailing address, and Social Security number or taxpayer identification number.
5. Calculate your estimated tax liability for the taxable year. This can be done by estimating your total income, including wages, self-employment income, rental income, or any other sources of income, and applying the appropriate tax rates.
6. Subtract any qualified credits or deductions that you are eligible for to reduce your taxable income.
7. Determine the estimated tax payments you have made throughout the year, such as withholding from your job, and subtract it from your total estimated tax liability, which will give you the amount of estimated tax you need to pay.
8. Fill out the payment information section on the Form 104EP, including the payment amount, the date of payment, and any applicable penalty or interest, if necessary.
9. Review your completed Form 104EP for accuracy and ensure that you have included all required attachments or schedules before submitting it.
10. Make a copy of the filled-out Form 104EP for your records, and submit the original along with your payment to the Colorado Department of Revenue either electronically or by mail before the due date.

Who needs Colorado estimated tax?

1. Individuals who expect to owe $100 or more in Colorado tax after subtracting their withholding and refundable credits.
2. Self-employed individuals or those with income from sources where taxes aren't automatically withheld, such as rental income or freelance earnings.
3. Individuals whose income sources are subject to Colorado state income tax and do not meet the safe harbor exceptions for avoiding estimated tax payments.

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What is colorado estimated tax?

Colorado estimated tax is the amount of tax that taxpayers are required to pay periodically throughout the year based on their estimated income.

Who is required to file colorado estimated tax?

Individuals and businesses who expect to owe a certain amount of tax at the end of the year are required to file Colorado estimated tax.

How to fill out colorado estimated tax?

Colorado estimated tax can be filled out using Form 104-ES, which can be found on the Colorado Department of Revenue website.

What is the purpose of colorado estimated tax?

The purpose of Colorado estimated tax is to help taxpayers avoid underpayment penalties by making periodic payments throughout the year.

What information must be reported on colorado estimated tax?

Taxpayers must report their estimated income, deductions, credits, and tax liability on Colorado estimated tax forms.