CO SALT Tax Workaround

Technical topics regarding tax preparation.
#1
CO CPA  
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729
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Colorado (CO)
The Colorado SALT tax workaround is in effect for the 2022 tax year. I am unable to find information on 2022 estimated tax payments and if they're required. Has anyone seen any guidance on this?

California allowed taxpayers to make the first year's payment in full by the 3.15 tax deadline. Estimated tax payments weren't required until the second year (2022).
 

#2
lckent  
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597
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Colorado
Looks like estimates not required, but CO just amended the law, retroactive to 2018 and changed the deduction to a refundable tax credit. See Sen. Bill 124.

Might have to amend a lot of returns...
CPA, Retired
 

#3
CO CPA  
Posts:
729
Joined:
17-Oct-2018 10:46am
Location:
Colorado (CO)
lckent wrote:Looks like estimates not required, but CO just amended the law, retroactive to 2018 and changed the deduction to a refundable tax credit. See Sen. Bill 124.

Might have to amend a lot of returns...


Oh wow, thank you for the heads up on this. More work....I guess I should be glad? Ha.
 


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