Nebraska Corporation Income Tax Booklet - Forms and Instructions
Extracted from PDF file 2023-nebraska-form-1120n-booklet.pdf, last modified January 2024
Corporation Income Tax Booklet - Forms and Instructions2023 Nebraska Corporation Income Tax Booklet Included in this Booklet are: Form 1120N; Schedules A, I, II, III, and IV; Forms 7004N and PTC; and Use Tax information. Electronic filing and payment options are available. Questions? revenue.nebraska.gov Sign up for a FREE subscription service at the Department of Revenue’s website to get email updates on your topics of interest. 800-742-7474 (NE or IA) or 402-471-5729 8-303-2023 2023 Nebraska Corporation Income Tax Return Instructions What’s New Corporate Tax Rate Change (LB 432). For the 2023 taxable year the corporate tax rate for Nebraska taxable income in excess of $100,000 is reduced from 7.50% to 7.25%. The corporate rate for the first $100,000 of Nebraska taxable income remains 5.58%. Pass-Through Entity Tax (PTET) (LB 754). A partnership or S corporation may elect to be subject to Nebraska income tax for tax years beginning on and after January 1, 2018. The partners and shareholders of an electing entity will receive a refundable credit for their share of the PTETs paid by the electing entity. Nebraska Employer Tax Credit for Employing Convicted Felons (LB 917). Employers may receive a nonrefundable credit for wages paid to an employee convicted of a felony. The credit is equal to 10% of the wages paid to the employee during the taxable year. The credit is limited to $20,000 for each eligible employee and applies to the wages paid during the first 12 months of employment. The employer must file an application with the Nebraska Department of Revenue (DOR) to receive the credit. Important Information for All Filers Purpose. The instructions in this booklet provide guidance in completing the most common Nebraska corporation income tax forms and schedules. This booklet is intended to be useful to the greatest number of taxpayers. Nothing in these instructions supersedes, alters, or otherwise changes any provisions of the Nebraska tax code, regulations, rulings, or court decisions. We encourage the preparer of any Corporation Income Tax Return, Form 1120N, to review applicable Nebraska law regarding any issue that may have a material effect on this return. Nebraska law and other useful information may be found at revenue.nebraska.gov. Income Subject to Nebraska Taxation. Nebraska income tax applies to the portion of the corporate taxpayer’s taxable income derived from or attributable to sources within Nebraska. A corporate taxpayer that is subject to tax in another state must apportion its income, unless approval has been granted by the Tax Commissioner for an alternative method prior to filing the return. If a corporate taxpayer engaged in business in Nebraska is not subject to tax in another state, its entire taxable income must be reported to Nebraska. Combined Return. When a group of corporations conducts a unitary business, a single combined return must be filed reporting the income of the entire group. A unitary group engaged in business within and without Nebraska will determine its Nebraska income using a single factor, sales only, apportionment formula. See the Nebraska Schedule I — Apportionment for Multistate Business instructions for additional information. Enter All Amounts as Whole Dollars. Do not include cents on the return or schedules. Do not change the pre-printed zeros in the cents column of the Form 1120N or schedules. Round any amount from 50 cents to 99 cents to the next higher dollar. Round any amount less than 50 cents to the next lower dollar. Penalties and Interest. Either or both may be imposed under the following conditions: u Failing to file a return and pay the tax due on or before the due date; u Failing to pay the tax due on or before the due date; u Failing to file an amended Nebraska income tax return when required; u Preparing or filing a fraudulent income tax return; or u Understating income on an income tax return. 2 revenue.nebraska.gov Filing a false or fraudulent Nebraska return is subject to penalty, even if the amounts reported are taken from your federal return. Unpaid tax is subject to interest at the statutory rate of 5% from the original due date to the date the tax is paid. See Revenue Ruling 99-22-1 for applicable interest rates. Reporting Changes or Corrections. If information on a Nebraska corporation income tax return previously filed is incorrect, an Amended Nebraska Corporation Income Tax Return, Form 1120XN, must be filed. When filing an amended return, remember: u Changes made by the IRS or another state must be reported to DOR within 60 days; and u You must attach a copy of the related federal or other state amended return and all related schedules or other documentation to explain the changes shown on the amended Nebraska return. Any corporation filing an amended return with the IRS, resulting in a credit or refund, must report the change or correction within 60 days after receiving proof that the IRS accepted the federal return. The Nebraska amended return must include documentation showing that the IRS accepted the changes made on the federal return. Corporate taxpayers are required to provide DOR with a copy of every executed Federal Form 872, Consent to Extend the Time to Assess Tax; Form 872-A, Special Consent to Extend the Time to Assess Tax; or any other federal form used to extend the time to assess income taxes. If copies of these federal forms are not provided to DOR within 30 days after they are executed, DOR may issue a notice of deficiency determination within one year after discovery of the extension by DOR and may limit the time period for which interest is paid on a refund. Nebraska Extension of Time. An extension to file may only be obtained by: u Attaching a copy of a timely-filed Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns, Federal Form 7004, to the Nebraska return when filed; u Attaching a schedule to the Nebraska return listing the federal confirmation number and providing an explanation that the electronic request for automatic federal extension was not denied; or u Filing a Nebraska Application for Extension of Time to File Corporation, Fiduciary, or Partnership Return, Form 7004N, on or before the due date of the return, when you need to make a tentative Nebraska payment or when a federal extension is not being requested. When a federal extension of time has been granted, and additional time is necessary to file the Nebraska return, the Nebraska Form 7004N must be filed on or before the date the federal extension expires. Remember to attach proof of the federal extension to the Form 7004N. Failure to attach the applicable extension document may result in a late filing penalty. An extension of time only extends the date to file the return. It does not extend the due date to pay the tax. Any tax not paid by the original due date is subject to interest. By timely requesting an extension of time to file your federal return using the Federal Form 7004, you are granted an automatic Nebraska extension for the same number of months granted by the IRS. When a federal extension of time has been granted and additional time is necessary to file the Nebraska return, the Nebraska Form 7004N must be filed on or before the date the federal extension expires. An extension of time cannot exceed a total of seven months after the original due date of the return. Accounting Methods. The accounting method used for federal income tax purposes must be used for Nebraska income tax purposes. A taxpayer may not change the accounting method used to report income in prior years, unless the change is approved by the IRS. A copy of this approval must accompany the first return that shows the change in the method of accounting. Federal Return. A copy of the federal return and supporting schedules, as filed with the IRS, must be attached to this return. This includes, at a minimum, a copy of the first five pages, Schedule D, Form 4797, and