Schedule CT K-1: Member's Share of Certain Connecticut Items - Fillable (2024)
Connecticut · Connecticut DRS · Used for tax years 2024
Schedule CT K-1 reports a pass-through entity member’s share of certain Connecticut tax items for 2024. It includes Connecticut income modifications, Connecticut-sourced income and deductions, income tax information, and tax credits, as applicable.
Who files this form
A pass-through entity (PE) must prepare and furnish Schedule CT K-1 to every member.
The parts to complete depend on the member:
- Part 1: Resident and nonresident noncorporate members, and members that are PEs.
- Parts 2 and 3: Nonresident noncorporate members and members that are PEs.
- Part 4: All members other than corporate members, if applicable.
- Part 5: All members, if applicable.
Giving the schedule to members is required whether the PE files its Connecticut composite return electronically or on paper.
When it's due
For tax year 2024, the instructions give these deadlines for furnishing Schedule CT K-1 to members:
- Regular deadline: The fifteenth day of the third month following the close of the taxable year. The printed calendar-year deadline is March 15 following the year-end.
- Extended deadline: If the PE timely files Form CT-1065/CT-1120SI EXT to request an extension for its composite return, the furnishing deadline is automatically extended to the fifteenth day of the ninth month following the close of the taxable year. The printed calendar-year deadline is September 15 following the year-end.
What you'll need
Have these forms and details available to complete the applicable parts:
- PE information: Name, address, Federal Employer Identification Number (FEIN), and Connecticut Tax Registration Number.
- Member information: Name, address, member type, and Social Security Number (SSN) or FEIN.
- Form CT-1065/CT-1120SI: Member amounts from Parts 1, 5, 6, 7, and 8, as applicable.
- Federal Schedule K-1 from Form 1065 or Form 1120S: Amounts for Part 2, Column A.
- Statements for other income or deductions: Part 2 requires attached statements for line 11, Other income (loss), and line 13, Other deductions.
How to file
Complete the schedule in blue or black ink. Enter the PE and member information, identify whether the member's number is an SSN or FEIN, and complete the applicable parts using the federal Schedule K-1 and Form CT-1065/CT-1120SI amounts.
For the PE:
- If Form CT-1065/CT-1120SI is filed electronically with the Connecticut Department of Revenue Services (DRS), do not file Schedule CT K-1 with DRS.
- If Form CT-1065/CT-1120SI is filed on paper with DRS, attach the Schedules CT K-1 to the end of that return.
- Issue Schedule CT K-1 to every member either way.
For recipients: The general instructions say not to attach Schedule CT K-1 to your Connecticut income tax return. However, the specific instructions for trusts and estates require attaching it to Form CT-1041.
The supplied text does not give a mailing address.
Common mistakes
- Using the wrong ink: Complete the schedule in blue or black ink only.
- Entering negative amounts in Part 1: Both additions and subtractions must be entered as positive numbers.
- Leaving the identification type unchecked: Check whether the member's identification number is an SSN or FEIN.
- Missing a status box: Check the appropriate box if this is an amended or final Schedule CT K-1.
- Skipping member copies: Every member must receive a schedule, even when the PE files electronically.
- Applying too much credit: Part 5, Column C cannot exceed the credit available, and total credits applied cannot exceed Column A, line 1.
Questions people ask
Where do resident individuals report Connecticut modifications?
Enter the amounts from Part 1 on Form CT-1040, Schedule 1.
Where do nonresident or part-year resident individuals report the tax amount in Part 3?
Enter Part 3, line 1 on one of Form CT-1040NR/PY's income tax withheld lines, lines 20a through 20f. Also enter the PE's FEIN and Connecticut-sourced income, and check the box showing that the information is from Schedule CT K-1.
Where do individuals, trusts, and estates report the PE Tax Credit?
Use the amount in Part 4 to complete Schedule CT-PE, Pass-Through Entity Tax Credit.
Does Schedule CT K-1 calculate credit carryforwards?
No. Neither Schedule CT K-1 nor Form CT-1065/CT-1120SI computes or reports each member's credit carryforward information. A nonresident noncorporate member may elect to file a Connecticut income tax return and Schedule CT-IT Credit to calculate any carryforward. A remaining credit balance may be carried forward only if the credit has carryforward provisions and the claiming period has not expired.