2020 ProSeries/Colorado Readme
Release 2020.760
Contents
Items addressed in this release
Items addressed in previous releases
What's new for ProSeries/Colorado
Forms
Electronic filing
Items addressed in this release
- 2020 Unemployment Compensation Exclusion - A recent court decision determined that the rule (that determined retroactive Federal Tax Law changes did not affect Colorado Tax Returns) was incorrect and that retroactive changes in federal law can affect a taxpayer's Colorado taxable income. As a result, eligible taxpayers who did not previously exclude up to $10,200 of unemployment compensation from the federal taxable income reported to Colorado, or who added back the excluded amount of unemployment compensation, may amend their 2020 income tax return to claim the exclusion. An amended return will be accepted if it is filed within the statute of limitations. For most impacted taxpayers, this means they will need to file an amended return on or before May 17, 2025. See https://tax.colorado.gov/2020-unemployment-compensation-exclusion for more details.
Items addressed in previous releases
- General Program Updates - Filing due dates updated.
- General Program Updates - Unemployment Compensation Exclusion calculations were updated.
- General Program Updates - Retirement calculations were updated to reflect amounts reported on federal Form 8915-E.
- General Error Messages - An error message was added to prevent the filing of returns with an RRB-1099-R and the newly added Form 8915-E until we can fully update the calculations in the program.
- General program updates - Various updates and improvements to enhance program functionality.
- Form 104PTC - Minor changes were made to the calculation of line 7. Specifically, amounts from federal Schedule E or Schedule F. See the form help for additional information.
- Form 104PN - The Form 104PN added Federal Form 1040, line 10C to line 22. The 104PN was updated accordingly.
- Form 104PN - The Form 104PN now calculates if the 1040SR box is checked.
What's new for ProSeries/Colorado
The following items are new for tax year 2020:
- Three new addbacks - Business interest expense, business loss, and net operating loss addbacks are new this year.
- Military Retirement Subtraction - This subtraction increased to $7,500.
- Colorado tax rate - The tax rate increased to 4.55% in 2020.
- New credit - Credit for employer paid leave of absence is new. See the Form 104CR
Forms
The Colorado Department of Revenue has approved for filing all forms and
schedules included in ProSeries/Colorado.
Check all returns for printing
The Colorado Department of Revenue scans computer-generated forms to quickly
process the income tax returns they receive. To meet the requirements for producing
computer-generated forms, ProSeries is required to limit the width of the tax
information printed on forms that are scanned. In certain cases, data you entered may
be truncated. After completing a tax return, review the information that prints (for
example, mailing address information), make any necessary changes, and reprint the
return before mailing it.
Electronic Filing
General information for electronic filing:
Colorado anticipates electronic filing to be available February 12, 2021.
For a list of forms that can be e-filed go to What's New This Year in Help Center.
End of ReadMe file for ProSeries/Colorado