other supporting schedules of the Federal Form 1120. If a consolidated federal return is filed, a copy of the consolidating schedules or workpapers for income and expenses, cost of goods sold, and balance sheets, as well as the Affiliations Schedule, Form 851, must also be attached. Provide copies of schedules and other information that revenue.nebraska.gov 3 support the numbers reported on the Nebraska return. Other voluminous information that is part of the federal return filed, but that is not directly related to the Nebraska reporting, may be kept by the taxpayer, but must be made available upon request. A pro-forma federal return is not acceptable. The Nebraska return is based upon the actual federal return as filed or prepared for filing. Estimated Income Tax Payments. Estimated income tax payments must be made by every corporation subject to taxation under the IRC, with income derived from Nebraska, if the Nebraska income tax liability can reasonably be expected to exceed allowable credits by $400 or more. For additional information, see the 2024 Nebraska Corporation Estimated Income Tax Payment Voucher Booklet. Underpayment of Estimated Income Tax Penalty. A corporation may owe a penalty if the amount of tax due, after allowable credits, is $400 or more. If the amount of tax due is $400 or more, the corporation must complete a Corporation Underpayment of Estimated Income Tax, Form 2220N, to calculate any applicable penalty. A corporation may reduce or eliminate the penalty by using the annualized income or adjusted seasonal installment method. To use one or both of these methods to calculate one or more required installments, recalculate (and attach) the Federal Form 2220, Schedule A, “Adjusted Seasonal Installment Method and Annualized Income Installment Method” using Nebraska income and other Nebraska amounts. Enter the corresponding amount from the recalculated Federal Schedule A on the appropriate lines of the Form 2220N. Adjustment of Overpayment of Estimated Income Tax. A corporation that overpaid estimated income tax must use the Corporation Application for Adjustment of Overpayment of Estimated Income Tax, Form 4466N, to apply for refund of the overpayment when the overpayment is: u At least 10% more than the expected tax liability calculated on the Form 4466N; and u At least $500. Form 4466N must be filed by the 15th day of the third month after the end of the tax year and before the corporation files its corporation income tax return. A Form 4466N filed after this date will not be considered. An extension of time to file the corporation income tax return will not extend the time for filing Form 4466N. Use Tax A corporation may be subject to use tax. A corporation owes use tax when the proper sales tax has not been paid on purchases delivered into Nebraska. This often occurs when purchases are made from out-of-state, mail order, or Internet sellers. Use tax is also due when items purchased for resale are withdrawn from inventory for business or personal use. Example 1. The corporation purchased a computer from a seller in South Dakota over the Internet for $1,570 plus $30 shipping and handling charges. Both charges are taxable. The computer is shipped to the corporation in Scottsbluff, Nebraska and no tax is charged or collected by the seller. The state tax is $88 ($1,600 X 5.5%) and the local tax is $24 ($1,600 X 1.5%). The total use tax owed is $112 ($88 + $24 = $112). Example 2. A repair shop in Scottsbluff, Nebraska provides motor vehicle repair service. The repair shop also owns a tow truck used for towing customers’ motor vehicles needing repair. The shop purchases oil and oil filters tax exempt for resale using the Nebraska Resale or Exempt Sale Certificate, Form 13. When oil and oil filters are removed from sales tax exempt inventory and used to change the oil in the business-owned tow truck, state and local use tax is due on the cost of the oil and oil filters. For additional information, see the Nebraska Use Tax Information Guide. Purpose of Form The Nebraska Corporation Income Tax Return, Form 1120N, is used to report income, gains, losses, deductions, and credits, and to calculate the income tax liability of the corporate taxpayer. 4 revenue.nebraska.gov Who Must File? The Nebraska Corporation Income Tax Return, Form 1120N, must be filed by every corporation engaged in business in Nebraska, or having sources of income from Nebraska and subject to federal corporation income tax. This includes: u Cooperative organizations. Cooperative organizations must file Form 1120N. Exempt farm cooperatives must attach their U.S. Income Tax Return for Cooperative Associations, Form 1120-C. Cooperatives may exclude patronage dividends, dividends on capital stock, and nonpatronage income allocated to patrons that are allowable deductions or exclusions for federal income tax purposes. u Exempt organizations. All exempt organizations required to file a federal return and pay tax at the federal corporation income tax rates on unrelated business income are required to file the Form 1120N. Corporations that must file a different Nebraska return: u S corporations. Corporations that have elected to file under Subchapter S, as defined by IRC § 1361, file a Nebraska S Corporation Income Tax Return, Form 1120-SN. u Financial institutions. Institutions that are chartered or qualified to do business in Nebraska, or maintain a permanent place of business in Nebraska and actively solicit deposits from residents of Nebraska must file a Nebraska Financial Institution Tax Return, Form 1120NF. When and Where to File This return must be filed on or before the date the related federal income tax return is due. Use the Federal/State e-file program to e-file both federal and state tax returns. Or mail the Form 1120N to: Nebraska Department of Revenue PO Box 94818 Lincoln, NE 68509-4818 How to Complete Form 1120N Tax Period. A 2023 Form 1120N must be used to file for the calendar year 2023, or a fiscal year beginning in 2023. Space is provided at the top of the return to enter the beginning and ending dates for short-period or fiscal-year filers. The taxable year for Nebraska must be the same as the taxable year used for the federal income tax return. If a corporation changes its federal taxable year, it must also change its Nebraska taxable year. A copy of the approval from the IRS to change accounting periods must accompany the first return that shows the change. Business Classification Code. Enter the six-digit code that best describes the corporation’s principal business activity in Nebraska. Carefully review the business classification codes before you select one. Principal Business Activity in Nebraska. Enter the principal business activity of the corporation from the Business Classification Code listing. Federal ID Number. Enter the Federal ID number assigned to the corporation by the IRS. revenue.nebraska.gov 5 Nebraska ID Number. Enter the Nebraska ID number assigned to the corporation by DOR. Corporations that do not have a Nebraska state ID for corporate income tax should e-file using their Nebraska income tax withholding or sales tax number. The prefix (for example, 24-) is not part of the state ID number and should not be included in the number. Corporations that do not have an existing Nebraska state ID, should apply using DOR’s Online Nebraska Tax Application. Final Return. Check the “Final Return” box if the corporation will not file a Nebraska corporate return after the 2023 tax year. This may occur when the corporation ceases to exist due to dissolution or merger, or when the corporation will be included in a new unitary group of corporations filed under a different Nebraska ID number. Corporation Filing Status. All taxpayers must complete this portion of the return and answer all questions applicable to the corporation’s status. Question A. Check “Yes” if any of the following conditions apply: u The corporation was included in a federal consolidated return; u The corporation owns 50% or more of another corporation; or u The corporation is owned at