Mitch (66) and Betsey (67) are married and file a joint return. They are both retired and live in Colorado. Their only income in the current tax year is $29,000 from Mitch's 401(k), and $22,000 from Betsey's IRA. These amounts were included in federal taxable income and are not considered a premature distribution. How much of this income may they subtract on their Colorado return?

$51,000

$46,000

$40,000

$0