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Connecticut Income Tax Credit Summary
Extracted from PDF file 2023-connecticut-form-ct-it-credit.pdf, last modified December 2023Income Tax Credit Summary
Income Tax Credit Summary (Rev. 12/23) IT 1223W 01 9999 Taxpayer’s name (if individual) 2023 Schedule CT-IT Credit Department of Revenue Services State of Connecticut Complete this form in blue or black ink only. See instructions before completing. Please note that each form is year specific. To prevent any delay in processing your return, the correct year’s form must be attached to Form CT‑1040, Form CT‑1040NR/PY, Form CT‑1040X, or Form CT‑1041 and submitted to the Department of Revenue Services (DRS). Do not use staples. Middle initial Last name Social Security Number (SSN) If joint return, spouse’s first name Middle initial Last name Spouse’s SSN Taxpayer’s name (if trust or estate) Federal Employer Identification Number Part 1 Tax Credits Applied to Income Tax Liability 1. Income tax liability: Enter amount from Form CT‑1040, Line 12; Form CT‑1040NR/PY, Line 14; Form CT‑1040X, Line 16; or Form CT‑1041, Line 7. Column A Tax Credit Limitation Column B Carryforward From Previous Income Years Column C 2023 Amount Earned Column D Amount Applied to 2023 Income Tax Liability Column E Carryforward Amount to 2024 .00 2. Reserved for future use. 3. Reserved for future use. 4. Birth of a Stillborn Child Tax Credit. See instructions before completing Line 4. 5. Balance of income tax liability: Subtract Line 4, Column D, from Line 1, Column A. If less than zero, enter “0.” 10. Prior year Connecticut minimum tax: Enter in Column B the amount from your 2022 Schedule CT‑IT Credit, Line 10, Column E. Enter in Column D the lesser of your 2023 Form CT‑8801, Part 2, Line 30, or Schedule CT‑IT Credit, Line 9, Column A. .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 8. Insurance Reinvestment Fund Tax Credit from Form CT‑IRF: Enter in Column D the lesser of Line 8, Column B, or Line 7, Column A. 9. Balance of income tax liability: Subtract Line 8, Column D, from Line 7, Column A. If less than zero, enter “0.” .00 .00 6. Angel Investor Tax Credit: See instructions before completing Line 6. 7. Balance of income tax liability: Subtract Line 6, Column D, from Line 5, Column A. If less than zero, enter “0.” .00 .00 11. Total allowable credits: Add Column D on Lines 4, 6, 8, and 10. Enter the total here and on Form CT‑1040, Line 13; Form CT‑1040NR/PY, Line 15; Form CT‑1040X, Line 17; or Form CT‑1041, Line 8. .00 Do not use this schedule to report any pass‑through entity tax credit. If you have pass‑through entity tax credit, use Schedule CT‑PE, Pass‑Through Entity Tax Credit. Visit us at portal.ct.gov/DRS for more information. Schedule CT-IT Credit Page 2 of 2 (Rev. 12/23) IT 1223W 02 9999 Your Social Security Number Part 2 - Tax Credits Reported by Pass‑Through Entity on Schedule CT K‑1 or by a Trust or Estate on Schedule CT‑1041 K‑1 Column A Type of Tax Credit Column B Column C Name of Pass-Through Entity or Trust Column D FEIN Amount of Credit 1. .00 2. .00 3. .00 4. .00 5. .00 6. .00 7. .00 8. Additional tax credits from attached schedules. .00 9. Total: Add Lines 1 through 8. .00 Part 3 - Angel Investor Tax Credit 1. CII Voucher Number: Indicate if you are: Original Holder OR Assignee 2. CII Voucher Number: Indicate if you are: Original Holder OR Assignee Attach completed Schedule CT‑IT Credit to the back of Form CT‑1040, CT-1040NR/PY, CT‑1040X or CT-1041. Visit us at portal.ct.gov/DRS for more information. Schedule CT-IT Credit Instructions Individuals, Trusts, or Estates Attach Schedule CT‑IT Credit, Income Tax Credit Summary, to Form CT‑1040, Connecticut Resident Income Tax Return, Form CT‑1040NR/PY, Connecticut Nonresident or Part‑Year Resident Income Tax Return, Form CT‑1040X, Amended Connecticut Income Tax Return for Individuals, or Form CT‑1041, Connecticut Income Tax Return for Trusts and