Connecticut Schedule CT-IT Credit

Schedule CT-IT Credit
Form CT-IT Credit
Income Tax Credit Summary

(Rev. 12/20)
IT 1220W 01 9999

Taxpayer’s name (if individual)	

2020

Schedule CT-IT Credit

Department of Revenue Services
State of Connecticut

Complete this form in blue or black ink only. See instructions before completing. Please note that each form is year specific.
To prevent any delay in processing your return, the correct year’s form must be attached to Form CT‑1040, Form CT‑1040NR/PY,
Form CT‑1040X, or Form CT‑1041 and submitted to the Department of Revenue Services (DRS). Do not use staples.
Middle initial	 Last name	

Social Security Number (SSN)

If joint return, spouse’s first name	 Middle initial	 Last name	

Spouse’s SSN

Taxpayer’s name (if trust or estate)			

Federal Employer Identification Number

Part I Tax Credits Applied to Income Tax Liability
	 1.	 Income tax liability: Enter amount from Form CT‑1040,
Line 12; Form CT‑1040NR/PY, Line 14; Form CT‑1040X,
Line 16; or Form CT‑1041, Line 7.

Column A

Tax Credit Limitation

Column B

Carryforward From
Previous Income Years

Column C

2020 Amount Earned

Column D

Amount Applied to
2020 Income Tax Liability

Column E

Carryforward Amount
to 2021

.00

	2.	Reserved for future use.
	3.	Reserved for future use.
	4.	Reserved for future use.
	5.	Reserved for future use.
	 6.	 Angel Investor Tax Credit: See instructions on Page 3
before completing Line 6.
	 7.	 Balance of income tax liability: Subtract Line 6, Column D,
from Line 1, Column A. If less than zero, enter “0.”

	10.	Prior year Connecticut minimum tax: Enter in Column B the
amount from your 2019 Schedule CT‑IT Credit, Line 10,
Column E. Enter in Column D the lesser of your 2020 Form
CT‑8801, Part II, Line 30, or Schedule CT‑IT Credit, Line 9,
Column A.

.00 

.00 

.00

.00

.00 

.00 

.00

.00

.00 

.00 

.00

.00

	 8. 	Insurance Reinvestment Fund Tax Credit from Form CT‑IRF:
Enter in Column D the lesser of the total of Line 8, Column B
and Column C, or Line 7, Column A.
	 9.	 Balance of income tax liability: Subtract Line 8, Column D,
from Line 7, Column A. If less than zero, enter “0.”

.00

.00

	11.	 Total allowable credits:
Add Column D on Lines 6, 8, and 10. Enter the total here
and on Form CT‑1040, Line 13; Form CT‑1040NR/PY,
Line 15; Form CT‑1040X, Line 17; or Form CT‑1041, Line 8.

.00
Do not use this schedule to report any pass‑through entity tax credit.

If you have pass‑through entity tax credit, use Schedule CT‑PE, Pass‑Through Entity Tax Credit.

Schedule CT-IT Credit
Page 2 of 2
(Rev. 12/20)
IT 1220W 02 9999

Your Social Security Number

Part II - Tax Credits Reported by Pass‑Through Entity on Schedule CT K‑1 or by a Trust or Estate on Schedule CT‑1041 K‑1
Column A

Type of Tax Credit

Column B

Column C

Name of Pass-Through Entity or Trust

Column D

FEIN

Amount of Credit

	1.

	
	

	

.00

	2.

	
	

	

.00

	3.

	
	

	

.00

	4.

	
	

	

.00

	5.

	
	

	

.00

	6.

	
	

	

.00

	7.

	
	

	

.00

	

.00

	 	
	 8.	 Total tax credits reported by a pass-through entity from supplemental schedule (as applicable)

Part III - Angel Investor Tax Credit
1.	 CII Voucher Number:	

Indicate if you are:	

Original Holder	 

OR	

Assignee




2.	 CII Voucher Number:		

Indicate if you are:	

Original Holder	 

OR	

Assignee



Attach completed Schedule CT‑IT Credit to the back of Form CT‑1040, CT-1040NR/PY, CT‑1040X or CT-1041.

Schedule CT-IT Credit Instructions
Individuals, Trusts, or Estates

Attach Schedule CT‑IT Credit, Income Tax Credit Summary,
to Form CT‑1040, Connecticut Resident Income Tax Return,
Form CT‑1040NR/PY, Connecticut Nonresident or Part‑Year
Resident Income Tax Return, Form CT‑1040X, Amended
Connecticut Income Tax Return for Individuals, or Form
CT‑1041, Connecticut Income Tax Return for Trusts and
Estates, whenever tax credits from the current taxable year
are being claimed or carryforward tax credit balances exist
from a prior year. Do not use staples. Keep a copy of the
document(s) reporting the amount of your available credit
for your records. The amount of the tax credit is limited to
the taxpayer’s income tax liability.
Trusts or estates may allocate all or a portion of the credit(s)
to the beneficiary(ies). If all or a portion of the credit(s)
is allocated to the beneficiary(ies), the trust or estate
must complete Worksheet B - Worksheet for Schedule
CT‑IT Credit (found in the Form CT‑1041 instruction booklet).
The amount of the tax credit allocable to the trust or estate
on Worksheet B - Worksheet for Schedule CT‑IT Credit,
Line 6, Column D, is the amount earned for purposes of
Column C of this schedule.
Additional information about Connecticut income tax credits
is available in Special Notice 2010(3), 2010 Legislative
Changes Affecting the Income Tax, Special Notice 2012(6),
2012 Legislative Changes Affecting the Income Tax, and
Special Notice 2013(7), 2013 Legislative Changes Affecting
the Income Tax.

