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General Instructions

The amount entered on Line 1 should not include any

recapture of tax credits.

Complete this form in blue or black ink only. Use Form

CT-1120

to determine interest due on underpayments of

Line 3 - Enter the total tax from the prior income year before

estimated Connecticut corporation business tax or unrelated

the application of any tax credits. The amount entered on

business income tax for Form CT-1120, Corporation

this line should not include any recapture of tax credits. If no

Business Tax Return; Form CT-1120U, Unitary Corporation

return has been ﬁ led for the prior income year or a return was

Business Tax Return; Form CT-1120CR, Combined

ﬁ led for less than a twelve-month period, leave Line 3 blank

Corporation Business Tax Return; or Form CT-990T,

and enter the amount from Line 2 on Line 5.

Connecticut Unrelated Business Income Tax Return.

Part II – Computation of Required Installments

Electronic ﬁ ling and payment requirements

The required installment payments are due on or before the

For income years beginning on or after January 1, 2014, all

ﬁ fteenth day of the third, sixth, ninth, and twelfth months of

corporations must ﬁ le and pay their estimated taxes (Forms

the income year. If the due date falls on a Saturday, Sunday,

CT-1120 ESA, ESB, ESC and ESD) and extension requests

or legal holiday, the return is considered timely if ﬁ led on the

(Form CT-1120 EXT) electronically.

next business day.

See Information Publication 2014(15), Filing and Paying

Lines 6 through 9 - Calculate the required minimum installment

Connecticut Taxes Electronically.

payments due. Multiply the required annual payment from

To request a waiver from the electronic ﬁ ling requirement visit

Part I, Line 5, by the required installment rate and enter the

ling and complete Form DRS-EWVR,

result on the appropriate line.

Electronic Filing and Payment Waiver Request.

The following penalties will apply if a required electronic

Part III – Annualized Income Installment Schedule

funds transfer (EFT) payment is remitted late:

Complete column A entirely before proceeding to the

•

2% of the required tax due for EFT payments not more

next column.

than 5 days late;

Line 1 - Enter the corporation’s total net income for the

•

5% of the required EFT payments more than 5 days late

period.

but not more than 15 days late; and

•

10% of the required EFT payments more than 15 days

Line 4 - The Connecticut corporation business tax rate is

late.

7.5%. Multiply Line 3 by 7.5% (.075).

The following graduated penalty amounts will apply if you fail

Line 5 - If the corporation is subject to the surtax or preference

to remit payments electronically:

tax, include the amounts on Line 5.

•

First offense – 10% penalty on the amount of the tax

payment, but not more than $2,500;

Line 7 - Enter the corporation’s estimated allowable

•

Second offense – 10% penalty, but not more than

Connecticut corporation business tax credits for the year.

$10,000; and

The amount of tax credits allowable against the corporation

•

Third and subsequent offenses – 10% penalty.

business tax shall not exceed 70% of the amount of tax due

prior to the application of the tax credits. In addition, no tax

If the taxpayer made timely installment tax payments (Forms

credit shall reduce an included corporation’s tax calculated

CT-1120 ESA, ESB, ESC, and ESD or Forms CT-990T ESA,

under Conn. Gen. Stat. §12-219 to an amount less than $250.

ESB, ESC, and ESD) and paid at least 90% of the current

year tax or 100% of the prior year tax before the application of

Line 11 - Do not enter an amount in Column A. Enter in Column B

any tax credits at the required installment rate, the taxpayer

the amount from Line 17, Column A. Enter in Column C the sum

is not subject to interest on underpaid installments. If the

of Line 17, Column A, plus Line 17 Column B. Enter in Column D

current year tax is $1,000 or less, it is not necessary to

the sum of Line 17, Column A, plus Line 17, Column B, plus

complete this form.

Line 17, Column C.

Estimated tax payments may be based on the applicable

Line 13 - Enter the appropriate amount of your required

percentage of the current year tax determined by annualizing

installment as calculated in Part II, Lines 6 through 9, above.

net income. See Informational Publication 2014(14), Q & A

on Estimated Corporation Business Tax and Worksheet

Line 19 - Enter all estimated tax payments made through the

CT-1120AE.

payment due date for the period. Include overpayments of the

prior year tax applied to the current year. If the tax return for

Line Instructions

the prior year was ﬁ led on time or within the extension period

if a timely request for an extension was ﬁ led, the overpayment

Part I – Computation of Required Annual Payment

will be treated as estimated tax paid on the ﬁ fteenth day of

Line 1 - Enter the tax liability for the current income year from

the third month (March 15 for calendar year ﬁ lers). Otherwise,

Form CT-1120 or Form CT-1120U, Schedule C, Line 6, minus

the overpayment will be treated as estimated tax paid on the

Schedule C, Line 1c; Form CT-1120CR, Part IV, Line 13,

date the prior year tax return was ﬁ led.

minus Part IV, Line 4; or Form CT-990T, Computation of

Amount Payable, Line 5.

Form CT-1120I (Rev. 12/14)

Page 3 of 4

Form Ct-1120 - Computation Of Interest Due On Underpayment Of Estimated Tax - Connecticut Department Of Revenue - 2014 Page 3

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