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Connecticut Free Printable  for 2018 Connecticut Computation of Interest Due on Underpayment of Estimated Tax

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Computation of Interest Due on Underpayment of Estimated Tax
Form CT-1120I

Department of Revenue Services State of Connecticut (Rev. 12/17) 2017 Form CT-1120I Computation of Interest Due on Underpayment of Estimated Tax Enter Income Year Beginning_____________________________ , 2017, and Ending__________________________ ,_________ Corporation name Connecticut Tax Registration Number Part I – Computation of Required Annual Payment 1. Tax due from 2017 Form CT-1120, Schedule C, Line 6, minus Schedule C, Line 1c; Form CT-1120CU, Part III, Line 3, minus Part I, Line 8, Combined Group Total Column; or Form CT-990T, Computation of Amount Payable, Line 5. See instructions. .................................................................................................. 1. 2. Multiply Line 1 by 90% (.90)......................................................................................................................... 2. 3. Tax from 2016 Form CT-1120, Schedule C, Line 1, minus Schedule C, Line 1c; Form CT-1120CU, Part III, Line 1, minus Part I, Line 8, Combined Group Total Column; or Form CT-990T, Computation of Amount Payable, Line 3. See instructions................................................. 3. 4. Multiply Line 3 by 100% (1.00)..................................................................................................................... 4. 5. Required annual payment: Enter the lesser of Line 2 or Line 4. .................................................................. 5. Part II – Computation of Required Installments 6. First required installment: Multiply Line 5 by 30% (.30). Enter here and on Part III, Line 13, Column A, or Part IV, Line 10a. ...................................................................................................... 6. 7. Second required installment: Multiply Line 5 by 40% (.40). Enter here and on Part III, Line 13, Column B, or Part IV, Line 13c. ...................................................................................................... 7. 8. Third required installment: Multiply Line 5 by 10% (.10). Enter here and on Part III, Line 13, Column C, or Part IV, Line 16c. ...................................................................................................... 8. 9. Fourth required installment: Multiply Line 5 by 20% (.20). Enter here and on Part III, Line 13, Column D, or Part IV, Line 19c. ...................................................................................................... 9. Part III – Annualized Income Installment Schedule Estimated Payment Calculation 1. Enter your Connecticut corporation business income for each period. See instructions. 2. Annualization factor 3. Annualized Connecticut corporation business income: Multiply Line 1 by Line 2. 4. Multiply Line 3 by 7.5% (.075). 5. Enter surtax, if applicable. 6. Add Line 4 and Line 5. 7. Corporation Business Tax credits: See instructions. 8. Total annualized Corporation Business Tax: Subtract Line 7 from Line 6. 9. Applicable percentages 10. Multiply Line 8 by Line 9. 11. Add the amounts in all preceding columns of Line 17. See instructions. 12. Annualized income installment using net income: Subtract Line 11 from Line 10. If zero or less, enter “0.” 13. Enter your required installment for the period. See instructions. 14. Enter the amount from Line 16 of the preceding column of this worksheet. 15. Add Line 13 and Line 14. 16. If Line 15 is more than Line 12, subtract Line 12 from Line 15 (otherwise enter “0”). 17. Enter the lesser of Line 12 or Line 15. 18. Total required installment for the period: Add Line 11 and Line 17. 19. Estimated tax payments made through the due date for the period. 20. Estimated tax payment required by the next due date: Subtract Line 19 from Line 18 and enter the result, but not less than “0.” A First 2 Months B First 5 Months C First 8 Months D First 11 Months 6 2.4 1.5 1.09091 .27 .63 .72 .90 Part IV– Computation of Interest 10a. First installment: Enter the required installment amount due on the fifteenth day of the third month. See instructions. ............................................................................................................10a. 10b. Enter payments made or credits received on or before the fifteenth day of the third month. ......................10b. 10c. First installment underpayment balance: Subtract Line 10b from Line 10a.................................................10c. 10. Interest due - Sixteenth day of the third month through the fifteenth day of the fourth month. Multiply Line 10c by .01 if greater than zero. ...................................................................... 10. 11a. Enter payments made or credits received on or before the fifteenth day of the fourth month. ....................11a. 11b. First installment underpayment balance: Subtract Line 11a from Line 10c. ................................................11b. 11. Interest due - Sixteenth day of the fourth month through the fifteenth day of the fifth month. Multiply Line 11b by .01 if greater than zero. .......................................................................... 11. 12a. Enter payments made or credits received on or before the fifteenth day of the fifth month. .......................12a. 12b. First installment underpayment balance: Subtract Line 12a from Line 11b. ................................................12b. 12. Interest due - Sixteenth day of the fifth month through the fifteenth day of the sixth month. Multiply Line 12b by .01 if greater than zero. ........................................................................ 12. 13a. Second installment: Enter payments made or credits received on or before the fifteenth day of the sixth month. .......................................................................................................................................13a. 13b. First installment underpayment balance: Subtract Line 13a from Line 12b.................................................13b. 13c. Enter the second required installment amount due on the fifteenth day of the sixth month. See instructions............................................................................................................................................13c. 13d. Second installment underpayment balance: Add Line 13b and Line 13c. ...................................................13d. 13. Interest due - Sixteenth day of the sixth month through the fifteenth day of the seventh month. Multiply Line 13d by .01 if greater than zero. .................................................................. 13. 