Connecticut Form Help
The following information has been provided to assist in the preparation of Connecticut returns.
Effective for returns with periods beginning on or after January 1, 2014, all Forms CT-1120 and CT-1065/CT-1120SI and their associated payments are required to be filed electronically. Note that estimated payments and extensions are not accepted electronically via third party software and therefore must be filed directly with the state. Visit www.ct.gov/TSC to make estimated payments or file Forms CT-1120 EXT or CT-1065/CT-1120SI EXT.
For pass-through entities subject to the business entity tax, see the guidance for Form OP-424 below. Note that this is now filed every other year.
Every corporation that carries on business in or has the right to carry on business in Connecticut must file Form CT-1120.
Form CT-1120 is due by the first day of the month following the due date of the companys corresponding federal income tax return for the income year.
Payments of estimated tax, amounts paid with an extension, and prior year overpayment credited to the state of Connecticut flow from the State Taxes Paid Worksheet on the Income Statement when the state ID entered is CT. Tax credits up to the calculated limitation flow from Form CT-1120K.
This schedule is calculated from the federal return and the Financials Income Statement. To claim an exception to related party interest add-back, see the Connecticut Department of Revenue Services website to obtain a copy of Form CT-1120AB, which is not supported in CrossLink. Manually enter the required information from Form CT-1120AB on this schedule. Form CT-1120AB can be submitted as an attachment to an electronically field return via the Document Archive once completed. Capital gain from the sale of preserved land included on the federal return must be manually entered on this schedule to claim the deduction.
This schedule is calculated from the Financials Balance Sheet. Amounts manually entered as surplus reserves will reduce the surplus and undivided profits from the Financials Balance Sheet. The holdings of stock in private corporations must be manually entered. If stock in more than one private corporation is held, a listing of the beginning and ending book values of total holdings of stock in private corporations can be submitted as an attachment to an electronically field return via the Document Archive.
Amounts entered for payroll, real property, personal property and sales and use tax will reduce the amount of other taxes transferred from the Financials Income Statement. Connecticut corporation business tax deducted in the computation of federal taxable income transfers from the State Taxes Paid Worksheet on the Financials - Income Statement where the state ID entered is CT. Other state taxes based on income are transferred from the state income tax expense line of the Financials Income Statement with the Connecticut amount excluded.
A worksheet is provided to list the information for corporate officers required by the Form CT-1120 instructions. The names of the corporate officers will transfer to the worksheet from federal Form 1125-E if present in the return, but the rest of the worksheet must be manually completed. If a transfer of controlling interest in an entity owning Connecticut real property occurred during the tax period, list the properties involved on the provided worksheet. The List of Corporate Officers and List of Transferred Connecticut Properties are automatically included in the electronic file.
Form CT-1120A is calculated from the data provided in the Multistate Allocation and Apportionment Information worksheet and the Financials Balance Sheet in the General section of the return. Real rental property is calculated as 8 times the amount reported on the Multistate Allocation and Apportionment Information worksheet. If the Multistate Allocation and Apportionment Information worksheet is not used, the allocation factor will be assumed to be 1.00000 throughout the return. Check the box at the top of this from to complete Schedule Q rather than Schedule R. Manual entry is required for the Connecticut portion of intangible assets on Schedule S.
Use Form CT-1120 ATT to record and claim Connecticut loss carryover, to calculate the Connecticut dividend deduction, and to recover bonus depreciation. Completed Schedule H to claim a Connecticut apportioned loss carry over. Schedule I is calculated from Form 1120; enter any related expenses or dividends from a captive REIT that are taxable to Connecticut. Schedule J is calculated from the data provided in the asset worksheets. The current tax year is used to determine the tax years for the prior periods listed, make adjustments if necessary.
Form CT-1120I is used to calculate the interest and penalty for failure to pay the required estimated tax when due. Payments of estimated tax and prior year overpayment credited to the state of Connecticut will flow from the State Taxes Paid Worksheet on the Financials - Income Statement when the state ID entered is CT.
Use Form CT-1120K to claim any of the corporation business tax credits. Enter the credit amount claimed or carried forward for each applicable credit. The amounts entered will be applied against the tax credit limitation in the order listed on the form. Any amounts remaining will be applied against the other tax amounts provided in Part III or carried forward to the following year, as applicable. A worksheet is provided to list multiple types of other tax, if necessary.
Use Form CT-1120X to correct items on a previously filed Form CT-1120. This form must be mailed to the state. If the IRS issues a final determination of adjustments that would affect Connecticut taxable income, this form must be filed within 90 days after the final determination. A claim for refund must be filed within three years of the due date of the original return, including extensions. When this form is added to the return, the amounts on Form CT-1120 will show in both the original amount column and the corrected amount column. Make changes as necessary throughout the rest of the return and the new amounts will flow to the corrected amount column. Any adjustments that are not related to a change made on the federal amended return must be explained in detail; supporting documentation for such changes is required to be attached to this return.
Use Form CT-1120 ES to calculate the estimated tax payments to be made for the following tax year. Estimated tax payments are required for all corporations carrying on business or having the right to carry on business in Connecticut that expect to have a Connecticut tax liability for the year in excess of $1,000. CrossLink calculates the due date and payments based on the tax year beginning date of the tax year provided on the Client Data screen and the estimated tax due provided. Note that estimated payments are not accepted electronically via third party software and therefore must be filed directly with the state. Visit www.ct.gov/TSC to make the estimated payments, or mail the form and payment to the address shown on the printed form if a waiver from electronic filing has been granted.
