Instructions For Connecticut S Corporation Information And Composite Income Tax Return Form Ct-1120si

Instructions For Connecticut S Corporation Information And Composite Income Tax Return Form Ct-1120si - 1999 Page 29

Instructions for CT-1120SI ES

Fill in the ending date of the taxable year of the S corporation for which this payment is made. For calendar year filers, this would be

December 31, 2000.

To determine the amount due and due date of payment, please refer to the instructions for Form CT-1120SI, Connecticut

S Corporation Information and Composite Income Tax Return.

Estimated taxes must be paid for any nonresident shareholder who is included in the composite return and whose tax shown on the

return exceeds $500. Use Form CT-1120SI ES to make estimated payments.

The required annual payment is the lesser of:

•

90% of the tax shown on your 2000 Connecticut composite income tax return; or

•

100% of the tax shown on your 1999 Connecticut composite income tax return, if you filed a 1999 income tax return that covered a

12-month period.

For the taxable year beginning in 2000, to calculate the estimated Connecticut composite income tax payment, follow the instructions

for the 1999 Form CT-1120SI, Part I, Schedule A, using each shareholder’s estimated pro rata share of S corporation income. However,

in calculating the amounts to enter on Form CT-1120SI, Part VI, Lines 4 and 9, substitute 30% wherever 55% is used in the 1999

instructions.

IMPORTANT: For those taxpayers whose taxable year is not the calendar year, the due dates of the installments must be adjusted

to agree with the federal filing installment dates for that taxable year.

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