Get Ct-1120x, 2016 Amended Connecticut Corporation Business Tax Return. C 2016 Amended Connecticut

The 2021 Form CT-1120, Connecticut Corporation Business Tax Instruction Booklet, contains information about the Department of Revenue Services' (DRS) myconneCT online system.

The surtax does not apply to the minimum tax of $250. You may qualify for tax credits that can reduce your Corporation Business Tax liability. In general, credits cannot reduce your corporation's tax by more than 50.01%. The Guide to Business Tax Credits provides information on credits available to corporations.

If a reportable transaction results in a loss or credit carried back to a prior tax year, attach Form 8886 for the carryback years. If Form 1120X is used as a carryback claim, attach copies of Form 1120, page 1 and the tax computation page, for both the year the loss or credit originated and for the carryback year.

The tax rate of 7.5% is then applied to arrive at the net income base tax. To calculate your net income base tax, you must make certain modifications to your company's federal taxable income.

You'll pay personal income tax based on your income bracket as well as the 15.3% self-employment tax on earnings from your LLC.

Mail paper return with payment to: Department of Revenue Services State of Connecticut PO Box 2974 Hartford CT 06104-2974.

Calculating Pass-Through Entity Income Tax Connecticut pass-through entities are subject to an income tax rate of 6.99 percent. This rate applies to either taxable income or an alternate tax base.