Colorado Tax and Wage Statement

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   FYI – For Your Information

Year-End 1099 Income Statements
Year-end 1099 statements inform recipi-      BANKS AND OTHER 1099 ISSUERS
ents about income they earned from           Any 1099 statements you distribute must
sources other than wages during the tax      be sent to the Department of Revenue,
year just ended. 1099 statements are         1375 Sherman St. Denver, CO 80261, if
issued during the month of January, as       the 1099s contain Colorado State with-
are W-2 wage statements. Following are       holding information. If an issuer is
examples of 1099s taxpayers might            required to submit 1099 statements, they
receive:                                     must be submitted with the reconciliation
                                             statement (DR 1093B), due February 28.
• 1099-G from government agencies,
  such as the Colorado Department of         1099-G — COLORADO INCOME TAX
  Revenue, showing a tax refund of over      REFUND STATEMENT
  $10 for the prior year.
                                             Section 6050E of the Internal Revenue
• 1099-INT from financial institutions       Code requires the Colorado Department
  and government agencies showing            of Revenue to provide this form to taxpay-
  interest earned.                           ers who may have itemized deductions on
                                             their federal return the previous year.
• 1099-DIV from brokerage companies
                                             The statement is in postcard format. A
  showing dividend income.
                                             separate copy of your 1099-G is sent to
• 1099-MISC from management compa-           the IRS. The amount of the refund shown
  nies showing rental income.                on this form includes:

• 1099-R from pension organizations          • the Colorado income tax refund check
  showing pension income.                      you received the prior year;

INSTRUCTIONS FOR 1099                        • any overpayment credited to the
RECIPIENTS                                     following year’s estimated tax;
                                                                                          Colorado Department
                                                                                          of Revenue
If the 1099 statements you receive do not    • any overpayment applied to a prior         Taxpayer Service Division
indicate Colorado income tax withheld,         year’s balance due;                        1375 Sherman St.
                                                                                          Denver, Colorado 80261
they do not need to be attached to your
                                             • any overpayment intercepted by the
annual Colorado income tax return. In                                                     Forms and other services:
                                               IRS or by a state agency;                  (303) 238-FAST (3278)
most cases, 1099s will indicate that no
Colorado tax was withheld. However, for      • contributions to any of the voluntary      (303) 238-SERV (7378)
any 1099 statements that do indicate           checkoff funds.
Colorado tax withheld, you must attach                                          

these to your Colorado return, so that you                                                PAGE 1 OF 2
will receive proper credit for Colorado                                                   INCOME 2 (03/08)
income tax you have already paid.
Note: For tax years 2005, the 1099-G will     FURTHER INFORMATION
not include the amount of your state sales    FYIs, commonly used forms, and addi-
tax refund that may have been included in     tional tax information are available on the
the above amounts since this was not a        Web at
refund of income tax.

State taxpayers who itemized on their         For additional Colorado tax information visit
previous year’s federal return must use       the "Tax Information Index" which covers a
this information to calculate the taxable     variety of topics including links to forms,
refund on the federal return for the next     publications, regulations, statutes and general
year.                                         questions and answers. The Tax Information
                                              Index is located at
State taxpayers who took the stan-
dard deduction on their previous year’s       FYIs provide general information concerning a
federal return need not report the refund     variety of Colorado tax topics in simple and
on the federal return for the next tax        straightforward language. Although the FYIs
year. This includes all taxpayers who file    represent a good faith effort to provide accurate
federal forms 1040EZ or 1040A.                and complete tax information, the information is
                                              not binding on the Colorado Department of
If you feel there is an error on the 1099-G   Revenue nor, does it replace, alter or supersede
you received from the Department of
                                              Colorado law and regulations. The Executive
Revenue, either mail a copy of the form
                                              Director, who by statute is the only person
with a brief explanation to the depart-       having authority to bind the Department, has
ment, or call (303) 238-SERV (7378).
                                              not formally reviewed and/or approved these

Section 6041 of the Internal Revenue
Code requires the Colorado Department
of Revenue to provide this form to taxpay-
ers who have been paid interest of $600 or
more during the year. A separate copy of
your 1099-INT is sent to the IRS. This
information should be used to complete
the federal income tax return.

If you feel there is an error on the 1099-
INT you received from the Department of
Revenue, either mail a copy of the form
with a brief explanation to the depart-
ment, or call (303) 238-SERV (7378).

                                                                                                  PAGE 2 OF 2
                                                                                                  INCOME 2 (03/08)

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