Looking for a Ct Tax Forms And Templates? Download it for free!

Instructions for Form CT-1041 Schedule I

Purpose: Trusts or estates subject to and required to pay the federal

Part-Year Resident Trusts: Enter the amount from Schedule

alternative minimum tax are subject to the Connecticut alternative

CT-1041FA, Fiduciary Allocation, Line 4, plus any Connecticut-

minimum tax. Use this schedule to calculate the trust or estate’s

sourced exclusions and deferral items from federal Form 1041

Connecticut alternative minimum tax liability and attach it to Form

Schedule I, Part I, during the residency portion of the taxable year.

CT-1041, Connecticut Income Tax Return for Trusts and Estates.

5b. Full-Year Resident Trusts: Subtract Line 5a from Line 5.

Complete the schedule in blue or black ink only.

This equals the non-Connecticut-sourced income for full-year

Where the calculation of any individual federal item is subject to

resident trusts.

limitations, such as an alternative tax net operating loss deduction, that

Part-Year Resident Trusts: Enter the amount from Line 5

item may have to be recalculated if Connecticut modiﬁ cations apply.

above from non-Connecticut sources during the residency

portion of the taxable year.

Part I

Generally, this would include the amount from Schedule

Line 1 - Trust or Estate’s Share of Federal Alternative

CT-1041FA, Part I, Line 6, plus any deferral items and exclusion

Minimum Taxable Income

items from non-Connecticut sources during the residency

Enter the trust or estate’s share of federal alternative minimum

portion of the taxable year included on federal Form 1041

taxable income from federal Form 1041 Schedule I, Line 29. The

Schedule I, Part I. In addition, include any of the appropriate

ﬁ duciary of a part-year resident trust must also include or exclude

modiﬁ cations to Connecticut income in determining the tentative

any tax preference items and adjustments attributable to a future

adjusted federal alternative minimum taxable income, such as

year which accrued up to the time of a change in residence. If the

private activity bonds.

amount on Line 1 is $23,900 or less, do not complete this schedule.

The trust or estate is not liable for either federal or Connecticut

5c. Percentage of Nonresident Noncontingent Beneﬁ ciaries

alternative minimum tax.

a. Enter the amount from Schedule

Line 2 - Connecticut Modiﬁ cations Attributable to the

CT-1041B, Part 2, Line 2.

Trust or Estate

b. Enter the amount from Schedule

Enter the Connecticut modiﬁ cations attributable to the trust or

CT-1041B, Part 2, Line 3.

estate. Generally, this ﬁ gure may be obtained from Schedule

c. Divide Line a by Line b and enter as a

CT-1041B, Fiduciary Adjustment Allocation, Part I, Line e, Column 5.

decimal on Form CT-1041 Schedule I,

This amount can be a positive or negative number. Do not include

Line 5c. Round to four places.

amounts already included on Line 1.

Do not include:

5e. Adjusted Federal Alternative Minimum Taxable Income

The trust or estate’s share of any amount that relates to interest

Resident and part-year resident inter vivos trusts with one or

or dividend income on obligations or securities of an authority,

more nonresident, noncontingent beneﬁ ciaries subtract Line 5d

commission, or instrumentality of the United States which federal

from Line 5 and enter the result. All others enter the amount

law exempts from federal income taxes but does not exempt from

from Line 5.

state income taxes, that was included on Form CT-1041, Schedule A,

Line 18 - Apportionment Factor

Line 5.

Nonresident Trusts and Estates and Part-Year Resident Trusts:

The trusts or estate’s share, to the extent deductible in determining

Determine the amount of Line 5e derived from or connected with

federal taxable income prior to deductions relating to distributions

Connecticut sources. Then divide the Connecticut-sourced portion

to beneﬁ ciaries, the deduction allowable as qualiﬁ ed domestic

of Line 5e by the total on Line 5e and enter the result. Round to

production activities income, pursuant to Internal Revenue Code

four decimal places.

(IRC) §199, that was included on Form CT-1041, Schedule A, Line 5.

The trusts or estate’s share, to the extent not includable in federal

Part II

taxable income prior to deductions relating to distributions to

If you completed Part IV of federal Form 1041 Schedule I, complete

beneﬁ ciaries, the amount of a lump sum distribution for the taxable

this part and enter on Line 12 the amount from Form CT-1041

year, that was included on Form CT-1041, Schedule A, Line 5.

Schedule I, Line 52.

Line 4

Lines 25, 26, 27, 32, and 39

Enter the trust or estate’s share of the amount of federally tax-exempt

When entering an amount on Lines 25, 26, 27, 32, and 39, include

interest or exempt-interest dividends, as deﬁ ned in the IRC §852(b)(f),

the Form CT-1041, Schedule A, modiﬁ cation for the gain or loss on

from private activity bonds issued after August 7, 1986, and included

the sale of Connecticut state and local government bonds from Form

on federal Form 1041 Schedule I, Part I, Line 8.

CT-1041, Schedule A, Line 3 or Line 9, and exclude any amount

included on Line 5d of Form CT-1041 Schedule I.

Line 5 - Tentative Adjusted Federal Alternative Minimum

Taxable Income.

Part III

Subtract Line 4 from Line 3 and enter the result.

Form CT-1041 Schedule I, Part III, may be used by Connecticut

resident trusts and estates and part-year resident trusts only.

Lines 5a through 5d should be completed by full-year

Resident Trusts and Estates: Use Form CT-1041 Schedule I,

or part-year resident inter vivos trusts with one or more

Part III, to claim a credit against the net Connecticut minimum tax

nonresident, noncontingent beneﬁ ciaries. All others, go

liability for alternative minimum tax paid during the taxable year to

to Line 5e and enter the amount from Line 5.

a qualifying jurisdiction.

5a. Enter the amount from Line 5 that is from Connecticut sources.

Part-Year Resident Trusts: Use Form CT-1041 Schedule I, Part

Full-Year Resident Trusts: Enter the amount from Schedule

III, to claim a credit against the net Connecticut minimum tax liability

CT-1041C, Connecticut Taxable Income Calculation, Line 9,

for alternative minimum tax paid to a qualifying jurisdiction for the

plus any Connecticut-sourced exclusions and deferral items

residency portion of the taxable year on items of income, gain,

from federal Form 1041 Schedule I, Part I.

loss, or deduction attributable to that jurisdiction during the period

of Connecticut residency.

Form CT-1041 Schedule I (Rev.

)

Page 3 of 4

12/16

Form Ct-1041 - Schedule I - Connecticut Alternative Minimum Tax Computation Of Trusts Or Estates - 2016 Page 3

Related Articles

Related forms

Related Categories