14a. Enter payments made or credits received on or before the fifteenth day of the seventh month..................14a. 14b. Second installment underpayment balance: Subtract Line 14a from Line 13d............................................14b. 14. Interest due - Sixteenth day of the seventh month through the fifteenth day of the eighth month. Multiply Line 14b by .01 if greater than zero. ..................................................................... 14. 15a. Enter payments made or credits received on or before the fifteenth day of the eighth month. ...................15a. 15b. Second installment underpayment balance: Subtract Line 15a from Line 14b. ..........................................15b. 15. Interest due - Sixteenth day of the eighth month through the fifteenth day of the ninth month. Multiply Line 15b by .01 if greater than zero. ....................................................................... 15. 16a. Third installment: Enter payments made or credits received on or before the fifteenth day of the ninth month. .......................................................................................................................................16a. 16b. Second installment underpayment balance: Subtract Line 16a from Line 15b............................................16b. 16c. Enter the third required installment amount due on the fifteenth day of the ninth month. See instructions. ..........................................................................................................................................16c. 16d. Third installment underpayment balance: Add Line 16b and Line 16c. .......................................................16d. 16. Interest due - Sixteenth day of the ninth month through the fifteenth day of the tenth month. Multiply Line 16d by .01 if greater than zero. ....................................................................... 16. Continued Part IV– Computation of Interest on Page 3. Form CT-1120I (Rev. 12/17) Page 2 of 5 Part IV– Computation of Interest, continued 17a. Enter payments made or credits received on or before the fifteenth day of the tenth month. .................... 17a. 17b. Third installment underpayment balance: Subtract Line 17a from Line 16d............................................... 17b. 17. Interest due - Sixteenth day of the tenth month through the fifteenth day of the eleventh month. Multiply Line 17b by .01 if greater than zero. ......................................................... 17. 18a. Enter payments made or credits received on or before the fifteenth day of the eleventh month................ 18a. 18b. Third installment underpayment balance: Subtract Line 18a from Line 17b............................................... 18b. 18. Interest due - Sixteenth day of the eleventh month through the fifteenth day of the twelfth month. Multiply Line 18b by .01 if greater than zero. ............................................................ 18. 19a. Fourth installment: Enter payments made or credits received on or before the fifteenth day of the twelfth month. ................................................................................................................................... 19a. 19b. Third installment underpayment balance: Subtract Line 19a from Line 18b............................................... 19b. 19c. Enter the fourth required installment amount due on the fifteenth day of the twelfth month. See instructions. ......................................................................................................................................... 19c. 19d. Fourth installment underpayment balance: Add Line 19b and Line 19c. .................................................... 19d. 19. Interest due - Sixteenth day of the twelfth month through the fifteenth day of the thirteenth month. Multiply Line 19d by .01 if greater than zero. ....................................................... 19. 20a. Enter payments made or credits received on or before the fifteenth day of the thirteenth month. ............. 20a. 20b. Fourth installment underpayment balance: Subtract Line 20a from Line 19d. ........................................... 20b. 20. Interest due - Sixteenth day of the thirteenth month through the fifteenth day of the fourteenth month. Multiply Line 20b by .01 if greater than zero. ...................................................... 20. 21a. Enter payments made or credits received on or before the fifteenth day of the fourteenth month. ............ 21a. 21b. Fourth installment underpayment balance: Subtract Line 21a from Line 20b............................................. 21b. 21. Interest due - Sixteenth day of the fourteenth month through the fifteenth day of the fi fteenth month. Multiply Line 21b by .01 if greater than zero. .......................................................... 21. 22a. Enter payments made or credits received on or before the fifteenth day of the fifteenth month. ............... 22a. 22b. Fourth installment underpayment balance: Subtract Line 22a from Line 21b............................................. 22b. 22. Interest due - Sixteenth day of the fifteenth month to the fifteenth day of the sixteenth month. Multiply Line 22b by .01 if greater than zero. ........................................................ 22. 23a. Enter payments made or credits received on or before the fifteenth day of the sixteenth month. ............. 23a. 23b. Fourth installment underpayment balance: Subtract Line 23a from Line 22b............................................. 23b. 23. Interest due - Sixteenth day of the sixteenth month to the fifteenth day of the seventeenth month. Multiply Line 23b by .01 if greater than zero. ................................................... 23. 24. Total interest due: Add Lines 10 through 23. Enter here and on the appropriate Connecticut tax form. ......................................................................................................................................... 