Tax Credits With Limited Carryforward Provisions
Any angel investor or insurance reinvestment fund tax credit
balance that remains after applying the tax credits to the
current year income tax liability may be carried forward if the
period for claiming the tax credit has not expired.

Since the carryforward period for each tax credit varies, the
taxpayer must decide how to apply the tax credits with a
carryforward provision based on the remaining carryforward
period. For example, if the insurance reinvestment fund tax
credit has only a two‑year carryforward period remaining
and the angel investor tax credit has a five‑year carryforward
period remaining, the taxpayer may choose to apply the
insurance reinvestment fund tax credit first.
Attach Form CT‑IRF, Insurance Reinvestment Fund Tax
Credit, to Form CT‑1040, Form CT‑1040NR/PY, Form
CT‑1040X, or Form CT‑1041 if a paper return is filed.

Schedule CT-IT Credit Instructions (Rev. 12/20)	

Credit for Prior Year Connecticut Minimum Tax

A credit for a prior year alternative minimum tax may
be allowed if you do not have a current year alternative
minimum tax liability. Attach Form CT‑8801, Credit for Prior
Year Connecticut Minimum Tax for Individuals, Trusts, and
Estates, to Form CT‑1040, Form CT‑1040NR/PY, Form
CT‑1040X, or Form CT‑1041 if a paper return is filed.
These forms can be downloaded from the DRS website at
portal.ct.gov/DRS.

Part I Line Instructions
Line 1 - Income tax liability

Column A: Enter the 2020 income tax liability from Form
CT‑1040, Line 12; Form CT‑1040NR/PY, Line 14; Form
CT‑1040X, Line 16; or Form CT‑1041, Line 7.

Line 6 - Angel investor tax credit

Effective for taxable years beginning on or after
January 1, 2016, the Angel Investor Tax Credit may be
sold, assigned, or transferred one time. See instructions
for Part III - Angel Investor Tax Credit.
Column B: Enter the amount from your 2019 Schedule
CT‑IT Credit, Line 6, Column E.

Column E: Enter the amount from your 2020 Form CT‑IRF,
Part II, Line 8.

Line 10 - Credit for prior year alternative
minimum tax

You must complete Form CT‑8801 before completing
Schedule CT‑IT Credit, Line 10. Attach Form CT‑8801 to
your return if a paper return is filed.
Column B: Enter the amount from your 2019 Schedule
CT‑IT Credit, Line 10, Column E.
Column C: Enter the amount from your 2020 Form CT‑8801,
Part II, Line 24.
Column D: Enter the amount from your 2020 Form CT‑8801,
Part II, Line 30, or the amount from Schedule CT‑IT Credit,
Line 9, Column A, whichever is less.
Column E: Subtract Column D from the total of Column B
and Column C.

Part II Tax Credit Reported by
Pass‑Through Entity on Schedule
CT K‑1 or by a Trust or Estate on
Schedule CT‑1041 K‑1

Column C: Enter the amount earned during 2020. This
is the amount on the credit voucher from Connecticut
Innovations, Inc., Schedule CT K‑1, Schedule CT‑1041 K‑1,
or Worksheet B - Worksheet for Schedule CT‑IT Credit.

Individual, Trust, or Estate

Column D: Enter the amount applied to your 2020 income
tax liability. Enter the lesser of the total of Line 6, Column B
and Column C, or Line 1, Column A.

For each credit reported to the individual, trust, or estate
on Schedule CT K‑1 or Schedule CT‑1041 K‑1, enter in
Column A the type of tax credit reported. Enter in Columns B
and C respectively, the name and Federal Employer
Identification Number (FEIN) of the pass‑through entity as
it appears on Schedule CT K‑1 or the name and FEIN of
the trust or estate as it appears on Schedule CT‑1041 K‑1.
Enter the amount of each tax credit in Column D. Attach
additional schedules as needed.

Column E: Subtract Column D from the total of Column B
and Column C.

Line 8 - Insurance reinvestment fund tax credit

You must complete Form CT‑IRF before completing
Schedule CT‑IT Credit, Line 8. Attach Form CT‑IRF to your
return if a paper return is filed.

An individual, trust, or estate who is a member of a
pass‑through entity or a beneficiary of a trust or estate must
complete Part II of this schedule.

Column B: Enter the amount from your 2019 Schedule
CT‑IT Credit, Line 8, Column E.

Part III Angel Investor Tax Credit

Column C: Enter the amount from your 2020 Form CT‑IRF,
Part I, Line 6.

You must complete Part III of this schedule if you are taking
the Angel Investor Tax Credit whether you are the Original
Holder of the Credit or the Credit was assigned, transferred,
or sold to you. Provide the CII Voucher Number and indicate
if you are the Original Holder or the Assignee.

Column D: Enter the amount applied to your 2020 income
tax liability. Enter the lesser of the total of Line 8, Column B
and Column C, or Line 7, Column A.

Individual, Trust, or Estate

Page 1 of 1