Schedule Ct K-1 - Member'S Share Of Certain Connecticut Items - 2013 Page 3
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4Schedule CT K-1 Instructions
by the PE for that member from Form CT-1065/CT-1120SI, Part I,
Complete the return in blue or black ink only.
Schedule B, Column F.
A pass-through entity (PE) must furnish Schedule CT K-1,
Member’s Share of Certain Connecticut Items, to all members.
Part IV - Connecticut Income Tax Credit Summary
Lines 1 through 4
General Instructions for PEs
Column A: Transfer the member’s allocable gross amount of each
type of income tax credit from Form CT-1065/CT-1120SI, Part VII.
A PE must complete Part I for resident noncorporate members,
Resident noncorporate members and nonresident noncorporate
nonresident noncorporate members, and members that are
members filing Forms CT-1040, CT-1040NR/PY, or CT-1041,
pass-through entities. A PE must also complete Part II and
must fi le Schedule CT-IT Credit, Income Tax Credit Summary.
Part III for nonresident noncorporate members and members that
Column A is used to calculate the amount of the credit allowed on
are pass-through entities. Part IV, Column A, should be completed
the respective returns, and also when completing Schedule CT-IT
for all members, if applicable.
Credit, Part II.
A PE must furnish Schedule CT K-1 on or before the fi fteenth day
Column B: Complete the Income Tax Credit Worksheet on Page 2
of the fourth month following the close of the taxable year (April 15
before completing this column. This column should be completed
if the PE’s taxable year for federal income tax purposes is the
for nonresident noncorporate members and PE members only.
calendar year). If the PE requested an extension of time to fi le
Transfer the amount(s) of credit allowed on behalf of the member
Form CT-1065/CT-1120SI, Connecticut Composite Income Tax
from Column C of the Income Tax Credit Worksheet.
Return, by timely fi ling Form CT-1065/CT-1120SI EXT, Application
for Extension of Time to File Connecticut Composite Income Tax
Line 5, Column B: The total credit is transferred to Form CT-1065/
Return, the deadline for furnishing Schedule CT K-1 to members
CT-1120SI, Part I, Schedule B, Column E for each member.
is automatically extended to the fi fteenth day of the ninth month
following the close of the taxable year (September 15 if the PE’s
Specifi c Instructions for Income Tax Credit Worksheet
taxable year for federal income tax purposes is the calendar year).
This worksheet should be completed only for nonresident,
Copies of all Schedule CT K-1s issued by a PE must be fi led with
noncorporate members, and members that are PEs.
Department of Revenue Services (DRS). Do not fi le Schedule
Tax Credits Without Carryforward Provisions
CT K-1s with the composite income tax return. Schedule CT K-1s
should be attached to Form CT K-1T, Transmittal of Schedule
The qualifi ed small business job creation tax credit and the job
CT K-1, Member’s Share of Certain Connecticut Items, and sent
expansion tax credit, which have no carryforward provision, are
separately to DRS. Do not fi le Form CT K-1T and Schedule
applied fi rst.
CT K-1s if Form CT-1065/CT-1120SI was electronically fi led with
Tax Credits With Limited Carryforward Provisions
DRS. See Form CT K-1T Instructions.
If an income tax liability remains after the application of the credits
Income tax credits that may be claimed by the member of the PE are
without a carryforward provision, the angel investor tax credit and
reported on Schedule CT K-1, Part IV. See Special Notice 2010(3),
the insurance reinvestment fund tax credit are applied. Any angel
2010 Legislative Changes Affecting the Income Tax, Special Notice
investor tax credit or insurance reinvestment fund tax credit balance
2012(6), 2012 Legislative Changes Affecting the Income Tax and
that remains after applying the tax credit to the current year income
Special Notice 2013(7), 2013 Legislative Changes Affecting the
tax liability may be carried forward if the period for claiming the tax
Income Tax.
credit has not expired. However, the composite income tax return
Form CT-1065/CT-1120SI and Schedule CT K-1 does not compute
Specifi c Instructions for Schedule CT K-1
nor report each member’s credit carryforward information. A
nonresident, noncorporate member may elect to fi le a Connecticut
Complete the member information section, including the member’s
income tax return and Schedule CT-IT Credit to properly calculate
Social Security Number (SSN) or Federal Employer Identifi cation
Number (FEIN). Check the box to indicate if the number is an SSN
the amount of income tax credit carryforward, if any.
or FEIN.
Income Tax Credit Worksheet
Part I - Connecticut Modifi cations
Line 1: Income Tax Liability
Transfer entries for that member from Form CT-1065/CT-1120SI,
Column A: Enter the 2013 income tax liability for the member from
Part V, Lines 1 through 10.
Form CT-1065/CT-1120SI, Part I, Schedule B, Column D.
Part II - Connecticut-Sourced Portion of Items From
Line 2: Qualifi ed Small Business Tax Credit
Federal Schedule K-1 of Form 1065 or 1120S
Column B: Enter the amount of qualifi ed small business job creation
Column A: Transfer the amount attributable to each member from
tax credit earned from Part IV, Column A.
Federal Form 1065, Schedule K-1, Lines 1 through 13 or Federal
Column C: Enter the amount applied to the member’s 2013 income
Form 1120S, Schedule K-1, Lines 1 through 12.
tax liability. Enter the lesser of Line 2, Column B, or Line 1, Column A.
Column B: Transfer the Connecticut-sourced amounts attributable
Line 3: Balance of Income Tax Liability
to each member from Form CT-1065/CT-1120SI, Part VI, Lines 1
Subtract Line 2, Column C, from Line 1, Column A. If less than
through 13.
zero, enter “0.”
Part III - Connecticut Income Tax Information
Line 4: Job Expansion Tax Credit
Line 1
Column B: Enter the amount of job expansion tax credit earned
Transfer the amount of Connecticut income tax liability reported
from Part IV, Column A.
Schedule CT K-1 (Rev. 12/13)
Page 3 of 4
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