24. Page 3 of 5 General Instructions Part III – Annualized Income Installment Schedule Complete this form in blue or black ink only. Use Form CT-1120I to determine interest due on underpayments of estimated Connecticut Corporation Business Tax or unrelated business income tax for Form CT-1120, Corporation Business Tax Return; Form CT-1120CU, Combined Unitary Corporation Business Tax Return; or Form CT-990T, Connecticut Unrelated Business Income Tax Return. Complete column A entirely before proceeding to the next column. Line 1 - Enter the corporation’s total net income for the period. If the taxpayer made timely installment tax payments (Forms CT-1120 ESA, ESB, ESC, and ESD or Forms CT-990T ESA, 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 credits at the required installment rate, the taxpayer is not subject to interest on underpaid installments. If the current year tax is $1,000 or less, it is not necessary to complete this form. Line 5 - If the corporation is subject to the surtax, enter that amount on Line 5. Estimated tax payments may be based on the applicable percentage of the current year tax determined by annualizing net income. See Informational Publication 2017(24), 2017 Q & A on Estimated Corporation Business Tax and Worksheet CT-1120AE. Line Instructions Part I – Computation of Required Annual Payment Line 4 - The Connecticut Corporation Business Tax rate is 7.5%. Multiply Line 3 by 7.5% (.075). Line 7 - Enter the corporation’s estimated allowable Connecticut Corporation Business Tax credits for the year. The amount of tax credits allowable against the Corporation Business Tax generally may not exceed 50.01% of the amount of tax due prior to the application of the tax credits. For 2017, Research and Development, Research and Experimental Expenditures, and Urban and Industrial Site Reinvestment tax credits that remain after application of the 50.01% limitation may be further used, provided the total of all tax credits used shall not exceed 60% of the tax liability. In addition, no tax credit shall reduce an included corporation’s tax calculated under Conn. Gen. Stat. §12-219 to an amount less than $250. Line 1 - Enter the tax liability for the current income year from Form CT-1120, Schedule C, Line 6 minus Schedule C, Line 1c or Form CT-1120CU, Part III, Line 3, minus Part I, Line 8; Combined Group Total column; or Form CT-990T, Computation of Amount Payable, Line 5. Line 11 - Do not enter an amount in Column A. Enter in Column B the amount from Line 17, Column A. Enter in Column C the sum of Line 17, Column A, plus Line 17 Column B. Enter in Column D the sum of Line 17, Column A, plus Line 17, Column B, plus Line 17, Column C. The amount entered on Line 1 should not include any recapture of tax credits. Line 13 - Enter the appropriate amount of your required installment as calculated in Part II, Lines 6 through 9, above. Line 3 - Enter the total tax from the prior income year before the application of any tax credits. The amount entered on this line should not include any recapture of tax credits. If no return has been filed for the prior income year or a return was filed for less than a twelve-month period, leave Line 3 blank and enter the amount from Line 2 on Line 5. Line 19 - Enter all estimated tax payments made through the payment due date for the period. Include overpayments of the prior year tax applied to the current year. If the tax return for the prior year was filed on time or within the extension period if a timely request for an extension was filed, the overpayment will be treated as estimated tax paid on the fifteenth day of the third month (March 15 for calendar year filers). Otherwise, the overpayment will be treated as estimated tax paid on the date the prior year tax return was filed. Combined unitary filers included in a 2017 Form CT-1120CU, Combined Unitary Corporation Business Tax Return, should enter the total tax due from all of the taxable members of the combined group that filed with the designated taxable member in the prior year minus any recapture of tax credits. Part II – Computation of Required Installments The required installment payments are due on or before the fifteenth day of the third, sixth, ninth, and twelfth months of the income year. If the due date falls on a Saturday, Sunday, or legal holiday, the return is considered timely if filed on the next business day. Lines 6 through 9 - Calculate the required minimum installment payments due. Multiply the required annual payment from Part I, Line 5, by the required installment rate and enter the result on the appropriate line. Form CT-1120I (Rev. 12/17) Part IV – Computation of Interest Lines 10a, 13c, 16c, and 19c - Enter on the appropriate line the required installment amount due. The required installment amounts are computed as follows: Regular Filers Enter the amount from Part II, Lines 6 through 9; or Annualized Filers Enter the amount from Part III, Line 17, Column A, on Line 10a. Enter the amount from Part III, Line 17, Column B, on Line 13c. Enter the amount from Part III, Line 17, Column C, on Line 16c. Enter the amount from Part III, Line 17, Column D, on Line 19c. Page 4 of 5 Lines 10b, 11a, 12a, 13a, 14a, 15a, 16a, 17a, 18a, 19a, 20a, 21a, 22a, and 23a - Enter the payment amounts on the appropriate line according to the date of payment. Payments are first applied to any remaining unpaid installment balances that are due, and then are applied to the next required installment due. Lines 10 through 23 - Interest is calculated monthly on the accumulated unpaid required installment balance due at 1% per month or fraction of a month. Line 24 - Enter the total interest due on unpaid required installment balances by adding the amounts on Lines 10 through 23. This amount is also entered on the appropriate Connecticut tax form. Payments if a Waiver From Electronic Filing has been Obtained If you have been granted a waiver from electronic filing, payments accompanying an estimated installment Form CT-1120 ESA, ESB, ESC, and ESD or Form CT-990T ESA, ESB, ESC, and ESD will be credited as of the U.S. Postal Service cancellation mark on the payment. The payment must be made or credit established on or before the due date of the required installment. Payments of estimated tax are credited first against underpaid installments in the order in which such installments are required to be paid. The overpayment from the filing of a Corporation Business Tax return is established as of the U.S. Postal Service cancellation mark on the completed return. Form CT-1120I (Rev. 12/17) Non-electronic payments made without an electronic payment waiver will be subject to penalty. Taxpayers can use certain private delivery services, in addition to the U.S. Postal Service, for delivering returns, claims, statements or other documents, or payments, and meet the timely filing/payment rules. The timely filed and timely payment rules will be met if the U.S. Postal Service cancellation date, or the date recorded or marked by a designated private delivery service (PDS) using a designated type of service, is on or before the due date. Not all types of service provided by these designated PDSs qualify. See Policy Statement 2016(4), Designated Private Delivery Services and Designated Types of Service, for a current list of qualified PDSs. Taxpayer Service Center The Department of Revenue Services (DRS) Taxpayer Service Center (TSC) allows taxpayers to electronically file, pay, and manage state tax responsibilities. To make electronic transactions or administer your tax account online,visit www.ct.gov/TSC and select Business. Page 5 of 5
Extracted from PDF file 2017-connecticut-form-ct-1120i.pdf, last modified November 2017

