CT-1120A-IRIC: Corporation Business Tax Return Apportionment Computation of Income from Services to Regulated Investment Companies (Revision 2016-12)
Connecticut · Connecticut DRS · Used for tax years 2024, 2025, 2026
Form CT-1120A-IRIC calculates the Connecticut share of a corporation’s net income from services provided to or on behalf of regulated investment companies (RICs). It reports service receipts and shareholder information used to calculate Connecticut receipts and the apportionment
Who files this form
A corporation with income from services to or on behalf of regulated investment companies (RICs) must apportion that income separately using Form CT-1120A-IRIC. Covered services include management, distribution, and administrative services that meet the form’s definitions.
Complete a separate Schedule R-IRIC for each RIC from which the corporation receives service receipts.
If the corporation qualifies as a financial service company, apportion its other income using Form CT-1120A-FS. Otherwise, use the appropriate apportionment schedule for that other income.
What you'll need
Have the following information available to complete the form:
- Your corporation’s name, Connecticut Tax Registration Number, and income-year beginning and ending dates.
- Each RIC’s name and Federal Employer Identification Number (FEIN).
- Total receipts from services provided to or on behalf of each RIC.
- Share counts for Connecticut-domiciled shareholders and all shareholders on the first and last days of each RIC’s federal taxable year.
- RIC shareholder mailing-address records to determine domicile.
For Schedule A-2, you will also need the applicable net-income amounts and apportionment fractions. The schedule references Form CT-1120, Schedule A, Line 1; Form CT-1120A-FS, Line 15; and the applicable apportionment form for other income. Form CT-1120CU filers enter net income from RIC services in Column A only.
Common mistakes
- Using the wrong ink: Complete the form in blue or black ink only.
- Combining RICs on one receipts schedule: Complete a separate Schedule R-IRIC for each RIC.
- Using the wrong RIC taxable year: The RIC’s federal taxable year must end within, or at the same time as, the taxpayer’s federal taxable year.
- Not carrying fractions far enough: Carry the shareholder and apportionment fractions to six places.
- Entering amounts in the wrong columns as a combined filer: Form CT-1120CU filers complete Schedule A-2, Column A only. Leave Columns B and C blank and transfer Line 15, Column A to the appropriate column on Form CT-1120CU-NI, Part III, Line 6.
- Entering a fraction on Form CT-1120 when using Schedule A-2: When reporting Connecticut net income from Schedule A-2, Line 16, enter it on Form CT-1120, Schedule A, Line 3, and leave Schedule A, Line 2 blank.
Questions people ask
What is a regulated investment company (RIC)?
The form defines a RIC as a regulated investment company under Internal Revenue Code §851.
How do I determine a shareholder’s domicile?
A shareholder’s domicile is presumed to be the mailing address shown in the RIC’s records. A special election applies when an insurance company holds RIC shares as depositor for a separate account. If that election is made, use the contract owner’s or policyholder’s mailing address in the insurance company’s records.
How are Connecticut receipts calculated for each RIC?
Average the Connecticut shareholders’ share counts on the first and last days of the RIC’s federal taxable year. Do the same for all shareholders’ shares. Divide the Connecticut average by the total average, carrying the fraction to six places. Multiply that fraction by total service receipts from the RIC.
What if all of the corporation’s net income comes from RIC services?
Enter the Connecticut apportionment fraction from Schedule A-1, Line 12 on Form CT-1120, Schedule A, Line 2 only if the entire net income is attributable to services provided to or on behalf of RICs.
When is Schedule A-2 needed?
The instructions say to complete Schedule A-2 if income comes partly from sources other than management, distribution, or administrative services to or on behalf of RICs. They also direct combined group members with RIC service receipts to complete Column A only.