Related Information

Question: How do I calculate a net operating loss for Colorado individual income tax?
The federal net operating loss deduction will be allowed for Colorado income tax purposes. There is no separate computation of a Colorado net operating loss.

If the federal net operating loss is carried back to a prior year, the loss must be carried back for Colorado. This means the affected prior year return must be amended. The carryback period must be the same as used for federal purposes.

For part-year residents and nonresidents, the federal net operating loss will be allowed to the extent it arose from Colorado sources or to the extent apportioned to the resident portion of the year.

The Colorado Department of Revenue now requires that any amended income tax return filed must also include any schedule or documentation that pertains to that particular return. The amended return and required documents may easily be submitted through Revenue Online if the tax year is 2009 or later. Amended returns filed using the 104X must have the 104PN and 104CR credit schedule attached to the 104X. Be sure to use the correct tax year when you file paper 104X, 104PN and 104CR forms.

If all supporting documents are not attached to the amended paper return, the return may be incorrectly adjusted by the Department of Revenue, which would require a second amended return to be filed to correct the return.

For Further Information:
FYI Income 19

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