Schedule CT K-1 "Member's Share of Certain Connecticut Items" - Connecticut

What Is Schedule CT K-1?

This is a legal form that was released by the Connecticut Department of Revenue Services - a government authority operating within Connecticut. As of today, no separate filing guidelines for the form are provided by the issuing department.

Form Details:

  • Released on December 1, 2021;
  • The latest edition provided by the Connecticut Department of Revenue Services;
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  • Compatible with most PDF-viewing applications;
  • Fill out the form in our online filing application.

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2021
Schedule CT K-1
Department of Revenue Services
State of Connecticut
Member’s Share of Certain Connecticut Items
(Rev. 12/21)
Complete in blue or black ink only.
For calendar year 2021 or other taxable year beginning ___________________, 2021, and ending ___________________ , 20 ____.
Pass-through entity (PE) information
Member information
r
SSN
Federal Employer ID Number (FEIN)
CT Tax Registration Number
Member’s Social Security Number (SSN) or FEIN
r
FEIN
Name
Name
Number and street address
PO Box
Number and street address
PO Box
City or town
State
ZIP code
City or town
State
ZIP code
Type of member (check one):
Check the box if this is an amended or a final Schedule CT K-1.
r
r
r
r
r
Amended Schedule CT K-1
r
Final Schedule CT K-1
RI
RE
RT
PE
r
r
r
r
r
NI
NE
NT
CM
PE filed as part of a combined PE Tax return.
r
PE filed Schedule CT-NR, Elective Composite Income Tax
Remittance Calculation.
If either box is checked, see instructions.
Part 1 - Connecticut Modifications
From Form CT-1065/CT-1120SI, Part 5
Additions Enter all amounts as positive numbers.
00
1. Interest on state and local obligations other than Connecticut .............................................................
1.
2. Mutual fund exempt-interest dividends from non-Connecticut state or municipal
00
government obligations ........................................................................................................................
2.
00
3. Certain deductions relating to income exempt from Connecticut income tax .......................................
3.
4. Section 168(k) federal bonus depreciation deduction allowed for property placed in service
00
during this year .....................................................................................................................................
4.
00
5. 80% of Section 179 federal deduction ..................................................................................................
5.
00
6. Other - specify ......................................................................................................................................
6.
Subtractions Enter all amounts as positive numbers.
00
7. Interest on U.S. government obligations ..............................................................................................
7.
00
8. Exempt dividends from certain qualifying mutual funds derived from U.S. government obligations ....
8.
00
9. Certain expenses related to income exempt from federal income tax but subject to Connecticut tax .....
9.
00
10. 25% of Section 168(k) federal bonus depreciation deduction added back in preceding four years ....... 10.
00
11. 25% of Section 179 federal deduction added back in preceding three years ...................................... 11.
00
12. Other – specify ..................................................................................................................................... 12.
Part 2 - Total Connecticut Source Income/(Loss)
Column A
Column B
From Federal Schedule K-1
From Form CT-1065/CT-1120SI, Part 6
00
00
1. Ordinary business income (loss).........................................................
1.
00
00
2. Net rental real estate income (loss)..................................................... 2.
00
00
3. Other net rental income (loss).............................................................
3.
00
00
4. Guaranteed payments......................................................................... 4.
00
00
5. Interest income..................................................................................... 5.
00
00
6a. Ordinary dividends............................................................................... 6a.
00
00
7. Royalties............................................................................................... 7.
00
00
8. Net short-term capital gain (loss)........................................................
8.
00
00
9a. Net long-term capital gain (loss).......................................................... 9a.
00
00
10. Net section 1231 gain (loss)................................................................ 10.
00
00
11. Other income (loss): Attach statement. .............................................. 11.
00
00
12. Section 179 deduction.......................................................................... 12.
00
00
13. Other deductions: Attach statement. .................................................. 13.
Visit us at portal.ct.gov/DRS for more information.
2021
Schedule CT K-1
Department of Revenue Services
State of Connecticut
Member’s Share of Certain Connecticut Items
(Rev. 12/21)
Complete in blue or black ink only.
For calendar year 2021 or other taxable year beginning ___________________, 2021, and ending ___________________ , 20 ____.