More about the Connecticut Form CT-1120I Corporate Income Tax Estimated TY 2017

We last updated the Computation of Interest Due on Underpayment of Estimated Tax in January 2018, so this is the latest version of Form CT-1120I, fully updated for tax year 2017. You can download or print current or past-year PDFs of Form CT-1120I directly from TaxFormFinder. You can print other Connecticut tax forms here.


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Other Connecticut Corporate Income Tax Forms:

TaxFormFinder has an additional 85 Connecticut income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
Form CT-1120 EXT Application for Extension of Time to File Connecticut Corporation Tax Return
Form CT-1120 Corporation Business Tax Return
Form CT-1120 U Unitary Corporation Business Tax Return
Form CT-1120 CU Combined Unitary Corporation Business Tax Return
Form CT-1120X Amended Corporation Business Tax Return

Download all CT tax forms View all 86 Connecticut Income Tax Forms


Form Sources:

Connecticut usually releases forms for the current tax year between January and April. We last updated Connecticut Form CT-1120I from the Department of Revenue Services in January 2018.

Show Sources >

Form CT-1120I is a Connecticut Corporate Income Tax form. While most taxpayers have income taxes automatically withheld every pay period by their employer, taxpayers who earn money that is not subject to withholding (such as self employed income, investment returns, etc) are often required to make estimated tax payments on a quarterly basis. Failure to make correct estimated payments can result in interest or penalties.

About the Corporate Income Tax

The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.

Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).

Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.

Historical Past-Year Versions of Connecticut Form CT-1120I

We have a total of seven past-year versions of Form CT-1120I in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2016 Form CT-1120I

CT-1120I, 2016 Computation of Interest Due on Underpayment of Estimated Tax

2015 Computation of Interest Due on Underpayment of Estimated Tax 2015 Form CT-1120I

CT-1120I, 2015 Computation of Interest Due on Underpayment of Estimated Tax

2014 Computation of Interest Due on Underpayment of Estimated Tax 2014 Form CT-1120I

Form CT-1120I, 2014 Computation of Interest Due on Underpayment of Estimated Tax

2013 Computation of Interest Due on Underpayment of Estimated Tax 2013 Form CT-1120I

CT-1120I, 2013 Computation of Interest Due on Underpayment of Estimated Tax

2012 Computation of Interest Due on Underpayment of Estmiated Tax 2012 Form CT-1120I

CT-1120I, 2012 Computation of Interest Due on Underpayment of Estmiated Tax

2011 Computation of Interest Due on Underpayment of Estimated Tax 2011 Form CT-1120I

CT-1120I, Computation of Interest Due on Underpayment of Estimated Tax


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