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Nebraska Shareholder's Share of Income, Deductions, Modifications, and Credits
Extracted from PDF file 2024-nebraska-form-1120-sn-k-1n.pdf, last modified October 2024Shareholder's Share of Income, Deductions, Modifications, and Credits
PRINT FORM RESET FORM Nebraska Schedule K-1N — Shareholder’s Share of Income, Deductions, Modifications, and Credits Corporation’s Name and Mailing Address FORM 1120-SN Schedule K-1N 2024 Shareholder’s Name and Mailing Address Name Doing Business As (dba) Name Legal Name Street or Other Mailing Address Street or Other Mailing Address City State ZIP Code Nebraska ID Number Federal ID Number Taxable Year of Organization City State ZIP Code Social Security Number/Federal ID Number Spouse’s Social Security Number Check One: Resident Individual Beginning _________________ , 20 _____ and Ending _________________ , 20 _____ S Corporation’s Nebraska Apportionment Factor Nonresident Individual Estate or Trust Exempt Organization Shareholder’s Ownership Percentage If applicable, check the appropriate box: % % Final Amended Part A - Shareholder’s Share of Income and Deductions 1 Ordinary business income (loss). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Net rental real estate income (loss). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Other net rental income (loss). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Ordinary dividends. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Royalties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Net short-term capital gain (loss). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Net long-term capital gain (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Net Section 1231 gain (loss). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Other income (loss) (list below or attach schedule) a List type:___________________________________________________ b Amount: $___________ Total other income (loss). Enter total of lines 10b. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Section 179 deduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Other deductions (list below or attach schedule) a List type:___________________________________________________ b Amount: $___________ Total other deductions. Enter total of lines 13b. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Nebraska and local income, sales, and use taxes deducted on Federal Form 1120-S under section 164 of the IRC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Part B - Shareholder’s Share of Modifications 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Qualified U.S. government interest deduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 State and local government interest and dividend income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Income (loss) from non-Nebraska sources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 16 17 18 Community Development Assistance Act credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Creating High Impact Economic Futures (CHIEF) credit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 Form 3800N credits (see Form 1120-SN Schedule K-1N instructions) 18 19 Part C - Shareholder’s Share of Credits Enter Code for the 3800N credit Amount of 3800N credit $ $ $ $ Total of 3800N credits (Enter here and on line 20) $ 20 21 Contractor withholding (see instructions) 22 Nebraska income tax withheld (see instructions). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 Total PTET credit (see instructions). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 22 a 2018 $________________ b 2019 $________________ c 2020 $________________ d 2021 $________________ e 2022 $________________ f 2024 $________________ 23 24 Opportunity Scholarships Act credit for contributors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 School Readiness Tax Credit for Providers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 25 revenue.nebraska.gov, 800-742‑7474 (NE and IA), 402-471-5729 8-687-2024 Instructions Purpose. The Nebraska Schedule K-1N is used by the S corporation to report each shareholder’s share of the entity’s Nebraska income, deductions, modifications, and credits. The Nebraska Schedule K-1N is also used by each shareholder to complete their Nebraska tax return. The S corporation must provide a Nebraska Schedule K-1N to each shareholder. A copy of every Nebraska Schedule K-1N must be submitted with the Form 1120-SN. Enter the shareholder’s share of the distributed Form 3800N credits. When S corporations issue Nebraska Schedules K-1N to shareholders, they must also: complete distribution schedules such as Forms 775N, 312N, 1107N, 544N, the 3800N Worksheet HBTC (listing the HBTC certificate); and