Estates, whenever tax credits from the current taxable year are being claimed or carryforward tax credit balances exist from a prior year. Do not use staples. Keep a copy of the document(s) reporting the amount of your available credit for your records. The amount of the tax credit is limited to the taxpayer’s income tax liability. Trusts or estates may allocate all or a portion of the credit(s) to the beneficiary(ies). If all or a portion of the credit(s) is allocated to the beneficiary(ies), the trust or estate must complete Worksheet B - Worksheet for Schedule CT‑IT Credit (found in Form CT-1041, Connecticut Income Tax for Trusts and Estates Return Instructions). The amount of the tax credit allocable to the trust or estate on Worksheet B - Worksheet for Schedule CT‑IT Credit, Line 6, Column D, is the amount earned for purposes of Column C of this schedule. Tax Credits With Limited Carryforward Provisions Any angel investor or insurance reinvestment fund tax credit balance that remains after applying the tax credits to the current year income tax liability may be carried forward if the period for claiming the tax credit has not expired. Since the carryforward period for each tax credit varies, the taxpayer must decide how to apply the tax credits with a carryforward provision based on the remaining carryforward period. For example, if the insurance reinvestment fund tax credit has only a two‑year carryforward period remaining and the angel investor tax credit has a five‑year carryforward period remaining, the taxpayer may choose to apply the insurance reinvestment fund tax credit first. Attach Form CT‑IRF, Insurance Reinvestment Fund Tax Credit, to Form CT‑1040, Form CT‑1040NR/PY, Form CT‑1040X, or Form CT‑1041 if a paper return is filed. Credit for Prior Year Connecticut Minimum Tax A credit for a prior year alternative minimum tax may be allowed if you do not have a current year alternative minimum tax liability. Attach Form CT‑8801, Credit for Prior Year Connecticut Minimum Tax for Individuals, Trusts, and Estates, to Form CT‑1040, Form CT‑1040NR/PY, Form CT‑1040X, or Form CT‑1041 if a paper return is filed. Schedule CT-IT Credit Instructions (Rev. 12/23) These forms can be downloaded from the DRS website at portal.ct.gov/DRS. Part 1 Line Instructions Line 1 - Income tax liability Column A: Enter the 2023 income tax liability from Form CT‑1040, Line 12; Form CT‑1040NR/PY, Line 14; Form CT‑1040X, Line 16; or Form CT‑1041, Line 7. Line 4 - Birth of a stillborn child tax credit Eligible taxpayers may claim a credit of $2,500 against their Connecticut income tax liability. This credit is effective for taxable years commencing on or after January 1, 2022. Line 10 - Credit for prior year alternative minimum tax You must complete Form CT‑8801 before completing Schedule CT‑IT Credit, Line 10. Attach Form CT‑8801 to your return if a paper return is filed. Column B: Enter the amount from your 2022 Schedule CT‑IT Credit, Line 10, Column E. Column C: Enter the amount from your 2023 Form CT‑8801, Part 2, Line 24. Column C: Enter the amount earned during 2023. Column D: Enter the amount from your 2023 Form CT‑8801, Part 2, Line 30, or the amount from Schedule CT‑IT Credit, Line 9, Column A, whichever is less. Column D: Enter the amount applied to your 2023 income tax liability. Column E: Subtract Column D from the total of Column B and Column C. If you are claiming the Birth of a Stillborn Child Tax Credit, subtract Line 4, Column D from Line 1, Column A and enter the amount on Line 5. If less than zero, enter “0”. Line 6 - Angel investor tax credit Effective for taxable years beginning on or after January 1, 2016, the Angel Investor Tax Credit may be sold, assigned, or transferred one time. See instructions for Part 3 - Angel Investor Tax Credit. Column B: Enter the amount from your 2022 Schedule CT‑IT Credit, Line 6, Column E. Column C: Enter the amount earned during 2023. This is the amount on the credit