Sometimes the state will waive all or part of the penalties if you can show that you had reasonable cause for the underpayment or late payment of the taxes.
There is no special form that you would fill out for this purpose. You simply need to write a letter to the Colorado Department of Revenue to request such a waiver, and explain to them the circumstances that resulted in your underpayment of taxes. If they find that you have reasonable cause and if you did not have tax issues with the state in prior years, then it is possible they will consider a reduction or complete waiver of the penalties that are due.
Unfortunately these types of requests do take some time to be processed so you will not get an immediate decision and will not be able to stop a garnishment from going in to effect prior to that time.
If this was helpful please press the Accept button. It is the only way we receive any credit for helping with these questions.
Thank you Walter