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Connecticut Corporation Business Tax Return
Extracted from PDF file 2023-connecticut-form-ct-1120.pdf, last modified December 2023Corporation Business Tax Return
Enter Income Year Beginning Corporation Business Tax Return 2023 and Ending M M - D D - Y Y Y Y M M - D D - Y Y Y Y Corporation name This return MUST be filed electronically! Number and street DO NOT MAIL paper return to DRS. City, town, or post office State ZIP code STOP Should you file Form CT‑1120CU? See DRS website. Federal Employer ID Number (FEIN) 2023 Form CT-1120 Department of Revenue Services State of Connecticut (Rev. 12/23) 1120 1223W 01 9999 PO Box Connecticut Tax Registration Number Total assets Is this corporation requesting a refund for the Student Loan Payment tax credit? Amount of credit to be issued in the Yes (File Form CT-RSLP separately.) form of a refund requested: ....................... Is this corporation exchanging R & D tax credits? Amount of credit to be issued in the Yes (File Form CT-1120 XCH separately.) form of a refund requested: ................... .00 .00 Amount from federal Form 1120, Line 11 (See Schedule C, Line 1b). .00 NAICS code: See instructions. .00 Schedule C – Computation of Amount Payable (Minimum Tax $250) 1a. Tax: Greater of Schedule A, Line 6; Schedule B, Line 6; or $250. ........................................................... 1a. 1b. Surtax: Line 1a multiplied by 10%. If federal Form 1120, Line 11 is less than $100,000,000 or Line 1a is $250 enter zero (“0”). ................................................................................................................ 1b. 1c. Recapture of tax credits: See instructions. ................................................................................................ 1c. 1. Total tax: Enter the total of Lines 1a through Line 1c. If no tax credits claimed, enter also on Line 6. ...... 1. 2. Multiply Line 1 by 49.99% (0.4999). ............................................................................................................ 2. 3. Enter the greater of Line 2 or $250. ............................................................................................................ 3. 4. Tax credit limitation: Subtract Line 3 from Line 1. ....................................................................................... 4. 5a. Tax credits from Form CT‑1120K, Part II, Line 9. Do not exceed amount on Line 4. ............................... 5a. 5b. Excess credit utilization from Form CT-1120K, Part II, Line 12. ............................................................... 5b. 5. Total tax credits: Add Line 5a and Line 5b. ............................................................................................... 5. 6. Balance of tax before PE credit: Subtract Line 5 from Line 1. ................................................................. 6. 7. PE credit from Form CT‑1120PE, Line 3. ................................................................................................... 7. 8. Balance of tax payable: Subtract Line 7 from Line 6, but not less than zero (“0”). ................................... 8. 9a. Paid with application for extension from Form CT‑1120 EXT. .................................................................. 9a. 9b. Paid with estimates from Forms CT‑1120 ESA, ESB, ESC, and ESD. .................................................... 9b. 9c. Overpayment from prior year. .................................................................................................................... 9c. 9d. Amended filers only. Amounts paid with original return, plus additional tax paid after the original return was filed: Do not include penalty and interest. ..................................................................................................... 9d. 9. Tax payments: Enter the total of Lines 9a, 9b, 9c and 9d. ......................................................................... 9. 10a. Amended filers only. Overpayment, if any, as shown on original return or as previously adjusted. All others enter zero (“0”). ....................................................................................................................... 10a. 10b. Subtract Line 10a from Line 9. ................................................................................................................ 10b. 10. Balance of tax due (overpaid): Subtract Line 10b from Line 8. .............................................................. 10. 11a. Penalty. .................................................................................................................................................... 11a. 11b. Interest. .................................................................................................................................................... 