CT-PET: Connecticut Pass-Through Entity Tax Return (2024)
Connecticut · Connecticut DRS · Used for tax years 2024
Form CT-PET is Connecticut’s optional Pass-Through Entity Tax Return for 2024. It reports pass-through entity income subject to tax, computes tax due or overpaid, and allocates the pass-through entity tax credit to members.
Who files this form
Form CT-PET is an optional pass-through entity tax return. Complete the 2024 form if the pass-through entity is making the election on its 2024 Form CT-1065/CT-1120SI.
The form lists these entity types:
- Limited liability partnership (LLP)
- Limited partnership (LP)
- General partnership (GP)
- S corporation
- LLC treated as a partnership
What you'll need
Have these records and details ready to complete the return:
- The entity’s name, address, FEIN, Connecticut Tax Registration Number, and income-year beginning and ending dates.
- Federal Schedule K amounts, income or loss from subsidiary pass-through entities, and Schedule CT K-1s from subsidiary entities for Connecticut modifications.
- Connecticut and everywhere gross receipts for the allocation and apportionment section, if applicable.
- Member names, addresses, FEINs or Social Security numbers, member type codes, distributive shares, and capital ownership percentages.
- Records of 2024 estimated payments, payments made with Form CT-PET EXT, and prior-year overpayments applied to 2024.
- For an amended return, original-return payment and overpayment information, the reason for amending, and the final determination date for IRS adjustments or an amended federal return, if applicable.
- Bank account type, routing number, and account number if requesting direct deposit.
Attach statements for entries labeled “Other income,” “Other deductions,” and “Other” Connecticut modifications. Attach supplemental member information if needed.
Common mistakes
- Using the wrong year’s form. The form warns that submitting the correct year’s form helps prevent processing delays.
- Including CM members in Part 1, Schedule D. The form specifically says not to include them.
- Entering amounts for non-RI members in Schedule D, Column E. Enter values for resident individual (RI) members only and zero for all other members.
- Including penalty and interest on Line 5d. Amended filers must exclude these amounts from that payment line.
- Completing all of Part 2 when business is only within Connecticut. Enter 1.000000 (100%) on Line 8 and leave the other lines blank.
- Not keeping a copy. The signature section reminds you to keep a copy of the return for your records.
Questions people ask
What tax rate does the form use?
Part 1, Schedule A, Line 2 multiplies PE income or loss subject to tax by 6.99%. If the result is zero or less, enter zero.
When do I complete the resident portion of unsourced income section?
Complete Part 1, Schedule C only if at least one member is a resident individual (RI).
What can I do with an overpayment?
The form provides lines to apply an amount to 2025 estimated PE Tax, apply an amount to the 2024 Form CT-1065/CT-1120SI liability, or request a refund. For a faster refund, the form says to use direct deposit by completing Lines 10d, 10e, and 10f.
Who signs the return?
The signature section calls for the signature of a general partner or corporate officer, along with the date, title, telephone number, and email address.