Pass-through entity (PE) information
Member information
r
SSN
Federal Employer ID Number (FEIN)
CT Tax Registration Number
Member’s Social Security Number (SSN) or FEIN
r
FEIN
Name
Name
Number and street address
PO Box
Number and street address
PO Box
City or town
State
ZIP code
City or town
State
ZIP code
Type of member (check one):
Check the box if this is an amended or a final Schedule CT K-1.
r
r
r
r
r
Amended Schedule CT K-1
r
Final Schedule CT K-1
RI
RE
RT
PE
r
r
r
r
r
NI
NE
NT
CM
PE filed as part of a combined PE Tax return.
r
PE filed Schedule CT-NR, Elective Composite Income Tax
Remittance Calculation.
If either box is checked, see instructions.
Part 1 - Connecticut Modifications
From Form CT-1065/CT-1120SI, Part 5
Additions Enter all amounts as positive numbers.
00
1. Interest on state and local obligations other than Connecticut .............................................................
1.
2. Mutual fund exempt-interest dividends from non-Connecticut state or municipal
00
government obligations ........................................................................................................................
2.
00
3. Certain deductions relating to income exempt from Connecticut income tax .......................................
3.
4. Section 168(k) federal bonus depreciation deduction allowed for property placed in service
00
during this year .....................................................................................................................................
4.
00
5. 80% of Section 179 federal deduction ..................................................................................................
5.
00
6. Other - specify ......................................................................................................................................
6.
Subtractions Enter all amounts as positive numbers.
00
7. Interest on U.S. government obligations ..............................................................................................
7.
00
8. Exempt dividends from certain qualifying mutual funds derived from U.S. government obligations ....
8.
00
9. Certain expenses related to income exempt from federal income tax but subject to Connecticut tax .....
9.
00
10. 25% of Section 168(k) federal bonus depreciation deduction added back in preceding four years ....... 10.
00
11. 25% of Section 179 federal deduction added back in preceding three years ...................................... 11.
00
12. Other – specify ..................................................................................................................................... 12.
Part 2 - Total Connecticut Source Income/(Loss)
Column A
Column B
From Federal Schedule K-1
From Form CT-1065/CT-1120SI, Part 6
00
00
1. Ordinary business income (loss).........................................................
1.
00
00
2. Net rental real estate income (loss)..................................................... 2.
00
00
3. Other net rental income (loss).............................................................
3.
00
00
4. Guaranteed payments......................................................................... 4.
00
00
5. Interest income..................................................................................... 5.
00
00
6a. Ordinary dividends............................................................................... 6a.
00
00
7. Royalties............................................................................................... 7.
00
00
8. Net short-term capital gain (loss)........................................................
8.
00
00
9a. Net long-term capital gain (loss).......................................................... 9a.
00
00
10. Net section 1231 gain (loss)................................................................ 10.
00
00
11. Other income (loss): Attach statement. .............................................. 11.
00
00
12. Section 179 deduction.......................................................................... 12.
00
00
13. Other deductions: Attach statement. .................................................. 13.
Visit us at portal.ct.gov/DRS for more information.
Part 3 - Connecticut PE Tax Credit Information
00
1. Member’s Connecticut PE Tax Credit.............................................................................................................. 1.
Individuals, trusts, and estates: Report this amount on Schedule CT-PE, Pass‑Through Entity Tax Credit.
C corporations: Report this amount on Form CT-1120PE, Pass‑Through Entity Tax Credit.
Parent PE members: Report this amount on Form CT-1065/CT-1120SI, Part 1, Schedule D, Column C. Do not claim this as a payment on Form
CT-1065/CT-1120SI, Part 1, Schedule A.
Part 4 - Elective Composite Income Tax Information
00
1. Composite Income Tax payment made by PE on behalf of nonresident individual (NI) member.................... 1.
Nonresident individuals: Report this amount on Form CT-1040NR/PY, Connecticut Nonresident and Part‑Year Resident Income Tax Return, on one of
the lines for income tax withheld (Lines 20a through 20f). See instructions.
Part 5 - Connecticut Income Tax Credit Summary
2021
Total credit earned by
member in 2021 (from
Form CT-1065/CT-1120SI,
Part 7)
1. Reserved for future use .................................................................................................................................
