Form 207 - Insurance Premiums Tax Return - Domestic Companies

Form 207 Instructions

General Instructions

Line 15b: Enter the amount of overpayment you want refunded to you.

Line 15: Add Line 15a and Line 15b. Your election to credit your

Complete this return in blue or black ink only.

overpayment to your 2015 estimated insurance premiums tax or to

Due Date: This return is due on or before March 1, 2015, for insurance

have your overpayment refunded to you is irrevocable.

premiums tax liability for calendar year 2014.

Lines 15c through 15e: Get your refund faster by choosing direct deposit.

Attachments: Attach the following to this return:

Complete Lines 15c, 15d, and 15e to have

Name of Depositor

No. 101

Date

Street Address

•

A copy of Schedule T;

City, State, Zip Code

your refund directly deposited into your

Pay to the

Order of

•

Connecticut business page from the Annual Statement ﬁ led with the

checking or savings account.

Connecticut Insurance Department;

Name of your Bank

Street Address

Enter your nine-digit bank routing number

City, State, Zip Code

•

2014 Schedule GAA, if applicable;

and your bank account number in Lines 15d

092125789

091 025 025413

0101

•

2014 Form 207I, if applicable;

and 15e. Your bank routing number is the

Routing Number

Account Number

ﬁ rst nine-digit number printed on your check or savings withdrawal slip.

•

2014 Form CT-207K, if applicable.

Your bank account number generally follows the bank routing number.

Rounding Off to Whole Dollars: You must round off cents to the nearest

Do not include the check number as part of your account number. Bank

whole dollar on your return and schedules. If you do not round, the

account numbers can be up to 17 characters.

Department of Revenue Services (DRS) will disregard the cents.

If any of the bank information you supply for direct deposit does not match

Round down to the next lowest dollar all amounts that include

or you close the applicable bank account prior to the deposit of the refund,

1 through 49 cents. Round up to the next highest dollar all amounts that

your refund will automatically be mailed.

include 50 through 99 cents. However, if you need to add two or more

Line 15f: Federal banking rules require DRS to request information about

amounts to compute the amount to enter on a line, include cents and

foreign bank accounts when the taxpayer requests the direct deposit of

round off only the total.

a refund into a bank account. If the refund is to be deposited in a bank

Example: Add two amounts ($1.29 + $3.21) to compute the total ($4.50)

outside of the United States, DRS will mail the refund.

to enter on a line. Round $4.50 to $5.00 and enter $5.00 on the line.

Line 16: If Line 9 is greater than Line 13, subtract Line 13 from

Filing an Amended Return: If you make an error(s) on your return, you

Line 9. This is the amount of tax you owe.

must correct the error(s) by ﬁ ling an amended return using a new Form

207 and checking the amended box at the top of the return. Complete

Line 17a: Late Payment Penalty: Multiply Line 16 by 10%. Enter the result

Form 207 using the correct ﬁ gures and information for the reporting period.

or $50, whichever is greater.

You must ﬁ le an amended return claiming a refund or credit of a tax

Line 17b: Multiply Line 16 by 1% per month or fraction of a month from

overpayment within three years of the due date for which the overpayment

the original due date of the return to the date of payment.

was made. Attach an explanation of the claim to the amended return.

Line 18: If estimated tax was underpaid, complete and attach Form 207I,

Line Instructions

Underpayment of Estimated Insurance Premiums Tax or Health Care

Center Tax, and enter the amount from Line 22 of Form 207I.

Line 1: Enter gross direct premiums (less return premiums, including

cancellations) received during the calendar year from policies written on

Line 19: Add Lines 16, 17, and 18.

property or risks located or residents in this state, but excluding annuity

Make check payable to Commissioner of Revenue Services. Write “2014

considerations and premiums received for reinsurance assumed from

Form 207” and your Connecticut Tax Registration Number on the front

other companies.

of your check. DRS may submit your check to your bank electronically.

Line 2: Enter dividends paid to policyholders on direct business. Do not

Mail to: Department of Revenue Services

State of Connecticut

include any dividends paid on account of the ownership of stock.

PO Box 2990

Line 5: If your company is claiming Connecticut tax credits, Form CT-207K,

Hartford CT 06104-2990

Insurance/Health Care Tax Credit Schedule, must be completed and

Signature: The treasurer of the company, or a principal ofﬁ cer of the

attached to this return.

company, must sign Form 207.

Line 6 and Line 7: To claim CIGA and CLHIGA assessment credits, you

Paid Preparer Signature: A paid preparer must sign and date Form 207.

must complete and attach a 2014 Schedule GAA, Insurance Guaranty

Paid preparers must also enter their Social Security Number (SSN)

Association Credit.

or Preparer Tax Identiﬁ cation Number (PTIN) and their ﬁ rm’s Federal

Line 10: Enter prior year overpayment(s).

Employer ID Number (FEIN) in the spaces provided.

Line 11: Enter estimated payments made with Forms 207 ESA, ESB,

Pay Electronically

ESC, and ESD, Estimated Insurance Premiums Tax Payment Coupon

Domestic Insurance Companies.

Visit to make a direct tax payment.

Using this option authorizes DRS to electronically

Line 12: Enter payment made with Form 207/207 HCC EXT, Application

withdraw a payment from your bank account (checking or savings) on a

for Extension of Time to File Domestic Insurance Premiums Tax Return

date you select up to the due date. If you pay electronically, you must still

or Health Care Center Tax Return. To request an extension of time to ﬁ le

ﬁ le your return on or before the due date.

Form 207, a company must ﬁ le Form 207/207 HCC EXT and pay all the

tax it expects to owe on or before March 1, 2015.

For More Information

Line 14: If Line 13 is greater than Line 9, subtract Line 9 from Line 13.

Call DRS during business hours, Monday through Friday:

This is the amount you overpaid.

•

1-800-382-9463 (Connecticut calls outside the Greater Hartford

calling area only), or

Line 15a: Enter the amount of overpayment you want applied to your

2015 estimated insurance premiums tax. The overpayment will be treated

•

860-297-5962 (from anywhere).

as an estimated tax payment made on the ﬁ fteenth day of March of the

TTY, TDD, and Text Telephone users only may transmit inquiries

calendar year it is being applied to if this return is ﬁ led on time or if the tax

anytime by calling 860-297-4911.

return is ﬁ led within the extension period if a timely request for extension

Forms and Publications

was ﬁ led. A request to apply an overpayment to the following year

is irrevocable.

Visit the DRS website at to download and print

Connecticut tax forms and publications.

Form 207 Back (Rev. 12/14)

Form 207 - Insurance Premiums Tax Return - Domestic Companies - 2014 Page 2

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