Colorado Child Care Credit Calculation
| Donation amount | $ |
| Federal tax rate |
%
|
| CO tax rate |
%
|
| CO tax credit | $ |
| Savings from Federal deduction | $ |
| Savings from Colorado deduction | $ |
| Savings this year | $ |
| Reduction of Federal deduction for CO tax on next year's return | $ |
| Net savings | $ |
|
TOTAL COST TO DONOR*
|
$
|
To take advantage of this opportunity requires that your total
contribution must be a minimum of $1,000 for the calendar year.
This example assumes the person has a minimum of$10,000 in state taxes other than income taxes
*Use this helpful chart if you itemize your taxes. Your tax savings may be more or less than this typical example. Please consult with your tax adviser.