1.
2. Reserved for future use .................................................................................................................................
2.
00
3. Angel investor tax credit.................................................................................................................................
3.
00
4. Insurance reinvestment fund tax credit...........................................................................................................
4.
00
5. Total credits: Add Line 3 and Line 4. ..............................................................................................................
5.
Part 6 - Additional Information Required to be Reported to Nonresident, Noncorporate Members and PE Members
00
1.
Member’s portion of Connecticut PE Tax payments deducted in calculating income/(loss) for federal purposes......
1.
Part 6 is for informational purposes. This is not your PE Tax Credit. Your PE Tax Credit is reported in Part 3.
Visit us at portal.ct.gov/DRS for more information.
Schedule CT K-1 (Rev. 12/21)
Page 2 of 4
Schedule CT K-1 Instructions
Complete in blue or black ink only.
Part 2 - Total Connecticut Source Income/(Loss)
A pass-through entity (PE) must furnish Schedule CT K-1,
Complete Part 2 for all members except resident individuals (RIs)
and corporate members (CMs).
Member’s Share of Certain Connecticut Items, to all members.
Column A: Transfer the amount attributable to each member from
General Instructions for PEs
federal Form 1065, Schedule K-1, Lines 1 through 13 or federal
Form 1120S, Schedule K-1, Lines 1 through 12.
You must furnish Schedule CT K-1 to each of your members on or
before the fifteenth day of the third month following the close of the
Column B: Transfer the Connecticut-sourced amounts attributable
to each member from Form CT-1065/CT-1120SI, Part 6, Lines 1
taxable year (March 15 if the PE’s taxable year for federal income
through 13.
tax purposes is the calendar year). If you requested an extension of
time to file Form CT-1065/CT-1120SI, Connecticut Pass‑Through
Part 3 - Connecticut PE Tax Credit Information
Entity Tax Return, by timely filing Form CT-1065/CT-1120SI EXT,
Complete Part 3 for all members.
Application for Extension of Time to File Connecticut Pass‑Through
Entity Tax Return, the deadline for furnishing Schedule CT K-1
Line 1
to members is automatically extended to the fifteenth day of the
Transfer the amount of Connecticut PE Tax Credit reported by
ninth month following the close of the taxable year (September 15
the PE for that member from Form CT-1065/CT-1120SI, Part 9,
if the PE’s taxable year for federal income tax purposes is the
Column D, or if applicable, Schedule CT-CE, Combined Election,
calendar year).
Section 2, Column F.
Do not file Schedule CT K-1s with DRS when Form CT-1065/CT-1120SI
Part 4 - Elective Composite Income Tax Information
is electronically filed with DRS. If Form CT-1065/CT-1120SI is filed
Complete Part 4 for nonresident individuals (NIs) only. Part 4 should
by paper with DRS, attach Schedule CT K-1s to the end of Form
be completed only if the PE elected to remit composite income tax
CT-1065/CT-1120SI. Regardless of how Form CT-1065/CT-1120SI
payments on behalf of its nonresident individual members.
is filed, Schedule CT K-1s must still be issued to all members.
Transfer the amount of composite income tax paid on behalf of each
Income tax credits, other than the PE Tax Credit, that may be claimed
nonresident individual member as reported on Schedule CT-NR,
by the members of the PE are reported on Schedule CT K-1, Part 5.
Elective Composite Income Tax Remittance Calculation, Column E.
Information for PEs that Calculated their PE Tax on a
Part 5 - Connecticut Income Tax Credit Summary
Combined Basis
Complete Part 5 for all members. Transfer the member’s allocable
If you elected on Form CT-1065/CT-1120SI to calculate your PE Tax
gross amount of each type of income tax credit from Form
on a combined basis with other commonly-owned PEs, check the
CT-1065/CT-1120SI, Part 7.
box “Combined PE Tax Return” on Page 1 of Schedule CT K-1.
