Form Ct-1040 Nr/py - Connecticut Nonresident And Part-Year Resident Income Tax Return And Instructions - 2012 Page 22
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569. Add back the following distributions from an MRA established
Home Loan Mortgage Corporation (Freddie Mac) securities.
pursuant to Conn. Gen. Stat. §32-9zz:
Federal law does not prohibit states from taxing income derived
from these obligations, and this income is taxable for Connecticut
• 50% of any distribution from such MRA used to purchase
income tax purposes.
machinery or equipment for use in Connecticut or
manufacturing facilities, as defi ned in Conn. Gen. Stat.
Example: A qualifying mutual fund pays a dividend of $100.
§12-81(72), or for workforce training, development or
Of the distribution, 55% is attributable to U.S. Treasury bills and
expansion in Connecticut;
45% to other investments. The amount that should be reported
• 100% of any distribution from such MRA not used to
on Line 43 is $55.
purchase machinery or equipment for use in Connecticut
See Policy Statement, 2005(2), Connecticut Income Tax on Bonds
or manufacturing facilities, as defi ned in Conn. Gen. Stat.
or Obligations Issued by the United States Government, by State
§12-81(72), or for workforce training, development or
Governments, or Municipalities.
expansion in Connecticut; and
• 100% of any return of money remaining in the MRA at the
Line 44: Social Security Benefi t Adjustment
end of the fi ve-year period after such account’s creation or
If you receive Social Security benefi ts subject to federal income
organization, including any interest earned.
tax, you may reduce or eliminate the amount of your benefi ts
See Special Notice 2012(6), 2012 Legislative Changes
subject to Connecticut income tax. Spouses in a same-sex marriage
Affecting the Income Tax.
must recompute their federal adjusted gross income as if their fi ling
status for federal income tax purposes were married fi ling jointly
10. Also use Line 40 to report any additions to federal adjusted
or married fi ling separately. Your Social Security benefi ts are fully
gross income required for Connecticut income tax purposes
exempt from Connecticut income tax if your required fi ling status
which are not listed on Lines 33 through 39
is single or fi ling separately and the amount reported on Form
Line 41: Total Additions
CT-1040NR/PY, Line 1, is less than $50,000, or fi ling jointly,
Add Lines 33 through 40 and enter the total on Form CT-1040NR/PY,
qualifying widow(er) with dependent child, or head of household
Schedule 1, Line 41.
and the amount reported on Form CT-1040NR/PY, Line 1, is less
than $60,000. If this is the case, enter the amount of federally
Subtractions From Federal Adjusted Gross Income
taxable Social Security benefi ts reported on federal Form 1040,
Enter all amounts as positive numbers.
Line 20b, or federal Form 1040A, Line 14b. Your Social Security
benefi ts are partially exempt from Connecticut income tax if your
Line 42: Interest on U.S. Government Obligations
federal adjusted gross income is above the threshold for your fi ling
status. If you used the worksheets contained in the instructions to
Enter the total amount of interest income (to the extent includible
federal Form 1040A or federal Form 1040 to calculate the amount
in federal adjusted gross income) derived from U.S. government
of taxable Social Security benefi ts, complete the Social Security
obligations which federal law prohibits states from taxing (for
Benefi t Adjustment Worksheet, on Page 23 and enter the amount
example, U.S. government bonds such as Saving Bonds Series
from Line F on Line 44. If you did not use these worksheets, but
EE or Series HH and U.S. Treasury bills or notes).
instead used worksheets contained in federal Publication 590 or
For Series EE U.S. Savings Bonds, you are entitled to include on
federal Publication 915, see Announcement 2010(7), Taxability
Line 42 only the amount of interest subject to federal income tax
of Social Security Benefi ts for Connecticut Income Tax Purposes.
after exclusion of the amounts reported on federal Form 8815. In
If you are using a worksheet that is not from a federal publication,
general, you report the net taxable amount on federal Form 1040,
such as one you printed from a tax preparation program on your
Schedule B, or federal Form 1040A, Schedule 1.
computer or one given to you by your tax preparer, you should
Do not enter the amount of interest income derived from Federal
verify the line references from these worksheets are the same as
National Mortgage Association (Fannie Mae) bonds, Government
the equivalent federal publication to be certain you are using the
National Mortgage Association (Ginnie Mae) bonds, and Federal
proper amounts.
Home Loan Mortgage Corporation (Freddie Mac) securities.
Federal law does not prohibit states from taxing interest income
Line 45: Refunds of State and Local Income Taxes
derived from these obligations, and this interest income is taxable
Enter the amount of taxable refunds of state and local income taxes
for Connecticut income tax purposes.
reported on federal Form 1040, Line 10. If Line 10 is blank or
you fi led federal Forms 1040A or 1040EZ, enter “0.”
Do not enter the amount of interest paid to you on any federal
income tax refund.
Line 46: Tier 1 and Tier 2 Railroad Retirement
Benefi ts and Supplemental Annuities
Line 43: Exempt Dividends From Certain Qualifying
Mutual Funds Derived From U.S. Government
If you received Tier 1 or Tier 2, or both, railroad retirement
Obligations
benefi ts, or supplemental annuities during 2012, you may deduct
the amount included in your federal adjusted gross income, but
Enter the total amount of exempt dividends received from a
only to the extent the benefi ts were not already subtracted from
qualifying mutual fund derived from U.S. government obligations.
federal adjusted gross income on Line 44 (Social Security Benefi t
A mutual fund is a qualifying fund if at the close of each quarter
Adjustment). Enter the balance not already subtracted on Line 44
of its taxable year at least 50% of the value of its assets consists of
of Tier 1 and Tier 2 railroad retirement benefi ts reported on
U.S. government obligations. The percentage of dividends that are
federal Form 1040, Line 16b or Line 20b, or federal Form 1040A,
exempt dividends should be reported to you by the mutual fund.
Line 12b or Line 14b. Likewise, enter the amount of railroad
Do not enter the amount of dividend income derived from Federal
unemployment benefi ts, including sickness benefi ts paid by
National Mortgage Association (Fannie Mae) bonds, Government
the Railroad Retirement Board (RRB) in lieu of unemployment
National Mortgage Association (Ginnie Mae) bonds, and Federal
Page 22
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