How are income taxes calculated in the state of Connecticut?

Those tax rates are based on Connecticut taxable income, which is derived from the federal adjusted gross income (AGI), which appears on line 37 of IRS form 1040. To arrive at Connecticut taxable income, generally all that needs to be done is to subtract the Connecticut personal exemption from federal AGI.

What makes Connecticut tax different from other states?

Connecticut is different from other states in that it treats personal exemptions for state tax as tax credits. That means instead of deducting an amount from taxable income, Connecticut residents reduce their tax liability after it has been calculated. In general, Connecticut uses tax credits instead of deductions.

How to calculate your personal exemption in Connecticut?

To arrive at Connecticut taxable income, generally all that needs to be done is to subtract the Connecticut personal exemption from federal AGI. Consider looking into tax preparation software like TaxAct and TaxSlayer to help file your taxes. The personal exemption in Connecticut can be as much as $24,000, depending on filing status and income.

What kind of tax credits do you get in Connecticut?

Connecticut Tax Credits. Among these are the Connecticut Earned Income Tax Credit (CT-EITC), equal to 27.5% of the corresponding federal credit; the Property Tax Credit, up to $200 for eligible Connecticut homeowners with property tax liability; and the Personal Tax Credit, which ranges from 1% to 75% of income taxes due,…

When do I Mail my Connecticut tax return?

To be timely, the check must be received or must bear a U.S. postmark on or before that date. For other timely mailing options see the Connecticut income tax instructions for mailing the return. Any balance still outstanding as of the due date, is generally subject to 10% penalty.

Who is the Commissioner of taxes in Connecticut?

It is my honor to serve the State of Connecticut and you, the taxpayer, as Acting DRS Commissioner. We appreciate the opportunity to answer your questions, provide you with tools and guidance needed to complete tax filings, and report to you on state tax collection and program administration efforts.

Who is the Connecticut Department of revenue services?

I would like to welcome you to the Connecticut Department of Revenue Services (DRS) website. It is my honor to serve the State of Connecticut and you, the taxpayer. We appreciate the opportunity to answer your questions, provide you with tools and guidance needed to complete tax filings, and report to you on state tax administration efforts.

What is the penalty for not paying taxes in Connecticut?

For other timely mailing options see the Connecticut income tax instructions for mailing the return. Any balance still outstanding as of the due date, is generally subject to 10% penalty. Interest will also be assessed at the rate of 1% per month or fraction of a month until payment is made.