Carryforward toward next year’s estimated tax

A taxpayer who has overpaid their Colorado income tax may elect to carry forward some or all of the overpayment to the following tax year. This election is made on the return filed for the tax year of the overpayment. The amount that is carried forward is applied toward the estimated tax due for the first quarter of the following year, regardless of whether the return is filed prior to the due date of the first quarter estimated payment or subsequently, under extension.