least 50% by another corporation. If none of the above conditions apply, check “No” and skip questions B, C, and D. Question B. Check “Yes” if this return includes the income, deductions, or credits of all corporations with common ownership. Check “No” if one or more of the corporations with common ownership are not included in this return. Question C. Check “Yes” if a return filed in any other state included the income, deductions, or credits of more than one corporation. Check “No” if the returns filed in all other states included only your corporation. Question D. Under Nebraska law, a unitary group generally encompasses all corporations included in the federal consolidated income tax return. Therefore, only under extremely unusual circumstances may a corporation compute its Nebraska liability using the “separate report by a member of a controlled group of corporations” method. Documentation supporting the separate company filing should be attached to the Nebraska return when filed. This documentation must show that the corporation is not part of a single economic unit as defined in section .08 of Corporate Income Tax Regulation 24-058, Definitions. Line 1 Federal Gross Sales or Receipts, Less Returns and Allowances. Enter the amount of federal gross sales or receipts reported on Federal Form 1120, less returns and allowances. If the corporate taxpayer is filing a combined Form 1120N, enter the amount of combined gross receipts or sales less returns and allowances from Nebraska Schedule IV. Line 2 Federal Taxable Income (FTI). Enter the federal taxable income. A unitary group must enter the amount from line 30, Nebraska Schedule IV. Line 3 Adjustments Increasing FTI. Enter the amount from line 10, Nebraska Schedule A. The federal deduction for state income tax is not an adjustment increasing federal taxable income. State and local government bond interest and dividend income should be included on line 3. See the instructions for line 1, Nebraska Schedule A. Line 4 Adjustments Decreasing FTI. Enter the amount from line 20, Nebraska Schedule A. Line 5 Adjusted FTI. Enter line 2 plus line 3 minus line 4. Line 6 Nebraska Taxable Income Before Nebraska Carryovers. If all of the income earned by the corporation is derived from Nebraska sources, enter the amount from line 5 on line 6. Corporate taxpayers that derive income from sources within and without Nebraska and are taxable in another state, must enter the amount from line 3, Nebraska Schedule I, Form 1120N. 6 revenue.nebraska.gov Line 7 Nebraska Capital Loss Carryover. Enter the allowable Nebraska capital loss carryover. For a multistate taxpayer, a Nebraska capital loss consists of the loss on property that was used by the unitary business that did business in Nebraska, multiplied by the Nebraska apportionment factor for the year of the loss. If the corporate taxpayer reported a capital loss on corporate stock or other assets, the income from which was not previously treated as income apportionable to Nebraska, the loss cannot be treated as a Nebraska loss. Capital loss carryovers may only be deducted to the extent of capital gains in the year of the deduction. Attach a detailed schedule that shows the computation of the capital loss carryover along with copies of the applicable Federal Schedule D to substantiate the Federal capital (loss)/ gain. A Nebraska capital loss may only be carried forward, and only for a maximum period of five tax years. Line 8 Nebraska Taxable Income After Nebraska Capital Loss Carryover. Enter line 6 minus line 7. Line 9 Nebraska Net Operating Loss Carryover. Enter the allowable Nebraska net operating loss (NOL) carryover. The amount allowable is based on the loss previously reported to Nebraska, and is not based on a percentage of the federal carryover. Any net operating loss can only be carried forward. An NOL incurred in tax years beginning on and after January 1, 2014, may be carried forward for a maximum period of 20 tax years. Nebraska imposes limitations on the use of a NOL carryforward after certain reorganizations and mergers, when a NOL incurred in years after 2017 is carried forward to a year after 2020, and when a corporation with a Nebraska NOL carryforward becomes a member of a unitary group. For additional information, see Corporate Income Tax Regulation 24-060, Net Operating Losses and Capital Losses. If any of the limitations apply to the NOL carryforward reported on this return, attach a schedule showing the computation of the allowable carryforward. Attach a Nebraska Corporation Net Operating Loss Worksheet showing the calculation of the amount of Nebraska net operating loss carryover. If the Nebraska NOL carryforward was increased due to reclassifying part or all of the charitable contribution carryforward, details of the reclassification and the NOL modification must be provided. Line 10 Net Nebraska Taxable Income. Enter line 8 minus line 9. Line 11 Nebraska Tax. Use the following tax rate schedule to calculate the amount of total Nebraska tax to enter on line 11. 2023 Tax Rate Schedule If Net Nebraska Taxable Income from line 10 is — Over $ But Not Over 0 $100,000 $100,000 Tax Rate is 5.58% On Excess Over $ 0 $5,580 + 7.25% $100,000 The tax rate is the rate in effect on the first day of the corporation’s taxable year. Corporations filing on a fiscal-year basis or filing a short-period return will compute the tax liability for the entire taxable period by using the tax rate in effect on the first day of the taxable period. A corporation using a 52-53 week fiscal year beginning during the last week in December must use the rate in effect on the following January 1st. Insurance Companies. Check the box to indicate you are an insurance company. The tax rate used by an insurance company is the lesser of the rates listed above, or the corporation income tax rate imposed by the state or country where the insurance company is domiciled, provided: u The insurance company can show the Tax Commissioner that it is domiciled in a state other than Nebraska, or out of the country; and u The state or country of domicile imposes on Nebraska domiciled insurance companies a retaliatory tax against Nebraska’s corporation income tax under Neb. Rev. Stat. § 77‑2734.02. revenue.nebraska.gov 7 Line 12 Premium Tax Credit. Enter the total amount of premium taxes paid (not accrued) by the corporate taxpayer in this taxable year. These taxes include: u Premium taxes paid to the Nebraska Department of Insurance (NDOI) under Neb. Rev. Stat. §§ 77-908 and 81-523; and u Assessments paid to the NDOI for the Comprehensive Health Insurance Pool that are allowed as an offset against any related premium and related retaliatory tax liability under Neb. Rev. Stat. § 44-4233. Premium taxes do not include amounts shown on the NDOI annual tax return as fees or the Workers’ Compensation Court cash fund tax. Example 3. An insurance company made the following 2023 estimated premium tax payments and payments with its 2022 and 2023 NDOI returns. Tax Year Payment Type Payment Date Payment Amount 2022 Payment with return March 1, 2023 $3,000 Less: Fees included on the 2022 return 2023 Premium Tax Credit 100 $ 2,900 2023 Estimated April 15, 2023 4,000 4,000 2023 Estimated June 15, 2023 4,000 4,000 2023 Estimated Sept. 15, 2023 4,000 4,000 2023 Payment with return March 1, 2024 4,000 0 Total $14,900 In this example, the insurance company will enter $14,900 on line 12 as a credit for premium taxes paid. A corporation claiming this credit must attach a copy of the NDOI annual tax return related to any payment claimed as a credit for premium taxes paid. A schedule listing the date and amount of payment and the payee must also be attached. Amounts paid by an electric cooperative organized under the Joint Public Power Authority Act, Neb. Rev. Stat. § 70-1401, as in lieu of intangible tax, may also be included on this line. Line 13 Employer’s credit for expenses incurred for TANF (ADC) recipients. Enter the total credit from line 2, Form TANF. Line 14 Community Development Assistance Act Credit. The Nebraska Community Development Assistance Act credit is allowable for contributions to approved projects of community betterment organizations recognized by the Nebraska Department of Economic Development (DED). Attach the 2023 Nebraska Community Development Assistance Act Credit Computation, Form CDN, to the Form 1120N. Corporations do not need to attach a copy of the Form 1099NTC. DOR will receive the Form 1099NTC information directly from DED. For more details regarding this credit, contact: Nebraska Department of Economic Development 245 Fallbrook Blvd, Suite 002 PO Box 94666 Lincoln, Nebraska 68521 opportunity.nebraska.gov Darin Lubke 402-471-3116 [email protected] Line 15 Form 3800N Nonrefundable Credit. Enter the total nonrefundable tax credits reported on the Nebraska Incentives Credit Computation, Form 3800N. Attach a copy of Form 3800N and any supporting schedules. 