report the distributed credit amount to the shareholders on line 20 of the Schedule K-1N. To distribute credits earned under the Urban Redevelopment Act, contact DOR to obtain the necessary worksheet and other documentation requirements. Complete the S Corporation and Shareholder Information Shareholder’s Name and Mailing Address. If the shareholder is a grantor trust, enter the name and mailing address of the grantor. If a single-member limited liability company (LLC) owns stock in the corporation and is treated as a disregarded entity for income tax purposes, enter the LLC owner’s name and mailing address. Nebraska ID Number. Enter the Nebraska ID number assigned to the S corporation by DOR. The S corporation’s Nebraska ID number on the Schedule K-1N and the Form 1120-SN must be the same. Refer to the Nebraska ID number instructions for Form 1120-SN. Federal ID Number. Enter the Federal ID numbers assigned by the IRS to both the corporation and the shareholder. If the shareholder is an individual, enter the individual’s Social Security number. If a single-member limited liability company (LLC) owns stock in the corporation and is treated as a disregarded entity for income tax purposes, enter the LLC owner’s Social Security number or Federal ID number. Taxable Year of Organization. S corporations filing on a fiscal-year basis or filing a short period return must enter the date the tax year began and the date the tax year ended. Calendar-year filers may leave this blank. S Corporation’s Nebraska Apportionment Factor. Enter the S corporation’s Nebraska apportionment factor from line 15 of Schedule I, Form 1120-SN. Shareholder’s Ownership Percentage. Enter the shareholder’s percentage of stock ownership for the tax year from the Federal Schedule K-1. Convert the decimal shown on the Schedule II to a percentage before entering on the K-1N. Part A – Shareholder's Share of Income and Deductions Complete Part A to report the shareholder’s share of the S corporation’s income (loss) and deductions from Nebraska sources. Lines 1-13. For S corporations that are only subject to income tax in Nebraska, the amounts entered on lines 1-13 will come directly from the shareholder’s Federal Schedule K-1. For S corporations that are subject to income tax in another state, the amounts entered on lines 1-13 will be the result of the Federal Schedule K-1 amounts multiplied by the S corporation’s Nebraska apportionment factor. Line 14. Enter the shareholder’s share of the Nebraska and local income, sales, and use taxes deducted on the 2024 Federal Form 1120-S under section 164 of the Internal Revenue Code (IRC). This includes the Nebraska PTET deducted by the S corporation. Part B – Shareholder’s Share of Modifications Complete Part B to report the shareholder’s share of the income distributed by the S corporation that modifies the federal adjusted gross income or federal taxable income of the shareholder. For S corporations that are only subject to income tax in Nebraska, the amounts entered on lines 15 and 16 will be the same as the amounts reported to the IRS. For S corporations that are subject to income tax in another state, the amounts entered on lines 15 and 16 will be the result of the federal amounts multiplied by the S corporation’s Nebraska apportionment factor. Line 15. Qualified U.S. Government Interest Deduction. Enter the shareholder’s share of all 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 that can be included on line 15, Nebraska Schedule K-1N. Interest income from repurchase agreements involving U.S. government obligations is not exempt 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 15. Line 16. State and Local Government Interest and Dividend Income. Enter the shareholder’s share of all state and local bond interest or dividends that are exempt from federal income tax and not issued by Nebraska state and local government subdivisions. Line 17. Income (Loss) from Non-Nebraska Sources. Income (Loss) from Non-Nebraska Sources. The shareholder’s share of the non-Nebraska income or (loss) is equal to the shareholder’s share of line 4, Form 1120-SN minus the shareholder’s share of line 5, Form 1120-SN. Part C – Shareholder’s Share of Credits Complete Part C to report the credits that were earned by the S corporation and distributed to the shareholders. Line 18. Community Development Assistance Act (CDAA) Credit. Enter the shareholder’s share of the distributed CDAA credit reported on the Nebraska Community Development Assistance Act Credit Computation, Form CDN, Part C. Line 19. Creating High Impact Economic Futures (CHIEF) credit. Enter the shareholder's share of the distributed CHIEF credit reported on the Creating High Impact Economic Futures form received