Part 6 - Additional Information Required to be Reported
If you are the Designated Combined Reporting PE and the person
to Nonresident, Noncorporate Members and PE Members
to whom you are issuing the Schedule CT K-1 is not a member of
Complete Part 6 only for nonresident individuals (NIs), nonresident
your PE, only complete Part 3 of this schedule. If the member is a
estates (NEs), nonresident trusts (NTs), and pass-through entities (PEs).
member of your PE, complete all applicable parts of this schedule.
Transfer the member’s portion of the Connecticut PE Tax payments
If you are an Electing PE, other than the Designated Combined
deducted in calculating income or loss for federal purposes from
Reporting PE that filed as part of a combined group, do not
Form CT-1065/CT-1120SI, Part 5, Line 13.
complete Part 3. Complete all other applicable parts and issue
Schedule CT K-1s to your members with no amounts reported in
General Instructions for Recipients
Part 3. The Designated Combined Reporting PE will issue Schedule
Do not attach Schedule CT K-1 to your Connecticut income tax return.
CT K-1s to your members to report your members’ portion of the
combined group’s PE Tax Credit.
Recipients That Are Resident Individuals
Information for PEs that Elected to Remit Composite Income
Enter amounts from Schedule CT K-1, Part 1, Lines 1 through 6,
Tax on Behalf of their Nonresident Individual Members
on Form CT-1040, Connecticut Resident Income Tax Return,
Schedule 1, Lines 31 through 37. Enter amounts from Schedule
If you elected on Form CT-1065/CT-1120SI to remit composite
CT K-1, Part 1, Lines 7 through 12, on Form CT-1040, Schedule 1,
income tax payments on behalf of your nonresident individual
Lines 39 through 49.
members, check the box “PE filed Schedule CT-NR, Elective
Composite Income Tax Remittance Calculation” on Page 1 of each
Enter the amount from Schedule CT K-1, Part 3, Line 1 on
Schedule CT K-1 that you issue to a nonresident individual.
Schedule CT-PE, Pass‑Through Entity Tax Credit, Part 1. Attach
Schedule CT-PE to Form CT-1040.
Specific Instructions for Schedule CT K-1
Use the amounts from Schedule CT K-1, Part 5, to complete
Schedule CT-IT Credit, Income Tax Credit Summary, Part 1,
Complete the member information section, including the member’s
Column C, where applicable, and Part 2, Column D.
Social Security Number (SSN) or Federal Employer Identification
Number (FEIN). Check the box to indicate if the number is an SSN
Recipients That Are Nonresident or Part-Year Resident
or FEIN. Indicate if this is an amended and/or final Schedule CT K-1.
Individuals
Part 1 - Connecticut Modifications
Enter amounts from Schedule CT K-1, Part 1, Lines 1 through 6,
Complete Part 1 for all members except corporate members (CMs).
on Form CT-1040NR/PY, Connecticut Nonresident and Part‑Year
Transfer entries for that member from Form CT-1065/CT-1120SI,
Resident Income Tax Return, Lines 33 through 39. Enter amounts
Part 5, Lines 1 through 12.
from Schedule CT K-1, Part 1, Lines 7 through 12, on Form
CT-1040NR/PY, Lines 41 through 51. The Connecticut portion of
these modifications are already included in the amounts reported
on Part 2.
Schedule CT K-1 (Rev. 12/21)
Page 3 of 4
Recipients That Are Parent PEs
Enter amounts from Schedule CT K-1, Part 2, Lines 1 through 13,
Column B, on the appropriate lines of Form CT-1040NR/PY and
Parent PEs should report the CT K-1 information on their Form
Schedule CT-SI. These amounts are subject to passive activity
CT-1065/CT-1120SI as follows:
limitations, at-risk limitations and capital loss limitations.
Where to Report on parent PE’s
Enter the amount from Schedule CT K-1, Part 3, Line 1, on Schedule
Schedule CT K-1
Form CT-1065/CT-1120SI
CT-PE, Part 1. Attach Schedule CT-PE to Form CT-1040NR/PY.
Part 1
• Include in Part 1, Schedule C, Columns A
Enter the amount from Schedule CT K-1, Part 4, Line 1 on Form
and B
CT-1040NR/PY, on one of the lines for income tax withheld (Lines 20a
• Include in Members’ amounts on Part 5,
through 20e). Also enter the PE’s FEIN and the Connecticut source
Lines 1 through 12
income. Check the box to indicate that the information is from
Part 2, Column A
• Include in Part 1, Schedule B,
Schedule CT K-1.