8 revenue.nebraska.gov Line 16 Nebraska Employer Tax Credit for Employing Convicted Felons. Enter the certified credit amount and the certificate number from the Nebraska Employer Tax Credit Application for Employing Convicted Felons, Form ETC-A. Line 17 Total Nonrefundable Credits. Enter the total of lines 12 through 16. Line 18 Nebraska Tax After Nonrefundable Credits. Subtract line 17 from line 11. If line 17 is more than line 11, enter zero. Any excess will not be allowed as an overpayment on line 31; nor may it be used as a carryback or carryover to other taxable years. Line 19 Form 3800N Refundable Credit. Enter the total refundable tax credits reported on Form 3800N. Attach a copy of Form 3800N and any supporting schedules. Line 20 Tax Deposited With Form 7004N. Enter the amount of the tentative tax payment entered on line 11 of the Form 7004N. Line 21 2023 Estimated Income Tax Payments. Enter the total 2023 estimated income tax payments, less any Form 4466N adjustment. Combined filers must complete and attach Nebraska Schedule III. Line 22 Beginning Farmer Credit. Enter the amount of Beginning Farmer credit from the Statement of Nebraska Tax Credit, Form 1099BFC. The Beginning Farmer credit is available to owners of agricultural assets, when the agricultural assets are rented to qualifying beginning farmers or livestock producers. Any claimant eligible for the credit will receive a copy of the Statement of Nebraska Tax Credit, Form 1099BFC, from the Nebraska Department of Agriculture. Corporations do not need to attach a copy of the Form 1099BFC. DOR will receive the Form 1099BFC information directly from the Nebraska Department of Agriculture. For more details regarding this credit, contact: Nebraska Department of Agriculture PO Box 94947 Lincoln, NE 68509-4947 402-471-4876 nextgen.nebraska.gov Line 23 Nebraska Income Tax Withheld. Enter the amount of Nebraska withholding from Form 1099‑MISC or Form 1099-NEC. Construction contractors are required to withhold 5% of any payment or payments exceeding $600 made to construction subcontractors that are not registered on the Nebraska Department of Labor’s Contractor Registration Database. If an amount was withheld from your corporation under this provision, a credit for the amount withheld is claimed on line 23. Line 24 Credit for School District Property Taxes. Enter the amount from line 1, Form PTC and attach Form PTC. Line 25 Credit for Community College Property Taxes. Enter the amount from line 2, Form PTC and attach Form PTC. Line 26 PTET Credit. Enter the name, Nebraska ID Number, and amount of pass-through entity tax (PTET) credit received from a partnership in which you hold an ownership interest. Attach a schedule if you received the credit from more than one partnership. Also attach a copy of the Nebraska Schedules K-1N supporting the credit claimed. Line 27 Total Refundable Credits and Payments. Enter the total of lines 19 through 26. Line 28 Tax Due. Enter the result of line 18 minus line 27. If the amount is less than zero, enter zero. Line 29 Penalty for Underpayment of Estimated Income Tax. Use Nebraska Corporation Underpayment of Estimated Income Tax, Form 2220N, to determine if the corporation owes this penalty. A Form 2220N must be completed if the Nebraska tax less allowable credits is greater than $400. If the corporation is required to complete Form 2220N, enter the amount of penalty from line 20, Form 2220N. revenue.nebraska.gov 9 Line 30 Amount Due. There is an amount due when line 27 is less than the total of lines 18 and 29. Mandates of Electronic Payment. Some entities are required to make their payments (tax, penalty, and interest) electronically. For mandate purposes, all of the electronic payment options identified below satisfy the mandate requirement. All entities are encouraged to make their payments electronically. Electronic Payment Options Electronic Funds Withdrawal (EFW). With this payment option, you provide your payment information within your electronically-filed return. Your payment will automatically be withdrawn from your bank account on the date you specify. Nebraska e-pay. Nebraska e-pay is DOR’s web-based electronic payment system. You enter your payment and bank account information, and choose a date (up to a year in advance) to have your account debited. You will receive an email confirmation for each payment scheduled. ACH Credit. You (or your bank) create an electronic file in the appropriate ACH file format. It is submitted to the Federal Reserve and instructs your bank to “credit” the state’s bank account. Nebraska Tele-pay. Nebraska Tele-pay is DOR’s phone-based electronic payment system. Call 800-232-0057, enter your payment and bank account information, and choose a date (up to a year in advance) to have your account debited. You will receive a confirmation number at the end of your call. Credit Card. Secure credit card payments can be initiated through ACI Payments, Inc. at acipayonline.com or via phone at 800-272-9829. Eligible credit cards include American Express, Discover, MasterCard, and VISA. A convenience fee is charged to the card you use. This fee is paid to the credit card vendor, not the State, and will appear on your credit card statement separately from the payment made to DOR. At the end of your transaction, you will be given a confirmation number. Keep this number for your records. [If you are making your credit card payment by phone, you will need to provide the Nebraska Jurisdiction Code, which is 3700.] Cancel a payment. To cancel a scheduled EFW payment, contact our Taxpayer Assistance office at 800-742-7474 or 402-471-5729 before 4:00 pm Central Time at least two business days prior to your scheduled payment date. You may cancel a payment scheduled through Nebraska e-pay by logging into the e-pay program from our website and selecting “cancel payment.” To cancel a credit card payment, contact ACI Payments, Inc. Check or Money Order. If you are not using one of the electronic payment options described above, include a check or money order payable to the “Nebraska Department of Revenue.” Checks written to DOR may be presented for payment electronically. Line 31 Overpayment. If line 27 is greater than the sum of lines 18 and 29, enter the result of line 27 minus the total of lines 18 and 29. Line 32 Amount Credited to 2024 Estimated Income Tax. Enter the amount of overpayment shown on line 31 that you want credited as a tax year 2024 estimated income tax payment for the corporation. Line 33 Overpayment to be Refunded. Enter the amount of overpayment shown on line 31 that you want refunded. The overpayment to be refunded is calculated by subtracting line 32 from line 31. DOR recommends having any refund on line 33 directly deposited to the corporation’s bank account. See line 34 instructions below. Line 34 Direct Deposit. To deposit the refund directly into the corporation’s checking or savings account, enter the routing number and account number found on the bottom of the checks used with the account. The routing number is listed first and must be nine digits. The account number is listed to the right of the routing number and can be up to 17 digits. Enter these numbers in the boxes found on lines 34a and 34c, and complete line 34b, Type of Account. The box on line 34d must be checked if the refund will go to a bank account outside the United States. This is necessary to comply with banking rules regarding International ACH Transactions (IATs). These refunds cannot be processed as direct deposits and instead will be mailed. 