Arizona Nonresident Shareholder's Share of Income and Deductions

Nonresident Shareholder's Share of Income and Deductions
Arizona Form 120S Schedule K-1(NR)Nonresident Shareholder’s Share
of Income and Deductions

Arizona Form

120S Schedule K-1(NR)

2023

For the  calendar year 2023 or  fiscal year beginning M M D D 2 0 2 3 and ending M M D D 2 0 Y Y .
CHECK ONE:

 Original  Amended

Shareholder’s Tax Identification Number

S Corporation’s Employer Identification Number (EIN)

Shareholder’s Name

S Corporation’s Name

Shareholder’s Address – number and street or rural route

S Corporation’s Address – number and street or rural route

Shareholder’s City, Town or Post Office

S Corporation’s City, Town or Post Office

State ZIP Code

Shareholder’s percentage of stock ownership for the taxable year:

Pass-Through Entity Election:
A. Did the S Corporation make the Pass-Through Entity Election?

Yes No

B. If the S Corporation made the Pass-Through Election, did this Shareholder consent to that election?

Part 1

Yes No

Share of Income and Deductions
Pro Rata Share Items From
federal Form 1120-S, Schedule K-1

(a)
Distributive
Share Amount

(b)
Arizona
Apportionment Ratio

Form 140NR Filers:
Enter the amount in
column (c) on:

1 Ordinary income (loss) from trade or
business activities.....................................................
2 Net income (loss) from rental real estate activities....
3 Net income (loss) from other rental activities............
4 Total: Add lines 1, 2, and 3.......................................

Line 21

5 Interest......................................................................

Line 16

6 Dividends...................................................................

Line 17

7 Royalties....................................................................

Line 21

8 Net short-term capital gain (loss)..............................

Line 20

9 Net long-term capital gain (loss)................................

Line 20

10 Net IRC Section 1231 gain (loss)..............................

Line 20

11 Other income (loss)...................................................

Line 22

12 IRC Section 179 expense..........................................

Line 21

13 Other deductions: Include schedule.........................
Continued on page 2 

ADOR 10338 (23)

Name of S Corporation (as shown on page 1)

Part 2

Employer Identification Number

Net Capital Gain (Loss) From Investment in a Qualified Small Business – Information Schedule

If the shareholder’s federal Schedule K-1 (Form 1120-S) does not include any net capital gain (loss) from investment in a qualified small
business as determined by the Arizona Commerce Authority, the S Corporation is not required to complete Part 2.
(a)
Distributive Share Amount

Pro Rata Share Items
14 Net capital gain (loss) from investment in a
qualified small business...........................................

Part 3

(b)
Arizona Apportionment Ratio

Net Capital Gain (Loss) From the Exchange of Legal Tender – Information Schedule

If the shareholder’s federal Schedule K-1 (Form 1120-S) does not include any net capital gain (loss) from the exchange of legal tender,
the S Corporation is not required to complete Part 3.
(a)
Distributive Share Amount

Pro Rata Share Items
15 Net capital gain (loss) from the exchange of legal
tender.......................................................................

Part 4

(b)
Arizona Apportionment Ratio

Net Long-Term Capital Gain (Loss) Subtraction – Information Schedule

If the shareholder’s federal Schedule K-1 (Form 1120-S) includes capital gain (loss), complete lines 16 through 18. If the shareholder’s
federal Schedule K-1 (Form 1120-S) does not include any capital gain (loss), the S Corporation is not required to complete Part 4.
(a)
Distributive Share
Amount

(b)
(c)
Arizona Source Income Net long-term capital
gain (loss) included
in column (b) from
From page 1, line 9,
From page 1, line 9,
assets acquired before
column (a) and/or line column (c) and/or line January 1, 2012
10, column (a).
10, column (c).

Pro Rata Share Items
From federal Form 1120-S, Schedule K-1

16 Total net long-term capital gain (loss).............

(d)
Net long-term capital
gain (loss) included
in column (b) from
assets acquired after
December 31, 2011

ADDITIONAL INFORMATION:
17 Net long-term capital gain (loss) from
investment in a qualified small business
(amount already included in line 16,
column (d))....................................................
18 Net long-term capital gain (loss) from
exchange of legal tender (amount already
included in line 16, column (d)).....................

