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Partnership Income Tax -- Quick Answers
Amending a return
A change or correction on your partnership return must be reported on a corrected
Partnership or S Corporation Return of Income 106
. If filing on paper, mark the Amended Return box at the top of the corrected Form 106. The corrected form must include all required schedules even if the schedule was submitted with the original return and has not changed.
Submit supporting documentation.
Every return you file (original or amended) is processed independently. Therefore, Send only the
supporting documents with the amended return and
the schedules. In the past, we asked for all supporting documents even if they were already submitted. Documents can be submitted electronically using the E-Filer Attachment function on Revenue Online, with
E-Filer Attachment Form (DR 1778)
or see instructions below if you are filing a paper amendment.
Refer to the
for details about credits, subtractions, and general tax return information. Additional information can also be found in FYI Publications.
Mark the correct box
or select the amendment reason on Revenue Online. For example, if the amended return is carrying back a net operating loss, be sure to properly indicate this at the top of the amended form.
…if you want to file a paper amended 106 form
Download and be sure to
use the correct form year.
Each return is specific year-to-year according to the tax laws. Using the form for the wrong year will certainly cause a miscalculation of tax and may result in a bill.
Send only the amended 106 return and
include a copy of the original 106.
Place the 106 form (with the Amended box marked) on the top of all paperwork in the envelope. Copies of schedules and other supporting documents should be behind the amended 106 form.
Colorado does not tax the built-in gains of an S Corporation because an S Corporation is not directly subject to Colorado income tax
Copies of returns
Taxpayers may obtain copies online of their most recent income tax returns (paper or e-filed). Sign up for access to your tax account through
. Revenue Online is a secure method of accessing tax account history and information.
• If you are looking for an older return or you cannot access Revenue Online, download the Request for Copy of Tax Returns form
. This form must be notarized before you mail it to the department address noted in the instructions. This form may not be faxed. Please include the address where the documents should be mailed. Allow six to eight weeks to receive the certified copies.
• Visit any
taxpayer service center location
. The representatives can access copies of your returns at these locations. If you need a certified copy of a tax return, complete the DR 5714 when you are in the service center and submit it to the representative. Allow six to eight weeks to receive certified copies by mail.
• Contact our Tax Information line: 303-238-7378. A copy of the return will be mailed to you. If you need a certified copy of a tax return, the representative will mail the DR 5714 request form to you. Complete the form, get it notarized and mail to the department address noted in the instructions. Allow six to eight weeks to receive certified copies by mail.
A third party who has a valid state or federal Power of Attorney may request return copies by attaching the Colorado Tax Information Designation and Power of Attorney for Representation (
) or the federal 2848 power of attorney form to the DR 5714. The Power of Attorney document must specify the tax types the third party can access. Note that to ensure tax information confidentiality, the Request for Copy of Tax Returns requires notary verification on the paper form regarding the identity of the individual making the request, even when the taxpayer (not a third party) is making the request.
Any partnership, joint venture, common trust fund, limited association, pool or working agreement, limited liability company or any other combination of persons or interests, that is required to file a federal partnership return of income, must file a Colorado
Partnership or S Corporation Return of Income 106
form to amend a return.
if any of the partnership income is from Colorado sources.
An S corporation must file a Partnership or S Corporation form 106 for any year it is doing business in Colorado. An S corporation will be deemed to be doing business in Colorado if it is engaged in any activities in Colorado which are beyond the protection afforded by Public Law 86-272. An S corporation is a corporation for which a valid election is in effect under section 1363(a) of the Internal Revenue Code. If a corporation is an S corporation for federal income tax purposes it is an S corporation for Colorado income tax purposes. S corporations are not subject to Colorado income tax.
However, an S corporation can file a composite return on behalf of their partner/shareholders OR they can pass the liability through to the partner/shareholders who report the income on their personal returns.
A partnership or S corporation is required to ensure that its nonresident partners and shareholders file a Colorado income tax return to report their share of Colorado source income earned by the partnership or S corporation. This is accomplished in one of three ways:
File a composite return on behalf of the nonresident partner/shareholder
Nonresident Partner/Shareholder Agreement (DR 0107)
for each nonresident partner/shareholder. Each nonresident partner/shareholder will be responsible for filing their own individual income tax return and payment.
Withhold the current income tax rate of 4.63% from each nonresident partner/shareholder's Colorado source income. Submit payment with a
Nonresident Partner/Shareholder Agreement (DR 0108)
for each nonresident partner/shareholder.
Nonresident partners and shareholders include nonresident individuals and nonresident estates or trusts.
A partnership or S corporation may file a composite return on Form 106 for its nonresident partners or shareholders as a simplified way of paying the income tax owed by those taxpayers. This replaces the preparation of a separate Colorado income tax return for each taxpayer. Each nonresident partner or shareholder may elect to be included or excluded from the composite filing. The tax paid will be 4.63% of the Colorado source income attributable to the partners/shareholders included in the composite return.
The return is due to be filed 3½ months after the close of the tax year, or after the automatic six-month extension if applicable. See the extension payment instructions for further information. Calendar year returns are due on April 15.
You may inquire about the status of your refund by visiting our
service, 24-hours a day, seven days a week. Sign up for Revenue Online access, then login to your account.
Relief -- Natural disasters
The Colorado Department of Revenue understands some taxpayers will be unable to meet Colorado filing and payment deadlines as a result of various natural disasters (tornadoes, wildfires, floods,etc.) For more information see
Filing Relief -- Natural Disasters