10 revenue.nebraska.gov Signature Sign and Date the Tax Return. This return must be signed by a corporate officer. Include a daytime phone number and email address in case DOR needs to contact you about your account. Email. By entering an email address, the taxpayer acknowledges that DOR may contact the taxpayer by email. The taxpayer accepts any risk to confidentiality associated with this method of communication. DOR will send all confidential information by secure email or the State of Nebraska’s file share system. If you do not wish to be contacted by email, write “Opt Out” on the line labeled “email address.” If a corporate officer authorizes another person to sign the return, there must be a Power of Attorney, Form 33, on file with DOR or attached to the return. The act of e-filing a return is your signature. By e-filing the return, taxpayers and their tax preparers, if applicable, are declaring under penalties of perjury, that they have examined the electronic return, and to the best of their knowledge and belief, it is true, correct, and complete. Paid Preparer’s Use Only. Any person who is paid for preparing a taxpayer’s return must sign the return as preparer. Additionally, the preparer must enter their Preparer Tax Identification Number (PTIN), their firm’s name, and Federal Employer Identification Number (EIN). Nebraska Schedule A Instructions Adjustments to FTI Purpose. The Nebraska Schedule A is used to adjust the corporate taxpayer’s FTI reported on line 2 of the Form 1120N. The Nebraska Schedule A must be completed by all corporate taxpayers making any adjustments on lines 3 or 4 of Form 1120N. Any adjustments that are summarized on Nebraska Schedule A are carried forward to lines 3 and 4, Form 1120N. Adjustments Increasing FTI Line 1 State and Local Government Interest and Dividend Income. Enter all state and local government interest or dividends that are exempt from federal income tax and not issued by Nebraska state and local government subdivisions. Line 2 Federal Net Operating Loss Deduction. Enter the federal net operating loss allowed as a deduction on the federal return. See line 9, Form 1120N instructions for allowable Nebraska net operating losses. Line 3 Federal Capital Loss Carryover. Enter the portion of the federal capital loss carryover allowed as a deduction this year. See line 7, Form 1120N instructions for allowable Nebraska capital losses. Line 4 Allocable, Nonapportionable Loss. Enter the amount of any claimed allocable, nonapportionable loss. Allocable, nonapportionable loss is a loss that is not part of the unitary business, and has not been claimed as a loss that is part of the unitary business that is subject to apportionment by another state with substantially the same law as Nebraska. Attach a detailed description of the claimed amount, together with evidence that the loss is not part of the unitary business. Also, attach an affidavit from a corporate officer that the corporate taxpayer has not claimed the same loss to be a part of a unitary business subject to apportionment in another state with substantially the same law as Nebraska on apportionability of losses. Note that Nebraska law is unique on apportionability of losses. Therefore, it may be extremely difficult for a corporate taxpayer to meet the above requirements. revenue.nebraska.gov 11 Line 5 Related Expenses. Enter the amount of related expenses. Related expenses include all direct and indirect expenses attributable to the activities producing the allocable, nonapportionable loss entered on line 4. Line 6 Interest Expense Disallowance. Enter the interest expense calculated for the allocable, nonapportionable loss. To calculate the interest expense: u Divide the taxpayer’s average investment in the activities producing the allocable, nonapportionable loss by the taxpayer’s average total assets to obtain a ratio; and u Multiply this ratio by the total interest deduction allowed in the computation of federal taxable income. Line 7 Total Allocable, Nonapportionable Loss. Enter the result of line 4 plus lines 5 and 6. Line 8 Nebraska and Local Income, Sales, and Use Taxes Deducted on Federal Form 1065 Under Section 164 of the IRC. Enter the amount of taxes from line 15, Schedule K-1N, Form 1065N. Line 9 Other Increasing Adjustments. Enter any other adjustment increasing FTI not reported on lines 2 through 8. List the type of adjustment on line 9a, Schedule A, and the associated amount on line 9b. Attach a detailed explanation of the basis for each adjustment and any necessary schedules. Line 10 Total Adjustments Increasing FTI. Enter the result of line 1 plus lines 2, 3, 7, 8, and 9 here and on line 3, Form 1120N. Adjustments Decreasing FTI Line 11 Qualified U.S. Government Interest Deduction. 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 that can be included on line 11, Nebraska Schedule A. 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 11. Line 12 Total Foreign Dividends. Enter the amount of total foreign dividends from line 7, Nebraska Schedule II. Line 13 Special Foreign Tax Credit Adjustment. Enter the amount of adjustment from line 12, Nebraska Schedule II. Line 14 Allocable, Nonapportionable Income. Enter the amount of any claimed allocable, nonapportionable income. Allocable, nonapportionable income is income that is not part of the unitary business, and has not been claimed as income that is a part of the unitary business that is subject to apportionment by another state with substantially the same law as Nebraska on apportionability of income. Note that Nebraska law is unique on apportionability of income. Therefore, it may be extremely difficult for a corporate taxpayer to meet the above requirements. Note: Entries must be made on lines 15 and 16, or the entire amount of allocable, nonapportionable income claimed may be disallowed. Attach a detailed description of the claimed amount, together with evidence that the income is not part of a unitary business. Also, attach an affidavit from a corporate officer that the corporate taxpayer has not claimed the same income to be a part of a unitary business subject to apportionment in another state with substantially the same law as Nebraska. 12 revenue.nebraska.gov Line 15 Related Expenses. Enter the amount of related expenses. Related expenses include all direct and indirect expenses attributable to the activities producing the allocable, nonapportionable income amount entered on line 14. Line 16 Interest Expense Disallowance. Enter the interest expense calculated for the allocable, nonapportionable income. To calculate the interest expense: u Divide the taxpayer's average investment in the activities producing the allocable, nonapportionable income by the taxpayer's average total assets to obtain a ratio; and u Multiply this ratio by the total interest deduction allowed in the computation of federal taxable income. Line 17 Net Allocable, Nonapportionable Income. Enter the result of line 14 minus lines 15 and 16. Line 18 Nebraska College Savings Program. Nebraska allows a subtraction from a participant’s federal taxable income for the amount of annual contributions made to an account established under the Nebraska Educational Savings Plan Trust. The maximum annual exempt contribution per return is $10,000. Contributions to other states’ 529 college savings plans cannot be deducted on line 18. Interest and earnings from the Nebraska College Savings Program may be deducted to the extent that the income is included in federal taxable income. This adjustment must be taken on line 19, Other Decreasing Adjustments. Line 19 Other Decreasing Adjustments. Enter any other applicable adjustment not reported on lines 11 through 18. List the type