AN 93(1)
Typographical Errors On 1992 Form CT-1041
The purpose of this Announcement is to point out three typographical errors on a schedule to the 1992 Connecticut income tax return for fiduciaries of trusts and estates and one typographical error in, and one clarification to, the instructions to the return.
SCHEDULE CT-1041 FA (FIDUCIARY ALLOCATION), 1992 FORM CT-1041: Three lines in Part 3 of Schedule CT-1041 FA (Fiduciary Allocation) make incorrect references to lines on Schedule A of the federal Form 1041.
The reference on Line 13 of Part 3 of the Schedule CT-1041 FA should be to Line 7 (and not Line 6) of the federal Form 1041, Schedule A.
The reference on Line 19 of Part 3 of the Schedule CT-1041 FA should be to Line 3 (and not Line 1) of the federal form 1041, Schedule A.
The reference on Line 20 of Part 3 of the Schedule CT-1041 FA should be to Line 6 (and not Line 4) of the federal Form 1041, Schedule A.
SCHEDULE A (CONNECTICUT FIDUCIARY ADJUSTMENT), 1992 FORM CT-1041: On page 11 of the booklet, the references in the last sentence of the introductory paragraph of the instructions for Schedule A should be to Line 6 (and not Line 2) of Schedule A and to Line 12 (and not Line 7) of Schedule A.
On page 12 of the booklet, the instructions for Schedule A indicate that the additions and subtractions that are made on Schedule A in computing the Connecticut taxable income of the trust or estate are to be entered "net of expenses".
The expenses relating to the amounts that are entered on Lines 1 through 4, inclusive, of Schedule A are to be entered on Line 11 (and are not to be netted against the amounts that are entered on Lines 1 through 4, inclusive).
The expenses relating to the amounts that are entered on Lines 7 through 10, inclusive, of Schedule A are to be entered on Line 5 (and are not to be netted against the amounts that are entered on Lines 7 through 10, inclusive).
For example, to the extent deductible in determining federal taxable income prior to the deductions relating to distributions to beneficiaries, interest expenses on indebtedness incurred to purchase:
State and local governmental bonds, the interest from which is subject to Connecticut income tax, but exempt from federal income tax, is entered on Line 11 (and not netted against the amount that is entered on Line 1).
U.S. governmental bonds, the interest from which is subject to federal income tax, but exempt from Connecticut income tax, is entered on Line 5 (and not netted against the amount that is entered on Line 7).
PLEASE NOTE THE FOLLOWING NEW INFORMATION ABOUT DRS.
FOR FURTHER INFORMATION: To order forms and publications or for further information, call the Department of Revenue Services at 860-297-5962 (Hartford area or out-of-state) or 1-800-382-9463 (in-state). Forms and publications may be ordered through voice-mail 24-hours a day by choosing Option 3 on your touch tone telephone.
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AN 93(1)
Income Tax
1/29/93