Colorado Charitable Deductions

FYI Income 48 Charitable Contributions Subtraction
Any individual who claims the basic standard deduction on their federal return and is therefore unable to claim an itemized deduction for charitable contributions (under section 170 of the internal revenue code) may be able to subtract a portion of their charitable contributions from their Colorado taxable income. [§39-22-104(4)(m), C.R.S.] COMPUTING THE SUBTRACTION Visit www.IRS.gov to review IRS Publications 17 and 526 for specific information about qualifying charitable contributions. Sum together all qualifying charitable contributions made during the taxable period. Then subtract $500 from the total. Enter the net amount on the appropriate line of the Individual Income Tax Return, Form 104. DO NOT include any non-qualifying charitable contributions in the calculation. To accurately calculate the subtraction you should complete the worksheet available in the 104 Booklet. Example: Stephanie gave $700 to charity A and $200 to charity B during the year and both charities qualify under section 170, I.R.C. She claimed the basic standard deduction on her federal return. Her computation would be as follows: Sum of qualifying charitable contributions $ 900.00 Colorado adjustment $(500.00) Qualifying Charitable Contribution Subtraction $ 400.00 AVAILABILITY The charitable contribution subtraction is available for tax years 2001 and all tax years 2006 and later.
REQUIRED DOCUMENTATION If you are claiming a charitable contribution greater than $5,000, you should submit the receipts you received at the time of donation. Receipts should be from the charity itself, DO NOT send receipts of items like clothing or toys purchased for donation. Submit this documentation when you file your return using the E-Filer Attachment function of Revenue Online, or attached to your paper return.