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Colorado Department of Revenue
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2020 Individual Statistics of Income
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Table 8. Income and Tax Data for Filers 65 and Older by Size of Federal AGI ¹
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This table summarizes aggregate income and tax data for full-year resident returns where the primary filer (and/or spouse if filing jointly) was 65 years or older during calendar year 2020. See Table 7 for filers under 65 years old.
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I. Number of Returns and Aggregate Dollar Amounts
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Size of Federal AGI Number
of Returns 		Federal AGI Federal
Taxable Income 		Colorado
Taxable Income ² 		Federal Tax Colorado
Gross Tax ³ 		Colorado
Net Tax
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Negative Income12,554($2,669,208,209)$0 ($1,655,769,150)$4,464,044 $2,623,812 NR
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$0 under $10K47,181$207,163,171 $283,949 ($682,600,660)$4,160,346 $251,733 $245,949
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$10K under $20K44,903$666,048,514 $45,742,879 ($517,375,814)$10,117,142 $1,166,202 $1,153,531
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$20K under $30K37,736$940,494,394 $238,056,647 ($355,941,921)$27,354,039 $3,397,244 $3,349,806
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$30K under $40K32,693$1,141,737,100 $476,606,648 ($124,015,455)$51,059,704 $6,012,565 $5,971,484
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$40K under $50K31,458$1,412,939,439 $764,592,249 $117,014,464 $80,864,209 $12,013,506 $11,761,800
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$50K under $60K30,357$1,669,277,077 $1,023,709,696 $341,884,737 $111,652,012 $19,485,300 $19,065,662
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$60K under $75K42,800$2,882,797,925 $1,917,368,546 $848,910,295 $232,469,079 $41,679,102 $40,815,528
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$75K under $100K56,952$4,947,244,525 $3,523,965,812 $1,913,118,969 $443,563,521 $88,846,013 $86,698,974
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$100K under $200K94,045$12,800,481,149 $10,067,379,804 $7,122,113,070 $1,457,052,479 $325,117,236 $315,452,271
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$200K under $500K30,075$8,635,529,389 $7,425,557,557 $6,537,549,377 $1,397,412,278 $297,775,606 $281,916,647
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$500K under $1M4,783$3,232,107,954 $2,886,014,946 $2,774,496,633 $695,504,831 $126,264,700 NR
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$1M and over2,781$9,194,749,514 $8,108,845,330 $8,119,028,229 $2,254,578,232 $369,751,323 $324,203,075
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Total468,318$45,061,361,942 $36,478,124,063 $24,438,412,774 $6,770,251,916 $1,294,384,342 $1,210,640,903
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II. Number of Returns and Average Dollar Amounts per Return
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Size of Federal AGI Number
of Returns 		Federal AGI Federal
Taxable Income 		Colorado
Taxable Income ² 		Federal Tax Colorado
Gross Tax ³ 		Colorado
Net Tax
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Negative Income 12,554 ($212,618)$0 ($131,892)$356 $209 NR
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$0 under $10K 47,181 $4,391 $6 ($14,468)$88 $5 $5
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$10K under $20K 44,903 $14,833 $1,019 ($11,522)$225 $26 $26
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$20K under $30K 37,736 $24,923 $6,308 ($9,432)$725 $90 $89
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$30K under $40K 32,693 $34,923 $14,578 ($3,793)$1,562 $184 $183
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$40K under $50K 31,458 $44,915 $24,305 $3,720 $2,571 $382 $374
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$50K under $60K 30,357 $54,988 $33,722 $11,262 $3,678 $642 $628
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$60K under $75K 42,800 $67,355 $44,798 $19,834 $5,432 $974 $954
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$75K under $100K 56,952 $86,867 $61,876 $33,592 $7,788 $1,560 $1,522
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$100K under $200K 94,045 $136,110 $107,049 $75,731 $15,493 $3,457 $3,354
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$200K under $500K 30,075 $287,133 $246,901 $217,375 $46,464 $9,901 $9,374
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$500K under $1M 4,783 $675,749 $603,390 $580,075 $145,412 $26,399 NR
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$1M and over 2,781 $3,306,275 $2,915,802 $2,919,464 $810,708 $132,956 $116,578
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Average 468,318 $96,220 $77,892 $52,183 $14,457 $2,764 $2,585
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Source: Federal and Colorado individual income tax returns (full-year residents only)
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¹ Returns without birth dates listed on the federal return are excluded from this table.
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² The Colorado Taxable Income (CTI) reported on Colorado returns can be positive, zero, or negative. The CTI is negative when the taxpayer reports losses and/or subtractions greater than their income and additions. Negative values do not reduce their tax liability to be less than $0.
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³ Colorado Gross Tax is determined based on Colorado Taxable Income greater than zero. To calculate positive Colorado Taxable Income, divide the Colorado Gross Tax by the income tax rate.
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Data extracted: August 25, 2022
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Publish date: September 2024
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