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Nebraska Free Printable  for 2020 Nebraska Electing Small Business Trust Tax Calculation Worksheet

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Electing Small Business Trust Tax Calculation Worksheet
Form 1041N -Wkst

RESET Electing Small Business Trust (ESBT) Tax Calculation Worksheet Name on Form 1041N Nebraska ID Number PRINT FORM 1041N ESBT Worksheet 2019 1 Total federal income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 00 2 Federal taxable income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Adjustments 00 3 Income from U.S. government bonds or other U.S. obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 4 Income from non-Nebraska state and local bond interest and other Nebraska adjustments increasing federal taxable income. List the types and enter the total amount on line 4 4 5 Nebraska adjustments decreasing federal taxable income. List the types and enter the total amount on line 5 5 00 6 Nebraska taxable income (line 2 plus line 4) minus (lines 3 and 5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 00 00 00 • Nonresident ESBTs should not make entries on lines 7, 8, or 9 of this worksheet. Nonresident ESBTs must complete the Computation of Nebraska Tax for Nonresident ESBT section (below) to determine their Nebraska tax. 7 Nebraska income tax (use the tax rate schedule on page 8 of the Form 1041N instructions to calculate the amount of tax) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 00 8 Nebraska other tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 00 9 Total Nebraska tax (line 7 plus line 8). Enter here and on line 10, Form 1041N . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Computation of Nebraska Tax For Nonresident ESBT 00 10 Nebraska taxable income (from line 6 above) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 11 Nebraska income tax (use the tax rate schedule on page 8 of the Form 1041N instructions to calculate the amount of tax) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 00 12 Nebraska other tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 00 13 Total Nebraska tax (line 11 plus line 12) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 00 14 Income derived from Nebraska sources, except capital and ordinary gain (loss) . . . . . . . . . . . . . . . . . . . . . . . . . 14 00 15 Nebraska capital and ordinary gain (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 16 Adjustments as applied to Nebraska income, if any. List:_____________________________________________________________________________________ 16 17 Nebraska adjusted gross income (line 14 plus or minus lines 15 and 16) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 18 Nebraska share of line 13. Compute below, and enter result here and on line 40, Schedule I, Form 1041N. Calculate the ratio to five decimal places and round to four. 00 Line 17 (Line 1 + Line 4) – (Line 3 + Line 5) = . x (Ratio) = (Line 13) 18 00 00 00 00 8-599-2019 Instructions Who Must File. This worksheet must be filed by an Electing Small Business Trust (ESBT) which receives income from an S corporation doing business in Nebraska and which is taxed under Internal Revenue Code (IRC) § 641(c). When and Where to File. This worksheet must be completed and attached to the Nebraska Fiduciary Income Tax Return, Form 1041N. Specific Instructions. Under IRC § 641(c), an ESBT receiving income from an S corporation is required to calculate its tax liability as a separate trust. Nebraska also requires an ESBT to calculate its Nebraska tax on the S corporation income as a separate trust. All amounts entered on this Worksheet must be related to the amounts received from the S corporation and used to calculate the separate federal tax. If the separate federal tax was based on distributions received from more than one S corporation, this worksheet should include the aggregate amounts received. Reminder: ESBTs receiving income or losses from S corporations doing business in more than one state must adjust their federal taxable income as indicated in the instructions for line 4 and line 5 of this worksheet. Line 1. Enter the ESBT’s total federal income received from the S corporation. Line 2. Enter the ESBT’s federal taxable income. This amount should be included in the supplemental information of the ESBT’s federal income tax return. Line 3. Enter the amount of interest and dividend income from U.S. government obligations exempt from state taxation. The Taxability of Interest and Dividend Income From State, Local, and U.S. Government Obligations Information Guide, lists U.S. interest and dividend income which can be included on line 3. Interest income from repurchase agreements involving U.S. government obligations is not deductible as U.S. government interest. Gains or losses from the sale or other disposition of federal securities are taxable for state income tax purposes and should not be included on line 3. Line 4. Enter the total adjustments increasing federal taxable income. This income includes, but is not limited to: • Non-Nebraska state or local obligations exempt from federal taxation; • Any loss from an S corporation or LLC which was not from Nebraska sources; and • Federal net operating or capital losses deducted in computing federal taxable income. Line 5. The net income received from an S corporation that is not related to Nebraska sources is deducted from federal taxable income. This deduction is limited to the amount included in federal taxable income. An estate or trust cannot include in this deduction any amount of S corporation or LLC income from non-Nebraska sources that was part of the qualified business income deduction claimed on its federal return. For information on other deductions, see Nebraska Fiduciary Income Tax Regulation 23-004, Taxation of Resident and Nonresident Estates and Trusts. Line 7. A resident ESBT will compute and report its tax liability on lines 7 and 8 of the Worksheet and enter the total on line 9 of the Worksheet. This total will also be carried to line 10 of Form 1041N. A nonresident ESBT will not use lines 7, 8, and 9 of the Worksheet. A nonresident ESBT must complete lines 10 through 18 of the Worksheet to determine its Nebraska tax liability. Line 8. Use the Nebraska Other Tax Worksheet to calculate the amount to enter on line 8. The worksheet may be found in the instructions for line 9 of the Form 1041N. Line 12. Use the Nebraska Other Tax Worksheet to calculate the amount to enter on line 12. The worksheet may be found in the instructions for line 9 of the Form 1041N. Line 14. Enter the entire net income or loss distributed from the S corporation to the ESBT. If the S corporation has business activity in more than one state, only a portion of the income is included on line 14. The portion included will be based on the S corporation’s Nebraska apportionment factor. Line 15. Enter the taxable amount of Nebraska capital and ordinary gain and loss distributed from the S corporation. Line 16. The adjustments must relate to Nebraska income amounts reported on lines 14 and 15. Include a schedule specifically identifying the adjustments claimed. Line 18. The ratio used in the division calculation of this line must be computed to five decimal places and rounded to four. Enter the amount from line 18 on line 40, Schedule I, Form 1041N.
Extracted from PDF file 2019-nebraska-form-1041n-wkst.pdf, last modified January 2020

More about the Nebraska Form 1041N -Wkst Corporate Income Tax TY 2019

We last updated the Electing Small Business Trust Tax Calculation Worksheet in March 2020, so this is the latest version of Form 1041N -Wkst, fully updated for tax year 2019. You can download or print current or past-year PDFs of Form 1041N -Wkst directly from TaxFormFinder. You can print other Nebraska tax forms here.

Other Nebraska Corporate Income Tax Forms:

TaxFormFinder has an additional 34 Nebraska income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
Form 1120N Booklet Corporation Income Tax Booklet - Forms and Instructions
Form 1120-SN Booklet S Corporation Income Tax Booklet - Forms & Instructions
Form 1120-SN Nebraska S Corporation Income Tax Return with Schedule A - Adjustments to Ordinary Business Income
Form 1120N-ES Nebraska Corporation Estimated Income Tax Payment Voucher
Form CDN Nebraska Community Development Assistance Act Credit Computation

Download all NE tax forms View all 35 Nebraska Income Tax Forms


Form Sources:

Nebraska usually releases forms for the current tax year between January and April. We last updated Nebraska Form 1041N -Wkst from the Department of Revenue in March 2020.

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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 Nebraska Form 1041N -Wkst

We have a total of seven past-year versions of Form 1041N -Wkst in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2013 Electing Small Business Trust Tax Calculation Worksheet€€(1/2014) 2013 Form 1041N -Wkst

Form 1041N-Wkst


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