Columns A and B
Use the amounts from Schedule CT K-1, Part 5, to complete
• Include in Part 1, Schedule D, Column A
Schedule CT-IT Credit, Part 1, Column C, where applicable, and
Part 2, Column B
• Include in Part 4, Column B
Part 2, Column D.
• Include in Part 1, Schedule D, Column B
Who Must File Form CT-1040NR/PY?
Part 3
• Report on Part 1, Schedule D, Column C
A nonresident individual is generally required to file Form
Part 5
• Include in Part 7
CT-1065/CT-1120SI. However, a nonresident individual whose only
Part 6
• Include in Part 1, Schedule B, Columns A
source of Connecticut income is from one or more PEs is not required
and B, Line 17a
to file Form CT-1040NR/PY if:
The member’s PE Tax Credit reported on Schedule CT K-1,
Recipients That Are Corporate Members
Part 3 (or total of PE Tax credits if the nonresident individual
Report the Connecticut PE Tax Credit from Schedule CT K-1, Part 3,
is a member of multiple PEs) fully satisfies the member’s
Line 1 in Form CT-1120PE, Pass‑Through Entity Tax Credit, Part 1.
Connecticut income tax liability; or
Each of the PEs from which the member receives Connecticut
PE Filed as Part of a Combined PE Tax Return – Check Box
source income elects to remit composite income tax on the
member’s behalf. The amount of the payment remitted on your
If this box is checked, your PE filed a combined Form
behalf is reported on Schedule CT K-1, Part 4.
CT-1065/CT-1120SI with other PEs. In addition to the Schedule
CT K-1 you will receive from your PE, you may receive a
If a PE has elected to pay composite income tax on behalf of its
Schedule CT K-1 from another PE that reports your PE Tax
nonresident individual members, the box “PE filed Schedule CT-NR,
Credit in Part 3. Follow the instructions above to report on
Elective Composite Income Tax Remittance Calculation” will be
your tax return the information provided to you on all Schedule
checked on Page 1 of the member’s Schedule CT K-1.
CT K-1s.
A nonresident individual who is not required to file Form CT-1040NR/PY
may still choose to file the return.
Recipients That Are Trusts or Estates
Enter amounts from Schedule CT K-1, Part 1, Lines 1 through 6,
PE filed Schedule CT-NR, Elective Composite Income Tax
on Form CT-1041, Connecticut Income Tax Return for Trusts
Remittance Calculation - Check Box
and Estates, Schedule A, Lines 1 through 5. Enter amounts from
If this box is checked and you are a nonresident individual, your
Schedule CT K-1, Part 1, Lines 7 through 12, on Form CT-1041,
PE paid composite income tax on your behalf. The amount your
Schedule A, Lines 7 through 11.
PE paid on your behalf is reported on Schedule CT K-1, Part 4,
Enter amounts from Schedule CT K-1, Part 2, Lines 1 through 13,
Line 1. If you have no Connecticut source income other than from
on the appropriate lines of Schedule CT-1041FA, Part 3, Column B.
this PE, you may not be required to file Form CT-1040NR/PY.
See Who Must File Form CT‑1040NR/PY? above.
Enter the amount from Schedule CT K-1, Part 3, Line 1, on Schedule
CT-PE. You are required to attach Schedule CT K-1 and Schedule
CT-PE to Form CT-1041.
If all or a portion of the amounts reported on Schedule CT K-1, Part 5,
is to be allocated between the trust and the trust beneficiaries, use the
amount reported to complete Worksheet B, Worksheet for Schedule
CT‑IT Credit, found in the Form CT-1041 Instructions Booklet.
If the trust is not allocating the amounts reported on Schedule
CT K-1, Part 5, between the trust and the trust beneficiaries (the
trust is claiming the entire amount of credit(s) reported), then use
the amounts reported on Schedule CT K-1, Part 5, to complete
Schedule CT-IT Credit, Part 1, Column C, where applicable, and
Part 2, Column D.
Schedule CT K-1 (Rev. 12/21)
Page 4 of 4
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