of adjustment on line 19a, Schedule A, and the associated amount on line 19b. Attach a detailed explanation of the basis for each adjustment and any necessary schedules. Note: This line should only be used in extremely unusual circumstances as virtually all valid adjustments should be claimed elsewhere on Nebraska Schedule A. The following examples are items that are not allowable adjustments decreasing federal taxable income: u Global Intangible Low-Taxed Income (GILTI). See DOR’s General Information Letters 24-20-1, Global Intangible Low-Taxed Income and Foreign-Derived Intangible Income for information regarding Nebraska’s treatment of GILTI inclusions; u The wage expense disallowed by the work opportunity tax credit; u Federal income taxes or other federal taxes paid; u The depreciation disallowed by the investment credit or other federally-required basis reduction; u Income earned in another state. Instead, Nebraska Schedule I, Apportionment for Multistate Business, must be completed; and u Income from a partnership. For additional information, see Business Entity Regulation 24‑315, Sales Factor; Business Entities As Owners in a Partnership or Joint Venture. Line 20 Total Adjustments Decreasing FTI. Enter total adjustments here and on line 4, Form 1120N. revenue.nebraska.gov 13 Nebraska Schedule I Instructions Apportionment for Multistate Business Purpose. The Nebraska Schedule I is used to determine the amount of Nebraska source income (Form 1120N, line 6, Nebraska taxable income before Nebraska carryovers) received by a corporation that derives income from within and without Nebraska. Nebraska source income is determined by apportioning the corporate income using a single, sales only factor. Apportionment refers to the division of income between states by the use of a formula containing one or more apportionment factors. Sales Factor. The sales factor is a fraction. The numerator is the total sales of the corporate taxpayer in Nebraska during the taxable year. The denominator is the total sales of the corporate taxpayer everywhere during the taxable year. Total sales include gross sales of real and tangible personal property, less returns and allowances, and all other items of gross receipts, except income for the discharge of indebtedness, amounts received from hedging transactions involving intangible assets, and net gains from marketable securities held for investment. The sales factor on this schedule is rounded to six decimal places. It is entered as a percentage. When a corporate taxpayer consists of two or more corporations engaged in a unitary business, a part of which is conducted in Nebraska, the income of the corporate taxpayer apportioned to Nebraska is determined by applying the ratio of the corporate taxpayer’s sales in Nebraska to the sales of the entire unitary group. The corporate taxpayer’s sales in Nebraska should include only those sales made by members of the unitary group with nexus in this state. Each corporate taxpayer must file one income tax return for the entire group. The return will include all corporations in the unitary business. Any corporation that is required, or has received permission, to use an alternative apportionment formula, may only be included in a return with other corporations using the same apportionment formula. For tax years beginning January 1, 2014 or after, a corporation may no longer use the costs of performance method of apportioning sales other than sales of tangible personal property except for a corporation operating as a communications company. For additional information, see the Nebraska Apportionment Factor - Sales or Gross Receipts section. A corporation using an alternative method of apportionment must attach a copy of the Tax Commissioner’s prior written approval of the alternative method. The alternative apportionment factor computation must be included. Enter the factor on line 2, Nebraska Schedule I. NOTE: Approval of an alternative method of apportionment is rare. Intercompany sales between unitary corporations using the combined income approach are excluded from the sales factor. If the corporate taxpayer is a partner in a partnership or joint venture, see Business Entity Regulation 24-315, Sales Factor; Business Entities As Owners in a Partnership or Joint Venture. A corporate taxpayer that operates a trucking business and has income from both within and without this state, must compute its sales factor in accordance with Business Income Tax Regulation 24‑343, Special Apportionment Rules; All Tax Years; Trucking Companies. The method of computing the sales factor must be consistent with prior tax years and with the corporate taxpayer’s filings in other states. If the corporation modifies the basis for including or excluding gross receipts in the sales factor used in returns for prior years, the 2023 return must disclose the nature and extent of the modification. If the corporation files returns with other states that are not uniform in the inclusion or exclusion of gross receipts, the Form 1120N filed with DOR must disclose the nature and extent of the variance. 14 revenue.nebraska.gov Computation of Nebraska Source Income Line 1 Adjusted FTI. Enter the amount from line 5, Form 1120N. Line 2 Nebraska Apportionment Factor. Enter the amount from line 15, Nebraska Schedule I, Form 1120N. Line 3 Taxable Income Apportioned to Nebraska. Enter in line 3 the result of line 1 multiplied by line 2. Also enter this amount on line 6, Form 1120N. Nebraska Apportionment Factor – Sales or Gross Receipts Nebraska sales include all items of income received by the corporate taxpayer from Nebraska sources. The following types of sales are from Nebraska sources: u Sales of tangible personal property delivered in this state; u Sales of tangible personal property shipped from Nebraska to the U.S. government; u Gross receipts from the interest or service charges arising from the sale of tangible personal property if the sale is attributed to Nebraska; u Sales of other than tangible personal property – P To the extent a service relates to real or tangible personal property located in Nebraska; P To the extent a service relates to part of the buyer’s trade or business operated in Nebraska; P A service provided to an individual present in Nebraska at the time the service is received; P To the extent an application service is used in Nebraska; P To the extent intangible property is used in Nebraska; P To the extent an intangible asset used in a treasury function is managed in Nebraska; P To the extent a loan is secured by real or tangible personal property located in Nebraska; P To the extent a loan is not secured by real or tangible personal property, if the borrower is in this state. The location is presumed to be the borrower’s billing address. P Fees, charges, and net gains from credit card receivables, if the credit card holder’s billing address is in Nebraska; P Gross receipts from the sale, rental, or lease of real property if the real property is located in Nebraska; P Gross receipts from renting, leasing, or licensing tangible personal property if the property is in Nebraska. If the property was located within and without Nebraska during the taxable year, then the gross receipts are attributable to Nebraska in proportion to the percentage of time the property was located in Nebraska; P For sales not specifically addressed above, sales to an individual if the individual's billing address is in Nebraska, and sales to a business if the business places its order from Nebraska or the billing address of the business if the ordering place cannot be readily determined; and P Sales made by a communications company if the income-producing activity is performed in Nebraska based on costs of performance. For additional information, see Neb. Rev. Stat. § 77-2734.14. Line 4 Sales or Gross Receipts Minus Returns and Allowances. Enter the gross receipts, less any returns and allowances reported on the Federal Form 1120. revenue.nebraska.gov 15 Line 5 Sales Delivered or Shipped to Purchasers in Nebraska: Shipped From