11b. 11c. Form CT‑1120I Interest. .......................................................................................................................... 11c. 11. Total penalty and interest: Enter the total of Lines 11a, 11b, and Line 11c. ........................................... 11. 12a. Amount to be credited to 2024 estimated tax. ......................................................................................... 12a. 12b. Amount to be refunded. ........................................................................................................................... 12b. For faster refund, use Direct Deposit by completing Lines 12c, 12d, and 12e. 12c. Checking Savings 12d. Routing # 12f. Will this refund go to a bank account outside the U.S.? .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 12e. Account # Yes 12g. Bank name 12. Total to be credited or refunded: Enter the total of Line 12a and Line 12b. .......................................... 12. 13. Balance due with this return: Add Line 10 and Line 11. ........................................................................ 13. You must complete Schedules A, B, and D (Page 2) and Schedules E and G (Page 3) BEFORE completing Schedule C. Attach a complete copy of Form 1120 including all schedules as filed with the Internal Revenue Service. Visit us at portal.ct.gov/DRS for more information. .00 .00 Form CT-1120 (Rev. 12/23) Page 2 of 4 CT Tax Registration Number 1120 1223W 02 9999 Schedule A – Computation of Tax on Net Income 1. Net income: Enter amount from Schedule D, Line 24. If 100% Connecticut, enter also on Line 3. ...... 1. .00 2. Apportionment fraction: Carry to six places. See instructions. .......................................................... 2. 3. Connecticut net income: Multiply Line 1 by Line 2. ............................................................................ 3. .00 4. Operating loss carryover from Form CT‑1120 ATT, Schedule H, Line 22, Column E. Do not exceed 50% of Line 3. ....................................................................................................................... 4. .00 5. Income subject to tax: Subtract Line 4 from Line 3. ........................................................................ 5. .00 6. Tax: Multiply Line 5 by 7.5% (.075). ................................................................................................. 6. .00 . Schedule B – Computation of Minimum Tax on Capital 1. Minimum tax base from Schedule E, Line 6, Column C. If 100% Connecticut, enter also on Line 3.... 1. .00 2. Apportionment fraction: Carry to six places. See instructions. .......................................................... 2. 3. Multiply Line 1 by Line 2. ................................................................................................................... 3. .00 4. Number of months covered by this return. ......................................................................................... 4. 5. Multiply Line 3 by Line 4, divide the result by 12. .............................................................................. 5. .00 6. Tax (3 and 1/10 mills per dollar): Multiply Line 5 by .0031. Maximum tax for Schedule B is $1,000,000. .6. .00 . Schedule D – Computation of Net Income 1. Federal taxable income (loss) before net operating loss and special deductions. ............................. 1. .00 2. Interest income wholly exempt from federal tax. ................................................................................ 2. .00 3. State and local income taxes. ............................................................................................................ 3. .00 4. Interest expenses paid to a related member from Form CT‑1120AB, Part I A, Line 1. ..................... 4. .00 5. Intangible expenses and costs paid to a related member from Form CT‑1120AB, Part I B, Line 3... 5. .00 6. Federal bonus depreciation: See instructions. ................................................................................... 6. .00 7. Business interest expense carried forward under IRC § 163(j) and deducted for federal tax purposes in the current year. See instructions. ........................................................... 7. .00 8. 80% of IRC § 179 deduction. See instructions. ................................................................................. 8. 9. Other: Attach explanation. ................................................................................................................. 9. .00 .00 10. Total: Add Lines 1 through 9. ........................................................................................................... 10. .00 11. Dividend deduction from Form CT‑1120 ATT, Schedule I, Line 5. .................................................. 