Continued on page 3 

ADOR
10338 (23)

AZ Form 120S, Schedule K-1(NR) (2023)

Page 2 of 3

Name of S Corporation (as shown on page 1)

Employer Identification Number

Part 5 Marijuana Establishments Only - Information Schedule
Shareholder’s Pro Rata Share of Disallowed Federal Expenses

Shareholder’s Distributive Share

19 Enter the S Corporation’s disallowed federal expenses from line 16 of Schedule DFE.......................... 19
20 Multiply the amount on line 19 by the shareholder’s ownership percentage shown on page 1.
Enter the result. This is the shareholder’s portion of the credit............................................................... 20

SHAREHOLDER:
The amount reported on line 20 is your share of the S Corporation’s disallowed federal expenses.
Enter this amount on your Arizona income tax return.
• If you did not make the Small Business Income election and are filing Arizona Form 140NR, enter this amount on page 6, line L.
• If you did not make the Small Business Income election and are filing Arizona Form 140PY, enter this amount on page 6, line V.
• If you made the Small Business Income election and are filing Arizona Form 140NR-SBI, enter this amount on line 44.
• If you made the Small Business Income election and are filing Arizona Form 140PY-SBI, enter this amount on line 44.

Part 6 Shareholder’s Share of the S Corporation’s Pass-Through Entity Tax Credit

If the shareholder consented to the S Corporation’s election to be a Pass-Through Entity (PTE), complete Part 6. Otherwise, leave blank.
Shareholder’s Pro Rata Share of PTE Election

Shareholder’s Distributive
Share

21 Shareholder’s pro-rata share of the PTE Tax Credit.
22

•
Individuals, enter this amount on Form 355, Part 1, line 2.
•
Estates and trusts, see the instructions for Form 141AZ, line 19 to claim this credit................................
Shareholder’s pro-rata share of the Arizona PTE Taxes paid in 2023 for taxable year 2022.
•
Individuals that did not make the Small Business Income election, add this amount back on Form
140NR, page 5, line L.
•
Individuals that made the Small Business Income election, add this amount back on Form 140NRSBI, line 24.
•
Estates and trusts, add this amount back on Form 141AZ, Schedule B, line B3......................................
Shareholder’s pro-rata share of the Arizona PTE Taxes paid in 2023 for taxable year 2023.
•
Individuals that did not make the Small Business Income election, add this amount back on Form
140NR, page 5, line L.
•
Individuals that made the Small Business Income election, add this amount back on Form 140NRSBI, line 24.
•
Estates and trusts, add this amount back on Form 141AZ, Schedule B, line B3......................................
Shareholder’s pro-rata share of comparable PTE Taxes from other states paid in 2023 for taxable year 2022.
•
Individuals that did not make the Small Business Income election, add this amount back on Form
140NR, page 5, line L.
•
Individuals that made the Small Business Income election, add this amount back on Form 140NRSBI, line 24.
•
Estates and trusts, add this amount back on Form 141AZ, Schedule B, line B3......................................
Shareholder’s pro-rata share of comparable PTE Taxes from other states paid in 2023 for taxable year 2023.
•
Individuals that did not make the Small Business Income election, add this amount back on Form
140NR, page 5, line L.
•
Individuals that made the Small Business Income election, add this amount back on Form 140NRSBI, line 24.
•
Estates and trusts, add this amount back on Form 141AZ, Schedule B, line B3......................................

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ADOR
10338 (23)

AZ Form 120S, Schedule K-1(NR) (2023)

Page 3 of 3

Extracted from PDF file 2023-arizona-form-120s-k1-nr.pdf, last modified October 2009

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More about the Arizona Form 120S-K1-NR Corporate Income Tax Nonresident TY 2023

We last updated the Nonresident Shareholder's Share of Income and Deductions in February 2024, so this is the latest version of Form 120S-K1-NR, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form 120S-K1-NR directly from TaxFormFinder. You can print other Arizona tax forms here.

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Related Arizona Corporate Income Tax Forms:

TaxFormFinder has an additional 95 Arizona income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the Arizona Form 120S-K1-NR.

Form Code	Form Name
Form 120S-K1	120S Schedule K-1 - Resident Shareholder's Information Schedule

Download all AZ tax forms View all 96 Arizona Income Tax Forms

Form Sources:

Arizona usually releases forms for the current tax year between January and April. We last updated Arizona Form 120S-K1-NR from the Department of Revenue in February 2024.

Show Sources >

Form 120S-K1-NR is an Arizona Corporate Income Tax form. Many states have separate versions of their tax returns for nonresidents or part-year residents - that is, people who earn taxable income in that state live in a different state, or who live in the state for only a portion of the year. These nonresident returns allow taxpayers to specify which which income is subject to the state's taxes, and which is not.

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 Arizona Form 120S-K1-NR

We have a total of ten past-year versions of Form 120S-K1-NR in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:

2023 Form 120S-K1-NR