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Nebraska Beneficiary's Share of Income, Deductions, Modifications, and Credits
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Extracted from PDF file 2024-nebraska-form-1041n-k-1n.pdf, last modified November 2024Beneficiary's Share of Income, Deductions, Modifications, and Credits
Nebraska Schedule K-1N — PRINT FORM RESET FORM Form 1041N Schedule K-1N Beneficiary’s Share of Income, Deductions, Modifications, and Credits Estate’s or Trust’s Name and Mailing Address 2024 Beneficiary’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 Nebraska ID Number Federal ID Number ZIP Code Taxable Year of Organization City State ZIP Code Nebraska ID Number Federal ID Number Social Security Number Spouse’s Social Security Number Beginning _________________ , 20 _____ and Ending _________________ , 20 _____ If applicable, check the appropriate box: Final Check One: Resident Individual Amended Nonresident Individual Estate or Trust Other (describe) ___________________________________________________ Part A- Beneficiary’s Share of Income and Deductions 1 Ordinary business income (loss). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 Net rental real estate income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 Other rental income (loss). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 4 Interest income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 5 Ordinary dividends. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 6 Net short-term capital gain (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 7 Net long-term capital gain (loss). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 8 Other income (loss). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 9 Estate tax deduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 10 Other deductions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 11 NE state and local income, sales and use taxes deducted under section 164 of the IRC (from Schedules K-1N). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Part B - Beneficiary’s Share of Modifications 12 Qualified U.S. government interest deduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 13 State and local bond interest and dividend income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Part C - Beneficiary’s Share of Credits 14 Community Development Assistance Act credit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 15 Creating High Impact Economic Futures (CHIEF) credit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 16 Form 3800N credits (see Form 1041N Schedule K-1N instructions) Enter Code for the 3800N credit Amount of 3800N credit $ $ $ $ Total of 3800N credits (Enter total here and on line 16) $ 16 17 Employer’s credit for expenses incurred for TANF (ADC) recipients (see instructions). . . . . . . . . . 17 18 NE employer tax credit for employing convicted felons. Enter certificate number from Form ETC-A____________________ . . . . . . . . . . . . . . . . . . . . . . 18 19 Nebraska income tax withholding (see instructions). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 20 Total PTET credit (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . a 2018 $_________________ b 2019 $_________________ c 2020 $_________________ d 2021 $_________________ e 2022 $_________________ f 2024 $_________________ 20 21 Child Care Tax Credit for contributors. Enter certificate number from CCTC-A________________ 21 22 Opportunity Scholarships Act credit for contributors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 23 School Readiness Tax Credit for Providers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 revenue.nebraska.gov, 800-742‑7474 (NE and IA), 402-471-5729 8-693-2024 Instructions Purpose. The Nebraska Schedule K-1N is used by the estate or trust to report each beneficiary’s share of the entity’s Nebraska income, deductions, modifications, and credits. The Nebraska Schedule K-1N is also used by each beneficiary to complete their Nebraska tax return. The estate or trust must provide a Nebraska Schedule K-1N to each beneficiary to whom the estate or trust is required to issue a Federal Schedule K-1. A copy of every Nebraska Schedule K-1N must be submitted with the Form 1041N. If there are more than 50 Nebraska Schedules K-1N, please submit them and any supporting schedules on CD-R media or a flash drive rather than on paper. The preferred format for the Nebraska Schedules K-1N and supporting schedules is PDF. However, a Microsoft Word or Excel electronic document is also acceptable. Enter the beneficiary’s share of the distributed Form 3800N credits. When estates or trusts issue Nebraska Schedules K-1N to beneficiaries, they must also: complete distribution schedules such as Forms 775N, 312N, 1107N, 544N, and 3800N Worksheet HBTC (listing the HBTC certificate number); and report the distributed credit amount to the beneficiaries on line 16 of the Schedule K-1N. To distribute credits earned under the Urban Redevelopment Act, contact DOR to obtain the necessary worksheet and the other documentation requirements. Complete the Estate or Trust and Beneficiary Information Nebraska ID Number. Enter the Nebraska ID number assigned to the estate or trust by DOR. If the estate or trust has not been assigned a Nebraska ID number, leave this field blank. A Nebraska ID number will be assigned when the return is received. DOR will mail notification of the assigned Nebraska ID number to the address shown on the return. Federal ID Number. Enter the federal ID numbers assigned by the IRS to both the estate or trust and the beneficiary. If the beneficiary is an individual, enter the individual’s Social Security number. Taxable Year of Organization. Estates and trusts 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. Part A – Beneficiary’s Share of Income and Deductions Complete Part A, lines 1-11, to report the beneficiary’s share of the estate or trust’s income (loss) and deductions from Nebraska sources. Resident Individuals. The share of the income and deductions for a beneficiary who is a resident individual of Nebraska comes directly from the Federal Schedule K-1. A beneficiary who is a Nebraska resident will be taxed by Nebraska on all of his or her income from the estate or trust. Nonresident Individuals. The share of income and deductions from Nebraska sources for a beneficiary who is a nonresident individual is determined under Neb. Rev. Stat. § 77-2733. Income from Nebraska sources for a nonresident individual beneficiary includes, but is not limited to: 1. Income from the ownership or disposition of real or tangible personal property in Nebraska; 2. Income earned from a business carried on in Nebraska; 3. Income from intangible personal property including annuities, dividends, interest, and gains from the disposition of intangible personal property to the extent that the income is from a business carried on in Nebraska; and 4. Deductions for capital losses, net long term capital gains, and net operating losses that are based solely on income and deductions derived from Nebraska sources. Part B – Beneficiary’s Share of Modifications Purpose. Complete Part B to report the beneficiary’s share of the income distributed by the estate or trust that modifies the federal adjusted gross income or federal taxable income of the beneficiary. Line 11. Enter the beneficiary’s share of the Nebraska and local income, sales, and use taxes deducted under section 164 of the Internal Revenue Code (IRC) on the K-1Ns received from an electing partnership or S corporation. Line 12. Qualified U.S. Government Interest Deduction. Enter the beneficiary’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 12, 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 12. Line 13. State and Local Bond Interest and Dividend Income. Enter the beneficiary’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. Part C – Beneficiary’s Share of Credits Complete Part C to report the credits that were earned by the estate or trust and distributed to the beneficiaries. Line 14. Community Development Assistance Act (CDAA) Credit. Enter the beneficiary’s share of the distributed CDAA credit reported on the Nebraska Community Development Assistance Act Credit Computation, Form CDN, Part C. Line 15. Creating High Impact Economic Futures (CHIEF) credit. Enter the beneficiary'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 16. Form 3800N Credit. From the following codes (Codes A through L), enter the code and amount of the beneficiary's share of the distributed Form 3800N credits. When estates or trusts issue Nebraska Schedules K-1N to beneficiaries, they must also: complete distribution schedules such as the Forms 775N, 312N, 1107N, 544N, and 3800N Worksheet HBTC (listing the HBTC certificate number); and report the distributed credit amount to the beneficiary on line 16 of the Schedule K-1N. An amount entered for the Nebraska Historic Tax Credit does not entitle the beneficiary to claim the credit. Rather, the beneficiary 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 17. Employer’s Credit for Expenses Incurred for TANF (ADC) Recipients. Enter the beneficiary’s share of the distributed credit. Line 18. Nebraska employer tax credit for employing convicted felons. Enter the beneficiary's share of the distributed certified credit amount and certificate number from the Nebraska Employer Tax Credit Application for Employing Convicted Felons, Form ETC-A. If approved for more than one certificate number, you must attach a schedule listing each certificate number and the distributed amount. Line 19. Nebraska Income Tax Withholding. Enter the amount from column (G), Schedule II, Form 1041N, that reflects the income tax withholding remitted by the entity on behalf of the beneficiary. For an amended Schedule K-1N, enter the larger of the amount calculated on either the original or the amended column (G), Schedule II, Form 1041N. Line 20. PTET credit. Enter the beneficiary's share of the distributed credit for the PTET credit received from an electing partnership or S corporation and indicate the year. Line 21. Child Care Tax Credit for contributors. Enter the beneficiary's share of the distributed certified credit amount and certificate number from the Child Care Tax Credit, Form CCTC-A. If approved for more than one certificate number, you must attach a schedule listing each certificate number and the distributed amount. Line 22. Opportunity Scholarships Act credit for contributors. Enter the beneficiary's share of the distributed amount of the credit. Line 23. School Readiness Tax Credit for Providers. Enter the beneficiary'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 1041N-K-1N
More about the Nebraska Form 1041N-K-1N Corporate Income Tax Tax Credit TY 2024
We last updated the Beneficiary's Share of Income, Deductions, Modifications, and Credits in February 2025, so this is the latest version of Form 1041N-K-1N, fully updated for tax year 2024. You can download or print current or past-year PDFs of Form 1041N-K-1N directly from TaxFormFinder. You can print other Nebraska tax forms here.
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Form Sources:
Nebraska usually releases forms for the current tax year between January and April. We last updated Nebraska Form 1041N-K-1N from the Department of Revenue in February 2025.
Form 1041N-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 1041N-K-1N
We have a total of twelve past-year versions of Form 1041N-K-1N in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
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