11. .00 12. Capital loss carryover (if not deducted in computing federal capital gain). ...................................... 12. .00 13. Capital gain from sale of preserved land. ........................................................................................ 13. .00 14. Federal bonus depreciation recovery from Form CT‑1120 ATT, Schedule J, Line 26. .................... 14. .00 15. Exceptions to interest add back from Form CT‑1120AB, Part II A, Line 1. ..................................... 15. .00 16. Exceptions to interest add back from Form CT‑1120AB, Part II A, Line 2. ..................................... 16. .00 17. Exceptions to interest add back from Form CT‑1120AB, Part II A, Line 3. ..................................... 17. .00 18. Exceptions to add back of intangible expenses paid to a related member from Form CT‑1120AB, Part II B, Line 1. ............................................................................................................................... 18. .00 19. 25% of IRC § 179 deduction added back in the preceding four years. ............................................ 19. .00 20. IRC § 163(j) business interest deduction disallowed for federal tax purposes. See instructions. .... 20. .00 21. Contributions from Connecticut or its municipalities included in Schedule D, Line 1. ..................... 21. .00 21a. Ordinary and necessary business expenses for taxpayers licensed under Chapter 420f or 420h that are not claimed for federal income tax purposes. .................................................................... 21a. .00 22. Other: See instructions. ................................................................................................................... 22. .00 23. Total: Add Lines 11 through 22. ....................................................................................................... 23. .00 24. Net income: Subtract Line 23 from Line 10. Enter here and on Schedule A, Line 1. ..................... 24. .00 Visit us at portal.ct.gov/DRS for more information. Form CT-1120 (Rev. 12/23) Page 3 of 4 1120 1223W 03 9999 CT Tax Registration Number Schedule E – Computation of Minimum Tax Base See instructions. Column A Column B Beginning of Year Column C End of Year 1. Capital stock from federal Schedule L, Line 22a and Line 22b. .00 .00 2. Surplus and undivided profits from federal Schedule L, Lines 23, 24, and 25. .00 .00 3. Surplus reserves: Attach schedule. .00 .00 4. Total: Add Lines 1, 2, and 3. Enter average in Column C. .00 .00 .00 5. Holdings of stock of private corporations: Attach schedule. Enter average in Column C. .00 .00 .00 6. Balance: Subtract Line 5, Column C, from Line 4, Column C. Enter here and on Schedule B, Line 1. .00 (Column A plus Column B) Divided by 2 Schedule G – Additional Required Information Attach a schedule of corporate officers’ names, titles, and addresses. See instructions. 1. In which Connecticut (CT) town(s) does the corporation own or lease, as lessee, real or tangible personal property, or perform services? 2. (a) Did this corporation directly or indirectly transfer a controlling interest in an entity owning CT real property?...... If Yes, enter: Entity name (b) Was there a direct or indirect transfer of a controlling interest in your company owning CT real property?.......... (c) If the answer to either 2(a) or 2(b) is Yes, enter: Transferee(s) name Date of transfer No Yes No FEIN/SSN , and attach a list of addresses for all Connecticut real property transferred. 3. Did any corporation at any time during the year own a majority of the voting stock of this corporation?................... If Yes, enter: Corporation name Federal Employer ID Number 4. Last taxable year this corporation was audited by the Internal Revenue Service Were adjustments reported to CT? Federal Employer ID Number If Yes, enter: Transferor name Yes Yes No (If No, attach explanation). Visit us at portal.ct.gov/DRS for more information. Yes No Form CT-1120 (Rev. 12/23) Page 4 of 4 1120 1223W 04 9999 CT Tax Registration Number Check All Applicable Boxes: 1. Address change Reason for amending, if applicable: 2. Return status: Initial Amended Final IRS adjustments or federal Form 1120X. Attach a copy of IRS notification or federal Form 1120X. Enter date of final determination: ......................... Connecticut corporation business tax credit change Connecticut apportionment Connecticut net change operating loss change 3. If this is a final return, has the corporation: Dissolved Short period M M - D D - Y Y Y Y Other: Specify on line below. Withdrawn Merged/reorganized: Enter survivor’s Connecticut (CT) Tax Registration Number: 4. Federal return was filed on: 1120 Consolidated basis: Parent co. name 1120‑H 1120‑REIT 1120‑RIC Other: Parent co. FEIN 5. Did this company file as part of a Form CT‑1120CU for the previous year? Yes