What Is Form 104: Colorado Individual Income Tax Return

Introduction to Form 104

Form 104 is the standard form used by the Colorado Department of Revenue for individual income tax returns. It is used by residents and non-residents who have earned income from Colorado sources to report their income and claim deductions and credits.

The form is typically due on April 15th of each year, but this deadline may be extended in certain circumstances, such as if the taxpayer is serving in a combat zone or is experiencing other hardships.

Who Must File Form 104

Any individual who has earned income from Colorado sources must file Form 104, regardless of their residency status. This includes residents, non-residents, and part-year residents who have earned income from Colorado sources.

In addition, certain individuals may be required to file Form 104 even if they do not have earned income from Colorado sources, such as those who have self-employment income or income from a business or investment in Colorado.

What to Include on Form 104

Form 104 requires taxpayers to report their income from all sources, including wages, salaries, tips, and self-employment income. Taxpayers must also claim deductions and credits they are eligible for, such as the standard deduction, itemized deductions, and credits for child care and education expenses.

In addition, taxpayers must report any tax withholding or estimated tax payments they have made during the year, as well as any tax credits they are eligible for, such as the earned income tax credit.

How to File Form 104

Form 104 can be filed electronically or by mail. Taxpayers can use tax preparation software or consult with a tax professional to ensure their return is accurate and complete.

Taxpayers who are due a refund can choose to receive it by direct deposit or check, while those who owe taxes can pay online or by mail using a check or money order.

Penalties for Late Filing or Non-Filing

Taxpayers who fail to file Form 104 by the deadline may be subject to penalties and interest on any taxes owed. The penalty for late filing is typically 5% of the unpaid taxes for each month or part of a month, up to a maximum of 25%.

In addition, taxpayers who are found to have willfully failed to file or pay taxes may be subject to additional penalties, including fines and even imprisonment in severe cases.

Frequently Asked Questions

The deadline for filing Form 104 is typically April 15th of each year, but may be extended in certain circumstances.

No, you do not need to file Form 104 if you do not have any income from Colorado sources, but you may still need to file a federal income tax return.

Yes, you can file Form 104 electronically using tax preparation software or the Colorado Department of Revenue's online filing system.

If you miss the deadline for filing Form 104, you may be subject to penalties and interest on any taxes owed, so it is best to file as soon as possible.

Yes, you may need to attach supporting documents to Form 104, such as W-2s, 1099s, and receipts for deductions and credits.

Yes, you can amend a previously filed Form 104 using Form 104X, but you must do so within a certain timeframe and follow the instructions provided by the Colorado Department of Revenue.