CT-1065/CT-1120SI: Connecticut Composite Income Tax Return (2024)
Connecticut · Connecticut DRS · Used for tax years 2024
Form CT-1065/CT-1120SI is the 2024 Connecticut Composite Income Tax Return for pass-through entities. It reports federal Schedule K information, members’ Connecticut-sourced income included in the composite return, credits, payments, and the resulting tax due or refund.
What you'll need
Have these records and details available to complete the return:
- Entity information: Name, address, FEIN, Connecticut Tax Registration Number, income-year dates, and business start dates.
- Federal return information: Form 1065 or Form 1120S, including the six-digit business code and Schedule K amounts.
- Member information: Names, addresses, FEINs or SSNs, member type codes, and profit-sharing, loss-sharing, and capital ownership percentages.
- Income and credit records: Connecticut-sourced income, Connecticut modifications, and members’ credits. Part 8 also uses PE tax credit amounts from Form CT-PET.
- Payment records: Payments made with Form CT-1065/CT-1120SI EXT and, for amended returns, prior payments and overpayments.
Attach statements for other income or losses and other deductions reported in Part 1, Schedule C, and Part 6. Add supplemental attachments where needed.
Parent pass-through entities need federal Schedule K-1 and Schedule CT K-1 information for Part 1, Schedule D. If Item F is Yes and either Item G or H is Yes, provide a listing of all Connecticut real property owned, along with the requested controlling-interest transfer details.
Common mistakes
- Using the wrong year’s form: The form warns that submitting the correct year’s form helps prevent processing delays. Use the 2024 form for tax year 2024.
- Treating the optional PE tax election as reversible: The form states that this election cannot be amended or revoked.
- Including excluded receipts in Part 2: Do not include receipts from sales or dispositions of tangible or intangible property not held for sale in the ordinary course of business. Also exclude receipts from the sale, rental, lease, or license of real property.
- Entering Part 5 subtractions as negative numbers: Both additions and subtractions must be entered as positive numbers.
- Including penalty and interest in amended-return payments: Part 1, Schedule A, Line 5e specifically excludes penalty and interest.
- Forgetting your records: Keep a copy of the return.
Questions people ask
Which section should I complete first?
Complete the Pass-Through Entity Information section first, then Part 1, Schedule C. The form says all pass-through entities must complete Schedule C.
Is the pass-through entity tax election optional?
Yes. The form labels it optional, but states that the election cannot be amended or revoked.
What if my business operates only in Connecticut?
In Part 2, enter 1.000000 (100%) on Line 8 and leave the other lines blank. Part 3 is completed only if the entity carries on business both within and outside Connecticut.
Can I receive my refund by direct deposit?
Yes. For a faster refund, the form says to complete Lines 8a, 8b, and 8c with the account type, routing number, and account number. Line 8d asks whether the refund will go to a bank account outside the U.S.
Who signs the return?
The signature area calls for the signature of a general partner or corporate officer, along with the date, title, telephone number, and email address.