The changes could mean tax savings for some taxpayers, providing some relief at a time when Americans are still struggling with high inflation that's eating away at their purchasing power. On average, the IRS pushed up each provision by about 7% for 2023. The agency adjusted many of its 2023 tax rules to help taxpayers avoid 'bracket creep.' That's when workers get pushed into higher tax brackets due to the impact of cost-of-living adjustments to offset inflation, despite their standard of living not having changed. IRS announces adjustments in response to inflation 03:17Īmericans could save on taxes this year because of historically large inflation adjustments set by the IRS. The Colorado income tax estimator tool is provided by.These numbers are subject to change if new Colorado tax tables are released. Before the official 2023 Colorado income tax brackets are released, the brackets used on this page are an estimate based on the previous year's brackets.Colorado tax return forms are available on the Colorado tax forms page or the Colorado Department of Revenue.Please contact us if any of our Colorado tax data is incorrect or out of date. The Colorado tax brackets on this page were last updated from the Colorado Department of Revenue in 2022.States often adjust their tax brackets on a yearly basis, so make sure to check back later for Colorado's updated tax year 2023 tax brackets! The Colorado tax brackets on this page have been updated for tax year 2022, and are the latest brackets available. Is info on this page missing or out-of-date? Please let us know so we can fix it! Head over to the Federal income tax brackets page to learn about the Federal Income Tax, which applies in all states nationwide.ĭisclaimer: While we do our best to keep this list of Colorado income tax rates up to date and complete, we cannot be held liable for errors or omissions. The Federal income tax also has a standard deduction, personal exemptions, and dependant deductions, though they are different amounts than Colorado's and may have different rules. Likewise, you can take an additional dependent exemption for each qualifying dependent (like a child or family member), who you financially support. The Personal Exemption, which is not supported by the Colorado income tax, is an additional deduction you can take if you (and not someone else) are primarily responsible for your own living expenses. The standard deduction, which Colorado has, is a deduction that is available by default to all taxpayers who do not instead choose to file an itemized deduction.Įssentially, it translates to $13,850.00 per year of tax-free income for single Colorado taxpayers, and $27,700.00 for those filing jointly. The current values of these deductions for tax year 2022 are as follows:

The three most common deductions encountered by taxpayers are the Colorado Standard Deduction, the Colorado Personal Exemption, and the Colorado Dependent Deduction. In addition to marginal tax brackets, one of the major features of the Colorado income tax is deductions. Remember that Colorado may have very different deduction laws from the Federal Income Tax, so you may have to write a whole new list of deductions for your Colorado income tax return. Qualifying deductions might include an itemized deduction, the Colorado standard deduction, exemptions for dependants, business expenses, etc. When calculating your Colorado income tax, keep in mind that the Colorado state income tax brackets are only applied to your adjusted gross income (AGI) after you have made any qualifying deductions. Keep in mind that this estimator assumes all income is from wages, assumes the standard deduction, and does not account for tax credits.įor a more detailed estimate that takes these factors into account, click 'View Detailed Estimate' (this will will redirect to an external website). You can use the income tax estimator to the left to calculate your approximate Colorado and Federal income tax based on the most recent tax brackets.

Colorado tax brackets 2022