Connecticut K-1 (Form 1041) reports a trust's or estate's share of income, deductions, and state adjustments for Connecticut tax purposes. These forms often include specific state-level modifications for items such as interest, dividends, capital gains, and various fiduciary deductions, which can differ from federal reporting. The varied layouts and extensive, often nuanced, footnotes across these Connecticut K-1 documents, especially given different preparers and tax software, can significantly impede the review process for tax professionals as they manually reconcile and input data. Abacus addresses this challenge by meticulously extracting all relevant fields from Connecticut K-1 (Form 1041) PDFs and normalizing them into standardized Excel workbooks. This process includes precise handling of both federal and state add-backs and subtractions, application of various tax credits, and detailed tracking of ownership information, ensuring the data is clean and ready for direct, efficient import into leading tax preparation software like CCH or GoSystem.
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