The refundable portion of the credit is limited to $1,400. The age cut-off remains at 17 (the child must be under 17 at the end of the year for taxpayers to claim the credit). Under the 2018 tax reform the credit is worth up to $2,000 per qualifying child. Increased Child Tax Credit and Income Ranges This new law now limits the deduction when it was previously unlimited (depending on your tax bracket). For tax years beginning after December 31,2017 and before January 1, 2026, a taxpayer may claim an itemized deduction of up to $10,000 ($5,000 for a married taxpayer filing a separate return) for taxes paid at the State and local level, including real and personal property, income, and/or sales taxes. One change, in particular, has been the subject of much debate in Congress, the state and local income tax (SALT) deduction, which is now limited to $10,000. Much has changed with the passing of the Tax Cuts and Jobs Act-changes that will benefit some taxpayers and negatively impact others. State, Local, and Property Taxes – Limited to $10K You may increase your standard deduction by $2,600 if both you and your spouse are blind. If you are Married Filing Jointly and you or your spouse is blind, you may increase your standard deduction by $1,300. If you are legally blind, you may increase your standard deduction by $1,650 if filing Single or Head of Household. If both you and your spouse are 65 or older, you may increase your standard deduction by $2,600. If you are Married Filing Jointly and you or your spouse is 65 or older, you may increase your standard deduction by $1,300. If you are age 65 or older, you may increase your standard deduction by $1,650 if you file Single or Head of Household. Under the new law, no exceptions are made to the standard deduction for the elderly or blind. The 2020 standard deduction is increased to $24,800 for married individuals filing a joint return $18,650 for head-of-household filers and $12,400 for all other taxpayers. If there is no record of a 1099-G in your account, you may not have received a taxable income tax refund last year.2020 Marginal Income Tax Rates and Brackets 2020 Marginal Tax Rate If you do not receive the 1099-G in the mail, sign up for access and log into your account through our Revenue Online service to view the amount of last year's Colorado refund that was reported to you on Form 1099-G. Taxpayers who took the standard deduction on last year's federal return generally will not report the refund on their federal return. Taxpayers who itemized their deductions using Schedule A on last year's federal return must use this information to complete their federal return this year. Contributions to any of the voluntary checkoff funds.

Overpayment intercepted by the IRS or by a state agency.Overpayment applied to a prior year's balance due.Overpayment credited to the following year's estimated tax.Colorado income tax refund you received the prior year.A separate copy of your 1099-G is sent to the IRS. The IRS requires the Colorado Department of Revenue to provide Form 1099-G to taxpayers who may have itemized deductions on their federal return the previous year. The 1099-G is issued by government agencies such as the Department of Revenue and the Department of Labor and Employment for use in filling out your federal income tax return. Year-end 1099 statements are mailed in January to inform recipients about income they received during the previous year. Americans with Disabilities Act (ADA) Accommodations.

New irs tax brackets 2020