No 6. Does this company file as part of a Form CT‑1120CU and is filing this return to report non-unitary business income? Yes No If Yes, enter the CT Tax Registration Number of the group’s designated taxable member: 7. Is the principal place of business located in CT? Yes No If No, enter state where principal place of business is located: Date of organization: M M - D D - Y Y Y Y Date qualified in CT: State of incorporation: M M - D D - Y Y Y Y Date business began in CT: M M - D D - Y Y Y Y 8. Is this corporation exempt from CT Corporation Business Tax? Yes (Attach explanation of exemption including statutory cite). No 9. Did this corporation use the annualized method to calculate its estimated tax installments? Yes (Attach Form CT‑1120I). No 10. Does this corporation pay, accrue, or incur interest expenses or intangible expenses, costs, and related interest expenses to a related member? Yes (Attach Form CT‑1120AB). No DECLARATION: I declare under the penalty of law that I have examined this return and, to the best of my knowledge and belief, it is true, complete, and correct. I understand the penalty for willfully delivering a false return or document to the Department of Revenue Services (DRS) is a fine of not more than $5,000, imprisonment for not more than five years, or both. The declaration of a paid preparer other than the taxpayer is based on all information of which the preparer has any knowledge. Corporate officer’s name (print) This return MUST Sign Here Keep a copy of this return for your records. Corporate officer’s signature Date be filed electronically! Corporate officer’s email address (print) M M - D D - Y Y Y Y DO NOT MAIL paper return to DRS. Title Telephone number Paid preparer’s name (print) Firm’s name and address Paid preparer’s signature Firm’s FEIN May DRS contact the preparer Yes No shown below about this return? Date M M - D D - Y Y Y Y Preparer’s SSN or PTIN Telephone number Please note that each form is year specific. To prevent any delay in processing your return, the correct year’s form must be submitted to DRS. Do not use staples. Visit us at portal.ct.gov/DRS for more information.
Form CT-1120
More about the Connecticut Form CT-1120 Corporate Income Tax Tax Return TY 2023
We last updated the Corporation Business Tax Return in February 2024, so this is the latest version of Form CT-1120, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form CT-1120 directly from TaxFormFinder. You can print other Connecticut tax forms here.
Related Connecticut Corporate Income Tax Forms:
TaxFormFinder has an additional 85 Connecticut income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the Connecticut Form CT-1120.
| Form Code | Form Name |
|---|---|
| Form CT-1120 A-LP | Corporation Business Tax Return Apportionment of Limited Partnership Interests |
| Form CT-1120 Instructions | Connecticut Corporation Business Tax Instructions |
| Form CT-1120 EXT | Application for Extension of Time to File Connecticut Corporation Tax Return |
| Form CT-1120X | Amended Corporation Business Tax Return |
| Form CT-1120 MEC | Machinery and Equipment Expenditure Credit |
| Form CT-1120 CC | Authorization and Consent to be Included in a Combined Return |
| Form CT-1120 EDPC | Electronic Data Processing Equipment Property Tax Credit |
| Form CT-1120 ES | Estimated Corporation Business Tax Payment Coupons |
| Form CT-1120 FCIC | Fixed Capital Investment Credit |
| Form CT-1120 RC | Research and Experimental Expenditures Credit |
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-1120 from the Department of Revenue Services in February 2024.
Form CT-1120 is a Connecticut Corporate Income Tax form. Like the Federal Form 1040, states each provide a core tax return form on which most high-level income and tax calculations are performed. While some taxpayers with simple returns can complete their entire tax return on this single form, in most cases various other additional schedules and forms must be completed, depending on the taxpayer's individual situation, to create a complete income tax return package.
About the Corporate Income Tax
The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.
Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).
Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.
Historical Past-Year Versions of Connecticut Form CT-1120
We have a total of thirteen past-year versions of Form CT-1120 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2016 Form CT-1120
CT-1120 20170103.indd
2015 Form CT-1120
CT-1120 , 2015 Corporation Business Tax Return
2014 Form CT-1120
Form CT-1120, 2014 Corporation Business Tax Return
2013 Form CT-1120
CT-1120, Corporation Business Tax Return
2012 Form CT-1120
CT-1120, 2012 Corporation Business Tax Return
2011 Form CT-1120
Form CT-1120 Final 20120228.indd
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