voucher from Connecticut Innovations, Inc., Schedule CT K‑1, Schedule CT‑1041 K‑1, or Worksheet B - Worksheet for Schedule CT‑IT Credit. Column D: Enter the amount applied to your 2023 income tax liability. Enter the lesser of the total of Line 6, Column B and Column C, or Line 5, Column A. Column E: Subtract Column D from the total of Column B and Column C. Line 8 - Insurance reinvestment fund tax credit You must complete Form CT‑IRF before completing Schedule CT‑IT Credit, Line 8. Attach Form CT‑IRF to your return if a paper return is filed. Column B: Enter the amount from your 2022 Schedule CT‑IT Credit, Line 8, Column E. Column D: Enter the amount applied to your 2023 income tax liability. Enter the lesser of Line 8, Column B, or Line 7, Column A. Column E: Enter the amount from your 2023 Form CT‑IRF, Part II, Line 8. Part 2 Tax Credit Reported by Pass‑Through Entity on Schedule CT K‑1 or by a Trust or Estate on Schedule CT‑1041 K‑1 Individual, Trust, or Estate An individual, trust, or estate who is a member of a pass‑through entity or a beneficiary of a trust or estate must complete Part 2 of this schedule. For each credit reported to the individual, trust, or estate on Schedule CT K‑1 or Schedule CT‑1041 K‑1, enter in Column A the type of tax credit reported. Enter in Columns B and C respectively, the name and Federal Employer Identification Number (FEIN) of the pass‑through entity as it appears on Schedule CT K‑1 or the name and FEIN of the trust or estate as it appears on Schedule CT‑1041 K‑1. Enter the amount of each tax credit in Column D. Attach additional schedules as needed. Part 3 Angel Investor Tax Credit Individual, Trust, or Estate You must complete Part 3 of this schedule if you are taking the Angel Investor Tax Credit whether you are the Original Holder of the Credit or the Credit was assigned, transferred, or sold to you. Provide the CII Voucher Number and indicate if you are the Original Holder or the Assignee. Page 1 of 1
Form CT-IT Credit
More about the Connecticut Form CT-IT Credit Individual Income Tax Tax Credit TY 2023
We last updated the Income Tax Credit Summary in February 2024, so this is the latest version of Form CT-IT Credit, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form CT-IT Credit directly from TaxFormFinder. You can print other Connecticut tax forms here.
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| Form Code | Form Name |
|---|---|
| Form CT-1040 | Connecticut Resident Income Tax Return |
| Tax Instruction Booklet | Form CT-1040 Instruction Booklet |
| CT-1040ES (Current Year) | Estimated Connecticut Income Tax Payment Coupon for Individuals |
| Form CT-1040 EXT | Application for Extension of Time to File Connecticut Income Tax Return for Individuals |
| CT-1040NR/PY Instructions | Tax Instruction Booklet: CT-1040 for Nonresidents/Part-Year Residents |
View all 86 Connecticut Income Tax Forms
Form Sources:
Connecticut usually releases forms for the current tax year between January and April. We last updated Connecticut Form CT-IT Credit from the Department of Revenue Services in February 2024.
Form CT-IT Credit is a Connecticut Individual Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.
About the Individual Income Tax
The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.
Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!
Historical Past-Year Versions of Connecticut Form CT-IT Credit
We have a total of twelve past-year versions of Form CT-IT Credit in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2016 Form CT-IT Credit
Schedule CT-IT Credit, Income Tax Credit Summary
2015 Form CT-IT Credit
Schedule CT-IT Credit, 2015 Income Tax Credit Summary
2014 Form CT-IT Credit
Schedule CT-IT Credit, 2014 Income Tax Credit Summary
2012 Form CT-IT Credit
Schedule CT-IT Credit, 2012 Income Tax Credit Summary
2011 Form CT-IT Credit
Schedule CT-IT Credit, 2011 Income Tax Credit Summary
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