Colorado income tax?
- Thread starter dejadoo
- Start date
I am no expert but if your income is generated in the state of Indiana they will continue to tax your income there.
Any bank savings interest or any 1099 type asset will be taxed in your state of residence. (Colorado)
Any bank savings interest or any 1099 type asset will be taxed in your state of residence. (Colorado)
I agree with PJ. The Colorado Democrats will take you for everything they can get their hands on.
I don't know what Indiana does for income tax, but if Indiana taxes your income, then you should be able to deduct that from your Colorado filing to show that it was already taxed. But if Indiana doesn't tax it, then Colorado will tax it.
I'm not 100% certain how it works, but I have income from Colorado and from Utah; when I file my taxes for Colorado, I have to show that my Utah income was already taxed, then I don't have to pay double tax.
I don't know what Indiana does for income tax, but if Indiana taxes your income, then you should be able to deduct that from your Colorado filing to show that it was already taxed. But if Indiana doesn't tax it, then Colorado will tax it.
I'm not 100% certain how it works, but I have income from Colorado and from Utah; when I file my taxes for Colorado, I have to show that my Utah income was already taxed, then I don't have to pay double tax.
I know that I will have to pay Indiana tax,
but when I read the Colorado part time resident form
it says to include income made while living in Colorado.
Since I own a business, I could(hopefully anyway) make money in
Indiana while living in Colorado.
Probably will have to call a tax place in CO
but when I read the Colorado part time resident form
it says to include income made while living in Colorado.
Since I own a business, I could(hopefully anyway) make money in
Indiana while living in Colorado.
Probably will have to call a tax place in CO
when your out this year let me know. I always wanted to explore pitkin.
Its only about a hour or so from our place.
Its only about a hour or so from our place.
I wiil let you know, my 1st trip should either be the week before or after Christmas. I usully ride with Harmon, so if he comes along, it will be exploring.
S
Summit 800
Well-known member
Disclaimer: This is not tax advice. I was hoping a real tax accountant would chime in but here goes....
I think that you file a tax return as a non resident in the state you earned the income and then file a tax return as a resident where you live. The resident state calculates your tax on all income and then gives you a credit for taxes paid elsewhere. So, as others have said, the tax man will get you some how....
There's no trees at 12,000 feet stop lying
Awesome post ItDoAble
By the way, wouldn't mind hooking up with the NCTR, shoot me a pm if WY bumpkins are allowed to hit the trails with you guys.
As for State Income Tax, what's that?
By the way, wouldn't mind hooking up with the NCTR, shoot me a pm if WY bumpkins are allowed to hit the trails with you guys.
As for State Income Tax, what's that?