Outside Nebraska. Delivery in Nebraska is determined without regard to the F.O.B. point or other conditions of the sale. The amount entered on this line should not include sales to the U.S. government. Line 6 Sales Delivered or Shipped to Purchasers in Nebraska: Shipped From Within Nebraska. Delivery in Nebraska is determined without regard to the F.O.B. point or other conditions of the sale. The amount entered on this line should not include sales to the U.S. government. Line 7 Sales Shipped From Nebraska to the U.S. Government. The U.S. government is the purchaser when it makes direct payment to the seller. The amount on this line includes all sales of tangible personal property to the U.S. government that are shipped from an office, store, warehouse, factory, or other place of business in this state. For other sales made to the U.S. government, use the rules for sales of other than tangible personal property. For additional information, see Neb. Rev. Stat. § 77-2734.14. Line 8 Interest on Sales of Tangible Personal Property. In the Total column, enter all interest or service charges received from the sale of tangible personal property. In the Nebraska column, enter all the interest or service charges related to the sale of tangible personal property delivered in Nebraska and from sales to the U.S. government shipped from Nebraska. Line 9 Interest, Dividends, and Royalties From Intangible Property. In the Total column, enter all the interest, dividend, and royalty income from intangible property received by the corporation. In the Nebraska column, enter the amount sourced to Nebraska as determined by Neb. Rev. Stat. § 77‑2734.14(3). Line 10 Gross Rents. In the Total column, enter the gross receipts from the rental or lease of all real or tangible personal property. In the Nebraska column, enter the gross receipts from the rental or lease of real or tangible personal property located in Nebraska. If the tangible personal property rented or leased is located or used both inside and outside this state, the Nebraska receipts are attributable to Nebraska in proportion to the percentage of time the property was located in Nebraska. Line 11 Net Gain on Sales of Intangible Property. In the Total column, enter the net gain on sales of all intangible property made during the tax year. In the Nebraska column, enter the amount of net gain from sales made to a buyer who uses the intangible in Nebraska as determined by Neb. Rev. Stat. § 77-2734.14. NOTE: A net loss on the sale of intangible property is not included in the calculation of the Nebraska sales factor. Line 12 Gross Receipts From Sales of Tangible Personal and Real Property Not Included Above. In the Total column, enter the gross receipts from sales of all tangible personal property and real property not included above. In the Nebraska column, enter the gross receipts from sales of real property located in Nebraska. Also enter the gross receipts from tangible personal property delivered in this state or delivered to the U.S. government from a location in this state. Line 13 Other Income. In the Total column, enter any other income not reported above that was received by the corporation. In the Nebraska column, enter any other income not reported above that was derived from Nebraska sources. 16 The amounts entered on this line include, but are not limited to, net farm income (loss) subpart F inclusions, GILTI, and the ordinary business income (loss) from partnerships. If the corporation would be considered unitary with the partnership if the partnership was a corporation, enter the distributive share of the partnership’s gross receipts. If the corporation and the partnership would not be considered unitary, enter the distributive share of the income received from the partnership. See Business Entity Regulation 24-315, Sales Factor; Business Entities As Owners in a Partnership or Joint Venture, for additional information regarding the apportionment of income received from a partnership. For additional information on revenue.nebraska.gov subpart F inclusions and GILTI, see Revenue Ruling 24-21-1 Subpart F Income and General Information Letter 24-20-1, Global Intangible Low-Taxed Income and Foreign-Derived Intangible Income. Line 14 Total Sales or Gross Receipts. In the Total column, add lines 4 and 8 through 13, and enter the result on line 14. In the Nebraska column, add lines 5 through 13, and enter the result on line 14. Line 15 Nebraska Apportionment Factor. Compute the Nebraska apportionment factor by dividing line 14, Nebraska column, by line 14, Total column; round to six decimal places and enter as a percent. Example 4. Line 14 Nebraska column 107,699 Line 14 Total column 499,992 = .2154014464231428 Enter 21.5401 % on line 15. Since the seventh digit (4) is less than five, the sixth digit (1) is not rounded up to 2. Nebraska Schedule II Instructions Foreign Dividend and Special Foreign Tax Credit Deduction Purpose. The Nebraska Schedule II is used to calculate the deduction for dividends included in federal taxable income (line 30, Federal Form 1120) from corporations whose dividends do not qualify for the dividends received deduction under Internal Revenue Code (IRC) § 243. In addition, an adjustment is allowed for income that is taxed by a foreign country, or one of its political subdivisions, at a rate in excess of the maximum federal corporate tax rate. The adjustment can be made for each foreign country or group of foreign countries. The amount of federal taxable income from operations within a foreign taxing jurisdiction must be reduced by the amount of taxes actually paid to the foreign jurisdiction that are not deductible solely because the foreign tax credit was elected on the federal income tax return. The amount of after-tax income is then divided by one minus the maximum tax rate for corporations in the IRC. The result of this calculation is subtracted from the amount of federal taxable income from foreign operations. The difference is reported in the total adjustments decreasing FTI computed on Nebraska Schedule A, and is included as an adjustment to federal taxable income on line 4, Form 1120N. Schedule C, Federal Form 1120, and Parts A and B of Federal Form 1118 must be attached. Line 1 Dividends From Foreign Corporations and Certain FSCs Subject to the IRC § 245 Deduction. Enter the total of lines 6 and 7, column (a), Schedule C, Federal Form 1120; or lines 6 and 7, column (a), Schedule A, Federal Form 1120-L. Line 2 Special Deductions on Line 1 Amount. Enter the total of lines 6 and 7, column (c), Schedule C, Federal Form 1120; or lines 6 and 7, column (c), Schedule A, Federal Form 1120-L. Line 3 Net Foreign Dividends Subject to the IRC § 245 Deduction Included in Federal Taxable Income. Enter the result of line 1 minus line 2. Line 4 Other Dividends From Foreign Corporations. Enter the amount from line 14, Schedule C, Federal Form 1120, or line 15, Schedule A, Federal Form 1120-L. A U.S. life insurance company claiming a deduction for “Other corporate dividends” from line 19, Schedule A, Federal Form 1120-L, must include a detailed description of the dividends claimed. Line 5 Income From Controlled Foreign Corporations Under Subpart F Treated as a Foreign Dividend revenue.nebraska.gov Under the IRC. Enter the amount of foreign dividends from Schedule C, Federal Form 1120. This includes amounts reported on Federal Schedule C, line 16b. The amount entered on this line may only include Subpart F inclusion income that is a foreign dividend or deemed foreign dividend under the IRC. Attach a copy of the Federal Schedule C to support a deduction for amounts reported on line 16b. 17 Special Foreign Tax Credit Deduction Computation Most subpart F inclusions reported on Federal Schedule C, line 16c are not foreign dividends or deemed foreign dividends under the IRC. Attach a copy of Federal Schedule C; Forms 5471; Schedules I, Form 5471. The above forms and schedules do not identify any amount reported on line 16c as a dividend or deemed dividend. Therefore, you must also attach documents or