Military Retired Pay Income Tax Subtraction
Military Retired Pay Income Tax Subtraction
Colorado lets military retirees subtract a portion of their military retirement income from state income taxes.
Details
Colorado lets military retirees subtract a portion of their military retirement income from state income taxes. The amount depends on age: up to $15,000 if under 55; up to $20,000 for ages 55-64; up to $24,000 at age 65 or older. The retirement pay must have been included in federal taxable income to qualify.
Restrictions
Nonresident military spouses earning wages in Colorado are also exempt from Colorado income tax. Survivors receiving annuities (Survivor Benefit Plan) qualify for a similar subtraction: up to $20,000 under 65, up to $24,000 at 65+.
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