Use Form CT-1120 EXT to request an extension of six months from the original due date to file Form CT-1120. This form must be filed by the first day of the month following due date of the original federal return. This form is not accepted electronically via third party software and therefore must be filed directly with the state. Visit www.ct.gov/TSC to file this form and make the corresponding payment electronically, or mail the form and payment to the appropriate address shown on the printed form if a waiver from electronic filing has been granted.
Every partnership, limited liability company treated as a partnership for federal purposes, and S corporation that does business in Connecticut or has income derived from or connected with sources within Connecticut must file Form CT-1065/CT-1120SI.
Form CT-1065/CT-1120SI is due by the fifteenth day of the fourth month following the end of the tax year.
An amended Form CT-1065/CT-1120SI can be filed electronically by checking the amended box and selecting the amended return in the transmit window (Ctrl+T).
If this pass-through entity owns an interest in Connecticut real property and a controlling interest was transferred, complete the worksheet provided to list the Connecticut properties owned.
Column A is completed from the Form 1065 or Form 1120S Schedule K data as appropriate. If the pass-through entity received a federal Schedule K-1 as a member of another pass-through entity, complete the K-1 (1065) input K-1 worksheet in order for the amounts to transfer to column B via the Schedule K Information from Other Pass-Through Entities worksheet provided. Other income and other deductions included on the federal Schedule K must be manually entered for each K-1 received by another pass-through entity. If this worksheet is used for more than one K-1 received, it will automatically be attached to the electronic file as a binary attachment.
The name and EIN of the pass-through entity providing a federal K-1 will transfer from the K-1 (1065) input worksheet via the Schedule K Information from Other Pass-Through Entities worksheet. Enter the Schedule K amounts from Connecticut sources and the Connecticut income tax liability from the corresponding Connecticut Schedule CT K-1.
This schedule calculates from the data provided in the Multistate Allocation and Apportionment Information worksheet in the General section of the return. Real rental property is calculated as 8 times the amount reported on the Multistate Allocation and Apportionment Information worksheet. If the Multistate Allocation and Apportionment Information worksheet is not used, the allocation factor is assumed to be 1.00000 throughout the return.
If business is conducted both within and outside Connecticut, list the requested information for each location where the entity conducted business.
Enter any required additions and subtractions to federal income for Connecticut purposes in the fields provided in the Total Amount of Addition or Subtraction column. Include a description of the other additions and other subtractions included on the lines provided, if any. Interest from other state obligations is transferred from the Financials Income State Tax Exempt Income worksheet if completed. Interest on U.S. government obligation also transfers from the Financials Income Statement. The additions and subtractions provided in the total column are allocated to each owner on their respective Schedule CT K-1 based on the profit/ownership percentages provided. Corporate members are excluded from Part V.
This part is completed for all nonresident noncorporate and pass-through entity members based on the data found for each member on Schedule CT K-1.
Enter the amount of each credit earned in the Total Amount of Credit column. The credit provided in the total column is allocated to each owner on their respective Schedule CT K-1 based on the profit/ownership percentages provided.
Schedule CT K-1 shows information for each member. This form is completed based on the federal K-1 and Form CT-1065/CT-1120SI information. Enter the addition, subtraction, and credit totals on the lines provided on Form CT-1065/CT-1120SI; these items are allocated to each member based on the profit/ownership percentages provided. The apportionment fraction from Part II Allocation and Apportionment of Income is used in determining the Connecticut sourced portion for all items but the net rental real estate income, which is calculated based on the location of the rental properties provided on Form 8825. Note that all parts are completed for nonresidents and pass-through entities; Parts I and IV are completed for resident members, and only Part IV is completed for corporate members.
To file Form CT K-1T, mail it to the address shown on the printed form. Copies of the Schedule CT K-1 issued to the members of the pass-through entity must be included with this form. If Form CT-1065/CT-1120SI is filed electronically, you are not required to file Form CT K-1T or submit copies of the Schedule CT K-1 issued to the state.
Use Form CT-1065/CT-1120SI EXT to request an extension of five months from the original due date to file Form CT-1065/CT-1120SI and issue the corresponding Schedules CT K-1. This form must be filed by the due date of the original return. This form is not accepted electronically via third party software and therefore must be filed directly with the state. Visit www.ct.gov/TSC to file this form electronically, or mail the form and any related payment to the appropriate address shown on the printed form if a waiver from electronic filing has been granted.
Use Form OP-424 to pay the biennial tax of $250 imposed on S corporations, limited liability companies treated as partnerships or disregarded entities for federal tax purposes, limited liability partnerships and limited partnerships that are formed under Connecticut law or are required to register with or obtain a certificate of authority from the Connecticut Secretary of State before transacting business within Connecticut. This from must be filed and the tax paid on or before the fifteenth day of the fourth month of every other tax year for the entity; For the period beginning January 1, 2013 and ending December 31, 2014, this return is due April 15, 2015. Visit www.ct.gov/TSC to file this form electronically, or mail the form and payment to the address shown on the printed form.
The Connecticut Declaration for Electronic Filing is used to initiate electronic filing of the tax return and to schedule an electronic funds withdrawal of the balance due or direct deposit of the refund, if desired. This is not an official state form, and it will not print independently or with the final return.