worksheets that identify the amount of foreign dividends or deemed foreign dividends included in line 16c. See Revenue Ruling 24-21-1 for additional information regarding Nebraska’s treatment of subpart F income. Line 6 Foreign Dividend Gross-up (IRC § 78). The amount entered includes dividends reported on line 18, Schedule C, Federal Form 1120, less the IRC § 78 amount included in the GILTI deduction. Attach a copy of the forms and schedules supporting the amount entered. Those forms and schedules include, but may not be limited to, Schedule C of Federal Form 1120, Federal Form 8993, and Federal Forms 1118. Line 7 Total Foreign Dividends. Enter the sum of lines 3 through 6 on line 7 and line 12, Schedule A. Line 8 FTI From Qualifying Foreign Taxing Jurisdictions. Enter the total federal taxable income that is also taxed by a foreign jurisdiction at a rate in excess of the maximum federal corporate tax rate. Attach a schedule detailing FTI and foreign taxes paid by country. Line 9 Foreign Taxes. Enter the amount of foreign taxes paid on line 8 amounts for which the foreign tax credit is taken. Line 12 Special Foreign Tax Credit Adjustment. Subtract line 11 from line 8. If less than zero, enter zero. Do not enter an amount greater than the amount reported on line 8. Nebraska Schedule III Instructions Subsidiary or Affiliated Corporations Purpose. The Nebraska Schedule III is used to identify the members of a unitary group and summarize the Nebraska sales or receipts for those members of the unitary group that have nexus in this state. The Schedule III also summarizes the Nebraska payments, including deposits made with the Form 7004N and estimated income tax payments made by the members of the unitary group. This schedule must be completed if the corporate taxpayer is a member of a unitary group or if the corporate taxpayer, either individually or as a group, owns 50% or more of another corporation, or is owned 50% or more by another corporation. The total amount of column A must equal line 20, Form 1120N. The total amount of column B must equal line 21, Form 1120N. The total amount of column D must equal line 14 in the Nebraska column of Schedule I, Form 1120N. If additional space is required, attach a schedule using the same format as Nebraska Schedule III. Nebraska Schedule IV Instructions Converting Net Income to Combined Net Income Purpose. The Nebraska Schedule IV is used to determine the combined federal taxable income of the unitary group. This schedule must be completed by each corporate taxpayer filing a combined Nebraska Corporation Income Tax Return, Form 1120N. If additional space is required, attach a schedule using the same format as Nebraska Schedule IV. 18 revenue.nebraska.gov PRINT FORM RESET FORM FORM 1120N Please Type or Print Nebraska Corporation Income Tax Return for the taxable year January 1, 2023 through December 31, 2023 or other taxable year beginning , 2023 and ending , PLEASE DO NOT WRITE IN THIS SPACE Name Doing Business As (dba) 2023 Legal Name Street or Other Mailing Address City State Business Classification Code Check if: ZIP Code Date Business Began in Nebraska Principal Business Activity in Nebraska Federal ID Number Nebraska ID Number Initial Return Address Change Exempt Organization 7004 Attached Final Return (Example, dissolved. See instr.) Name Change Cooperative Meeting IRC § 6072(d) 3800N, 775N, 312N, or 1107N Attached Corporation Filing Status (Answer questions A through D, as applicable.) A. Does this corporation own at least 50% of another corporation; or is it owned at least 50% by another corporation? (1) YES (2) NO If Yes, attach Federal Form 851 or a schedule of affiliated corporations and federal IDs. Answer questions B, C, and D. B. Is one single Nebraska return being filed for the entire group? (1) YES (2) NO C. Are you filing as a unitary group in any other state? (1) YES (2) NO D. Check the method used to determine Nebraska income (check only one): (1) Combined report of a controlled group of corporations (2) Separate report by a member of a controlled group of corporations (attach supporting documentation) (3) Alternate method (attach Nebraska Department of Revenue approval) 1 Federal gross sales or receipts, less returns and allowances....................................................................... 1 00 2 Federal taxable income (FTI) (see instructions)............................................................................................ 2 00 3 Adjustments increasing FTI (line 10, from attached Nebraska Schedule A)....... 3 00 4 Adjustments decreasing FTI (line 20, from attached Nebraska Schedule A)...... 4 00 5 Adjusted FTI (enter line 2 plus line 3 minus line 4)....................................................................................... 5 00 6 Nebraska taxable income before Nebraska carryovers (see instructions).................................................... 6 00 7 Nebraska capital loss carryover (see instructions – attach worksheet)........................................................ 7 00 8 Nebraska taxable income after Nebraska capital loss carryover (line 6 minus line 7).................................. 8 00 9 Nebraska net operating loss carryover (see instructions – attach worksheet).............................................. 9 00 10 Net Nebraska taxable income (line 8 minus line 9)....................................................................................... 10 00 11 Nebraska tax Check this box if you are an insurance company............................................................. 11 00 12 Premium tax credit (see instructions – attach schedule)..................................... 12 00 13 Employer’s credit for expenses incurred for TANF (ADC) recipients (see instr.) 13 00 14 Community Development Assistance Act credit (attach Form CDN).................. 14 00 15 Form 3800N nonrefundable credit (attach Form 3800N).................................... 15 00 16 NE employer tax credit for employing convicted felons. Enter certificate number from Form ETC-A ______________________ 16 00 17 Total nonrefundable credits (total of lines 12 through 16).............................................................................. 17 00 18 Nebraska tax after nonrefundable credits. Subtract line 17 from line 11 (if line 17 is more than line 11, enter -0-). 18 00 19 Form 3800N refundable credit (attach Form 3800N).......................................... 19 00 20 Tax deposited with Form 7004N......................................................................... 20 00 21 2
Form 1120N Booklet
More about the Nebraska Form 1120N Booklet Corporate Income Tax Tax Return TY 2023
We last updated the Corporation Income Tax Booklet - Forms and Instructions in February 2024, so this is the latest version of Form 1120N Booklet, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form 1120N Booklet directly from TaxFormFinder. You can print other Nebraska tax forms here.
Other Nebraska Corporate Income Tax Forms:
Nebraska usually releases forms for the current tax year between January and April. We last updated Nebraska Form 1120N Booklet from the Department of Revenue in February 2024.
Form 1120N Booklet is a Nebraska Corporate Income Tax form. Like the Federal Form 1040, states each provide a core tax return form on which most high-level income and tax calculations are performed. While some taxpayers with simple returns can complete their entire tax return on this single form, in most cases various other additional schedules and forms must be completed, depending on the taxpayer's individual situation, to create a complete income tax return package.
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 1120N Booklet
We have a total of seven past-year versions of Form 1120N Booklet in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
While we do our best to keep our list of Nebraska Income Tax Forms up to date and complete, we cannot be held liable for errors or omissions. Is the form on this page out-of-date or not working? Please let us know and we will fix it ASAP.