Instructions For Form Ct-1040 - Connecticut Resident Income Tax - 2011 Page 23
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52Line 38: Other
as Saving Bonds Series EE or Series HH and U.S. Treasury
bills or notes).
Use Line 38 to report any of the following modifi cations:
For Series EE U.S. Savings Bonds, you are entitled to include
1. Add back any treaty income reported on federal Form
on Line 40 only the amount of interest subject to federal
1040NR-EZ or Form 1040NR if a nonresident alien. Enter
income tax after exclusion of the amounts reported on federal
the words “treaty income” in the space provided.
Form 8815. In general, you will report the net taxable amount
2. Add back any loss or deduction of an enrolled member
on federal Form 1040, Schedule B, or federal Form 1040A,
of the Mashantucket Pequot Tribe who resides in Indian
Schedule 1.
country of such tribe or any loss or deduction of an
Do not enter the amount of interest income derived from
enrolled member of the Mohegan Tribe who resides in
Federal National Mortgage Association (Fannie Mae) bonds,
Indian country of such tribe where the loss or deduction
Government National Mortgage Association (Ginnie Mae)
is derived from or connected with Indian country of
bonds, and Federal Home Loan Mortgage Corporation
the tribe. Enter the words “Mashantucket Pequot Tribe
(Freddie Mac) securities. Federal law does not prohibit states
enrolled member” or “Mohegan Tribe enrolled member,”
from taxing interest income derived from these obligations
as the case may be.
and this interest income is taxable for Connecticut income
3. Add back any Connecticut income tax deducted on the
tax purposes.
federal income tax return to arrive at federal adjusted
Do not enter the amount of interest paid to you on any federal
gross income. Do not add back any Connecticut income
income tax refund.
tax deducted on federal Form 1040, Schedule A.
4. Add back any expenses paid or incurred for the production
Line 41: Exempt Dividends From Certain
Qualifying Mutual Funds Derived From U.S.
(including management, conservation, and maintenance of
Government Obligations
property held for the production) or collection of income
exempt from Connecticut income tax which were deducted
Enter the total amount of exempt dividends received from a
on the federal return to arrive at federal adjusted gross
qualifying mutual fund that are derived from U.S. government
income.
obligations. A mutual fund is a qualifying fund if, at the close
of each quarter of its taxable year, at least 50% of the value
5. Add back any amortizable bond premium on bonds
of its assets consists of U.S. government obligations. The
producing interest income exempt from Connecticut
percentage of dividends that are exempt dividends should be
income tax which premiums were deducted on the federal
reported to you by the mutual fund.
return to arrive at federal adjusted gross income.
Do not enter the amount of dividend income derived from
6. Add back any interest or dividend income on obligations or
Federal National Mortgage Association (Fannie Mae) bonds,
securities of any authority, commission, or instrumentality
Government National Mortgage Association (Ginnie Mae)
of the United States which federal law exempts from federal
bonds, and Federal Home Loan Mortgage Corporation
income tax but does not exempt from state income taxes.
(Freddie Mac) securities. Federal law does not prohibit states
7. Add back to the extent deductible in determining
from taxing income derived from these obligations, and this
federal adjusted gross income, any interest expenses on
income is taxable for Connecticut income tax purposes.
indebtedness incurred or continued to purchase or carry
Example: A qualifying mutual fund pays a dividend of $100.
obligations or securities (the income from which is exempt
Of the distribution, 55% is attributable to U.S. Treasury bills and
from Connecticut income tax).
45% to other investments. The amount reported on Line 41 is $55.
8. Also use Line 38 to report any additions to federal
See Policy Statement, 2005(2), Connecticut Income Tax on
adjusted gross income required for Connecticut income
Bonds or Obligations Issued by the United States Government,
tax purposes which are not listed on Lines 31 through 36.
by State Governments, or Municipalities.
Line 39: Total Additions
Line 42: Social Security Benefi t Adjustment
Add Lines 31 through 38 and enter the total.
If you receive Social Security benefi ts subject to federal income
Subtractions From Federal Adjusted Gross Income
tax, you may reduce or eliminate the amount of your benefi ts
Enter all amounts as positive numbers.
subject to Connecticut income tax. Spouses in a same sex
marriage must recompute their federal adjusted gross income
Line 40: Interest on U.S. Government Obligations
as if their fi ling status for federal income tax purposes were
married fi ling jointly or married fi ling separately.
Enter the total amount of interest income (to the extent
includible in federal adjusted gross income) derived from
Your Social Security benefits are fully exempt from
U.S. government obligations, which federal law prohibits
Connecticut income tax if your required filing status is
states from taxing (for example, U.S. government bonds such
single or fi ling separately and the amount reported on Form
Page 23
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