Form Ct-1120i - Computation Of Interest Due On Underpayment Of Estimated Tax

Department of Revenue Services

2011

State of Connecticut

Form CT-1120

(Rev. 12/11)

Computation of Interest Due on Underpayment of Estimated Tax

Enter Income Year Beginning ____________________________ , 2011, and Ending _________________________ , ________

Corporation name

Connecticut Tax Registration Number

General Instructions

payments due. Multiply the required annual payment from

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

Complete this form in blue or black ink only. Use Form CT-1120

result on the appropriate line.

to determine interest due on underpayments of estimated

Connecticut corporation business tax or unrelated business

Part III – Annualized Income Installment Schedule

income tax for Form CT-1120, Corporation Business Tax

You must complete one entire column before

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

Return; Form CT-1120CR, Combined Corporation Business

continuing to the next column.

Tax Return; or Form CT-990T, Connecticut Unrelated Business

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

Income Tax Return.

Line 4 - The Connecticut corporation business tax rate for 2011

If the taxpayer made timely installment tax payments (Forms

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

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

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

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 any

tax, include the amounts on Line 5.

tax credits at the required installment rate, the taxpayer is not

Line 7 - Enter the corporation’s estimated allowable

subject to interest on underpaid installments. If the current year

Connecticut corporation business tax credits for the year.

tax is $1,000 or less, it is not necessary to complete this form.

Generally, the amount of tax credits allowable against the

Estimated tax payments may be based on the applicable

corporation business tax shall not exceed 70% of the amount

percentage of the current year tax determined by annualizing

of tax due prior to the application of the tax credits. However,

net income. See Informational Publication 2011(21),

for the 2011 and 2012 income years, tax credits can exceed

Q & A on Estimated Corporation Business Tax and Worksheet

the 70% limitation if the taxpayer has an average monthly net

CT-1120AE.

employment gain of greater than zero, as calculated on Form

CT-1120 TCE, Tax Credit Cap Expansion. In addition, no tax

Surtax

credit shall reduce an included corporation’s tax calculated

A surtax of 10% of the tax on net income and a surtax of 10%

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

of the tax on capital will apply for three income years beginning

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

on or after January 1, 2009, and before January 1, 2012. The

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

surtax does not apply to companies whose tax is equal to $250.

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

Companies whose gross income is less than $100 million are

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

exempt from the surtax unless they ﬁ le as part of a combined

Line 17, Column C.

or unitary return. The surtax is calculated without any reduction

on account of any credit against the corporation business tax.

Line 13 - Enter the appropriate amount of your required

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

Line Instructions

Line 19 - Enter all estimated tax payments made through the

Part I – Computation of Required Annual Payment

payment due date for the period. Include overpayments of the

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

prior year tax applied to the current year. In determining the

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

payment amount, the corporation may apply an overpayment

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

from the preceding income year, but only if the tax return for

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

the preceding income year was ﬁ led prior to the due date of the

Payable, Line 5.

estimated installment payment.

The amount entered on Line 1 should not include any recapture

Part IV – Computation of Interest

of tax credits.

Lines 10a, 13c, 16c, and 19c - Enter on the appropriate line

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

the required installment amount due. The required installment

application of any tax credits. The amount entered on this line

amounts are computed as follows:

should not include any recapture of tax credits.

Regular Filers

Part II – Computation of Required Installments

Enter the amount from Part II, Lines 6 through 9; or

The required installment payments are due on or before the

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

Annualized Filers

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

Enter the amount from Part III, Line 17, Column A, on Line 10a.

holiday, the next business day is the due date.

Enter the amount from Part III, Line 17, Column B, on Line 13c.

Lines 6 through 9 - Calculate the required minimum installment

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Form Ct-1120i - Computation Of Interest Due On Underpayment Of Estimated Tax - 2011

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