Honestly, trying to hunt down colorado tax tables 2024 can feel like you're chasing a ghost. You go looking for those familiar tiered brackets—the ones where you pay 10% on this chunk and 12% on that chunk—and you just won't find them. Colorado is one of the handful of states that sticks to a flat tax system.
Basically, everyone is in the same boat. Whether you’re a barista in Boulder or a tech executive in Denver, the percentage you pay to the state is identical.
But here is the catch. The rate actually changed recently. For the 2024 tax year, the rate dropped. It wasn't some massive overhaul, but a temporary reduction triggered by the Taxpayer’s Bill of Rights, or TABOR.
The Flat Rate Reality of Colorado Tax Tables 2024
If you are looking for a table with rows for different income levels, I can save you some time. It doesn't exist. For the 2024 tax year, Colorado’s individual income tax rate is 4.25%.
This is a step down from the 4.40% rate we saw in 2023. Governor Jared Polis signed SB 24-228 back in May 2024, which essentially took some of that excess state revenue and handed it back to us in the form of a lower rate. It’s a temporary win. While the state has discussed making it permanent, for now, that 4.25% is the magic number for your 2024 filings.
The calculation is simple:
Multiply your Colorado taxable income by 0.0425. Done.
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Why Your "Taxable Income" Isn't What You Think
You might think you just take your salary and multiply it by that 4.25%. Not quite. Colorado starts with your Federal Taxable Income. This is a huge detail people miss.
Because Colorado starts where the federal government finishes, the state "technically" doesn't have its own standard deduction. You’ve already taken the federal standard deduction ($14,600 for singles or $29,200 for married couples in 2024) before you even get to the state level.
However, there are "addbacks" and subtractions that mess with the math. For example, if you make over $300,000, you might have to "add back" some of those federal deductions, effectively increasing your state tax bill. It’s the state’s way of ensuring high earners don't benefit too much from federal loopholes.
The Pension and Retirement Perk
If you’re 55 or older, the colorado tax tables 2024 logic gets even friendlier. The state is surprisingly kind to retirees.
- Ages 55 to 64: You can generally subtract up to $20,000 of retirement income from your taxable total.
- Ages 65 and older: That subtraction jumps to $24,000.
This includes Social Security, which is a big deal since Colorado is one of the few states that can tax Social Security if your income is high enough. These subtractions often wipe out the state tax liability for seniors entirely.
Local Taxes: The "Occupational Privilege" Sneak
So, you’ve calculated your 4.25% and you think you’re in the clear. Then you see a line item on your paycheck for "OPT."
Five cities in Colorado—Denver, Aurora, Glendale, Greenwood Village, and Sheridan—charge what they call an Occupational Privilege Tax. It’s basically a "tax on having a job" in that city.
In Denver, if you earn more than $500 in a month, you pay $5.75 monthly. Your employer usually pays another $4.00 on your behalf. It’s not part of the state income tax, but when you're looking at your total tax burden for 2024, it’s a factor you can't ignore.
TABOR and the Sales Tax Refund
The 4.25% rate isn't the only way TABOR is giving money back this year. When you file your 2024 return, you also get to claim the state sales tax refund.
This isn't based on how much you actually spent at the grocery store. It’s a flat amount based on your filing status and income. For most full-year residents, this shows up as a credit on your return, either increasing your refund or decreasing the check you have to write to the Department of Revenue.
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Practical Steps to Get Your 2024 Taxes Right
Don't wait until April to figure this out. The state is much more aggressive about "addbacks" for high earners than they used to be.
First, check your federal AGI. If it’s over $300,000, you’ll need to use the DR 0104AD schedule to see how much of your federal deduction needs to be added back to your Colorado income.
Second, if you’re self-employed, make sure you’ve adjusted your estimated payments to reflect the 4.25% rate rather than the old 4.40%. Overpaying is basically giving the state an interest-free loan.
Third, gather your documents for the Colorado Child Tax Credit. For 2024, this credit is refundable and can be worth a significant amount for families with kids under age 6, provided your income falls under the $75,000 (single) or $85,000 (joint) threshold.
Finally, verify your residency. If you moved in or out of the state in 2024, you'll be filing Form DR 0104PN. You’ll only pay that 4.25% on the income you earned while living here or income sourced from Colorado businesses. It’s a bit more paperwork, but it prevents you from being double-taxed by your old state.
Log into your Revenue Online account at the Colorado Department of Revenue website to see if you have any outstanding credits or to track your 2024 TABOR refund status.