Instructions For Form Ct-1040 - Connecticut Resident Income Tax - 2012 Page 25
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52Line 45: 50% of Military Retirement Pay
Enter the CHET account number in the space provided. If
you made contributions to more than one account, you enter
Subtract 50% of the income received as military retirement
only one account number. See Special Notice 2006(11), 2006
pay, to the extent included in federal adjusted gross income,
Legislative Changes Affecting the Income Tax.
if you are a retired member of the armed forces of the United
States or the National Guard (retired military member) or if
Line 49: Other
you are a benefi ciary receiving survivor benefi ts under an option
Use Line 49 to report any of the following modifi cations:
or election made by a deceased retired military member.
1. Subtract any income or gain of an enrolled member of the
Payments received by a former spouse of a retired military
Mashantucket Pequot Tribe who resides in Indian country
member, under a final decree of divorce, dissolution,
of such tribe or any income or gain of an enrolled member
annulment, or legal separation or a court ordered, ratifi ed, or
of the Mohegan Tribe who resides in Indian country of
approved property settlement incident to a decree dividing
such tribe where the income or gain is derived from or
military retirement pay, do not qualify for the 50% retirement
connected with Indian country of the tribe. Enter the
pay exclusion.
words “Mashantucket Pequot Tribe enrolled member” or
“Mohegan Tribe enrolled member,” as the case may be.
Line 46: Beneficiary’s Share of Connecticut
Fiduciary Adjustment
2. Subtract the amount of interest earned on funds deposited
in a Connecticut individual development account to the
If you have any income from an estate or trust, your share
extent included in federal adjusted gross income.
of any Connecticut modifi cations (that is, your share of the
Connecticut fi duciary adjustment) that applies to the income
3. Subtract any interest paid on indebtedness incurred to
will be shown on Schedule CT-1041B, Part 1, Column 5.
acquire investments that provide income taxable in
Your share of these modifi cations should be provided to you
Connecticut but exempt for federal purposes, that is not
by the fi duciary on Schedule CT-1041 K-1. If your share of
deductible in determining federal adjusted gross income,
these modifi cations is an amount less than zero, enter the
and is attributable to a trade or business of that individual.
amount on Line 46. If the amount is greater than zero, enter
4. Subtract expenses paid or incurred for the production
the amount on Line 35.
(including management, conservation, and maintenance
of property held for production) or collection of income
If you are a benefi ciary of more than one trust or estate,
taxable in Connecticut but exempt from federal income
enter the net amount of all modifi cations if less than zero
tax, that are not deductible in determining federal adjusted
on Line 46.
gross income, and are attributable to a trade or business
Line 47: Gain on Sale of Connecticut State and
of that individual.
Local Government Bonds
5. Subtract the amount of any distributions you received
Enter the total of all gains from the sale or exchange of notes,
from the CHET fund as a designated benefi ciary to the
bonds, or other obligations of the State of Connecticut or
extent includable in your federal adjusted gross income.
its municipalities used to determine gain (loss) for federal
Congress passed legislation excluding from federal gross
income tax purposes.
income any distribution from a qualified state tuition
Line 48: Connecticut Higher Education Trust
program (such as CHET) to the extent the distribution is
(CHET) Contributions
used to pay for qualifi ed higher education expenses (Pub. L.
Enter your contributions to a CHET account(s). The
No. 107-16, §402). To the extent any distribution from CHET
modification cannot exceed the maximum allowable
is excluded from federal gross income, the amount should
contribution. The maximum CHET contribution that may be
not be reported as a subtraction modifi cation on Line 49.
subtracted is the lesser of (1) the amount of contributions to all
6. Subtract any amortizable bond premium on bonds that
CHET accounts during the taxable year; or (2)(A) $5,000 for
provide interest income taxable in Connecticut but exempt
each individual taxpayer (including individuals whose fi ling
from federal income tax, which premiums were not
status on their Connecticut income tax return is single, head
deductible in determining federal adjusted gross income
of household, fi ling separately, or (B) $10,000 for individuals
and are attributable to a trade or business of that individual.
whose fi ling status on their Connecticut income tax return is
7. Subtract the amount of any interest income from notes,
fi ling jointly or qualifying widow(er) with dependent child.
bonds, or other obligations of the State of Connecticut
If your CHET contribution during the taxable year exceeds
included in federal adjusted gross income. This modifi cation
the maximum CHET contribution, the excess may be carried
includes any Build America Bond tax credit amount if
forward for the fi ve succeeding taxable years provided the
the Build America Bond, as described in Section 1531 of
CHET contribution carried forward and subtracted from
the American Recovery and Reinvestment Act of 2009
federal adjusted gross income of the succeeding taxable years
was issued by the State of Connecticut or a Connecticut
does not exceed the maximum CHET contribution. CHET
subdivision and only to the extent the credit amount is
contributions made in the current taxable year are used before
treated as interest includible in gross income for federal
using any carryover from prior years.
income tax purposes.
Page 25
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