from the Nebraska Department of Economic Development. Information on this credit can be obtained by contacting: Nebraska Department of Economic Development 245 Fallbrook Blvd, Suite 002 Lincoln, NE 68521 opportunity.nebraska.gov Darin Lubke 402-471-3116 [email protected] Line 20. Form 3800N Credit. From the following codes (Codes A through L), enter the code and amount of the shareholder's share of the distributed Form 3800N credits. When S corporations issue Nebraska Schedules K-1N to shareholders, they must also: complete distribution schedules such as Forms 775N, 312N, 1107N, 544N, the 3800N Worksheet HBTC (listing the HBTC certificate) and report the distributed credit amount to the shareholders on line 20 of the Schedule K-1N. An amount entered for the Nebraska Historic Tax Credit does not entitle the shareholder to claim the credit. Rather, the shareholder must be issued a NHTC certificate by DOR before any credit will be allowed. For additional information, see our website. Code A . . . . . . . . . . . . . . Employment and Investment Growth Act Code B. . . . . . . . . . . . . . . Nebraska Advantage Act Code C . . . . . . . . . . . . . . Nebraska Advantage Rural Development Act Code D . . . . . . . . . . . . . . Nebraska Advantage Research and Development Act Code E. . . . . . . . . . . . . . . New Markets Tax Credit Code F. . . . . . . . . . . . . . . Nebraska Historic Tax Credit Code G . . . . . . . . . . . . . . ImagiNE Nebraska Act Code H . . . . . . . . . . . . . . Urban Redevelopment Act Code I. . . . . . . . . . . . . . . Renewable Chemical Production Tax Credit Act Code J. . . . . . . . . . . . . . . Nebraska Higher Blend Tax Credit Act Code K . . . . . . . . . . . . . . Affordable Housing Tax Credit Code L . . . . . . . . . . . . . . Biodiesel Tax Credit Line 21. Contractor Income Tax Withholding. A S corporation that was subjected to the mandatory 5% contractor income tax withholding and did not make the PTET election must distribute the amount withheld to its shareholders. The amount entered on line 21 is the total amount of Nebraska withholding reported on the Form 1099-MISC or Form 1099-NEC issued to the S corporation, multiplied by the shareholder’s ownership percentage. For additional information, see “Income Tax Withholding on Contractors” found on page 4 of the Form 1120-SN instructions. Line 22. Nebraska Income Tax Withheld. Enter the amount from column (G), Schedule II, Form 1120-SN, that reflects the income tax remitted by the entity on behalf of the shareholder. Line 23. Total PTET Credit. Enter the PTET credit for each tax year on lines 23a through 23f from Schedule PTET, Form 1120-SN. Enter the total 2018 through 2022 plus 2024 PTET credits on line 23. Line 24. Opportunity Scholarships Act credit for contributors. Enter the shareholder's share of the distributed amount of the credit. Line 25. School Readiness Tax Credit for Providers. Enter the shareholder's share of the distributed amount of the tax credit. The entity distributing the tax credit on the Schedule K-1N must have completed page 2 of the School Readiness Tax Credit Act - Application for Childcare and Education Provider prior to distributing the tax credit.
Form 1120-SN-K-1N
More about the Nebraska Form 1120-SN-K-1N Corporate Income Tax Tax Credit TY 2024
We last updated the Shareholder's Share of Income, Deductions, Modifications, and Credits in March 2025, so this is the latest version of Form 1120-SN-K-1N, fully updated for tax year 2024. You can download or print current or past-year PDFs of Form 1120-SN-K-1N directly from TaxFormFinder. You can print other Nebraska tax forms here.
Related Nebraska Corporate Income Tax Forms:
TaxFormFinder has an additional 34 Nebraska income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the Nebraska Form 1120-SN-K-1N.
| Form Code | Form Name |
|---|---|
| Form 1120-SN | Nebraska S Corporation Income Tax Return with Schedule A - Adjustments to Ordinary Business Income |
| Form 1120-SN Booklet | S Corporation Income Tax Booklet - Forms & Instructions |
| Form 1120-SN-Schd-I | S Corporation With Income Derived From Sources Both Within and Without Nebraska Nebraska Schedule I - Apportionment for Multistate Business |
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 1120-SN-K-1N from the Department of Revenue in March 2025.
Form 1120-SN-K-1N is a Nebraska Corporate Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.
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 1120-SN-K-1N
We have a total of thirteen past-year versions of Form 1120-SN-K-1N in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2014 Form 1120-SN-K-1N
Form 1120-SN-K-1N
2013 Form 1120-SN-K-1N
Form 1120-SN-K1N
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