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Nebraska Partner's Share of Income, Deductions, Modifications, and Credits
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, or request a six-month extension here .Extracted from PDF file 2024-nebraska-form-1065n-schedule-k-1n.pdf, last modified October 2024Partner's Share of Income, Deductions, Modifications, and Credits
PRINT FORM RESET FORM FORM 1065N Schedule K-1N Nebraska Schedule K-1N — Partner’s Share of Income, Deductions, Modifications, and Credits Partner’s Name and Mailing Address Partnership’s Name and Mailing Address 2024 (If partner is a disregarded entity (DE), use beneficial owner information not DE’s). Name Doing Business As (dba) Name Legal Name Street or Other Mailing Address Street or Other Mailing Address City State Check One: Partnership ZIP Code LLC Nebraska ID Number Federal ID Number Taxable Year of Organization State Nebraska ID Number Federal ID Number Social Security Number Spouse’s Social Security Number Check One: Resident Individual Beginning _________________ , 20 _____ and Ending _________________ , 20 _____ Partnership’s Nebraska Apportionment Factor City Nebraska Receipts Total Receipts Partnership Nonresident Individual LLC Partner’s Share of Income Percentage % ZIP Code Corporation Estate or Trust Other If applicable, check the appropriate box: % Final Amended Part A – Partner’s Share of Income and Deductions 1 Ordinary business income (loss). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 Net rental real estate income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 Other net rental income (loss). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 4 Guaranteed payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 5 Interest income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 6 Ordinary dividends. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 7 Royalties. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 8 Net short-term capital gain (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 9 Net long-term capital gain (loss). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 10 Net Section 1231 gain (loss). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 11 Other income (loss) (list below or attach schedule) a List type:______________________________________________ b Amount: $__________ Total other income (loss). Enter total of lines 11b. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . _ 11 12 Contributions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 13 Section 179 deduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 14 Other deductions (list below or attach schedule) a List type:______________________________________________ b Amount: $__________ Total other deductions. Enter total of lines 14b. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 15 Nebraska and local income, sales, and use taxes deducted on Federal Form 1065 under section 164 of the IRC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Part B – Partner’s Share of Modifications 16 Qualified U.S. government interest deduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 17 State and local bond interest and dividend income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 18 Income (loss) from non-Nebraska sources (use only if you checked the LLC box above). . . . . . . 18 Part C– Partner’s Share of Credits 19 Community Development Assistance Act credit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 20 Creating High Impact Economic Futures (CHIEF) credit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 21 Form 3800N credits (see Form 1065N Schedule K-1N instructions) Enter Code to identify the 3800N credit Amount of 3800N credit $ $ $ $ Total of 3800N credits (Enter here and on line 21) $ 21 22 Contractor income tax withholding (see instructions). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 Nebraska income tax withheld (see instructions). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 Total PTET credit (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . a 2018 $ ________________ b 2019 $________________ c 2020 $________________ d 2021 $ ________________ e 2022 $________________ f 2024 $________________ 25 Opportunity Scholarships Act credit for contributors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 School Readiness Tax Credit for Providers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . revenue.nebraska.gov, 800-742‑7474 (NE and IA), 402-471-5729 22 23 2 4 25 26 8-691-2024 Instructions Purpose. The Nebraska Schedule K-1N is used by the partnership to report each partner’s share of the entity’s Nebraska income, deductions, modifications, and credits. The Nebraska Schedule K-1N is also used by each partner to complete their Nebraska tax return. The partnership must provide a Nebraska Schedule K-1N to each partner. A copy of every Nebraska Schedule K-1N must be submitted with the Form 1065N. Enter the partner’s share of the distributed Form 3800N credits. When partnerships and LLCs taxed as partnerships issue Nebraska Schedules K-1N to partners, they must also: complete distribution schedules such as Forms 775N, 312N, 1107N, 544N, 3800N Worksheet HBTC (listing the HBTC certificate number); and report the distributed credit amount to the partners on line 21 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. Partnership and Partner Information Nebraska ID Number. Enter the Nebraska ID number assigned to the partnership by DOR. The partnership's Nebraska ID number on the Schedule K-1N and the Form 1065N must be the same. Refer to the Nebraska ID number instructions for Form 1065N. Federal ID Number. Enter the Federal ID numbers assigned by the IRS to both the partnership and the partner. Social Security Number. Enter the Social Security number of the partner who is an individual. If the partner is a DE whose beneficial owner is an individual, enter the beneficial owner's Social Security number. Taxable Year of Organization. Partnerships 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. Partnership’s Nebraska Apportionment Factor. Enter the partnership’s Nebraska apportionment factor from line 15 of Schedule I, Form 1065N. Nebraska Receipts. Enter the partnership’s Nebraska receipts from line 14, Schedule I, Form 1065N in the Nebraska column. Total Receipts. Enter the partnership's total receipts from line 14, Schedule I, Form 1065N in the Total column. Partner’s Share of Income Percentage. Enter the partner’s share of income percentage from column (C), Schedule II, Form 1065N. Convert the decimal shown on the Schedule II to a percentage before entering on the K-1N. Part A – Partner’s Share of Income and Deductions Complete Part A to report the partner’s share of the partnership’s income (loss) and deductions from Nebraska sources. Lines 1-14. For partnerships that are only subject to income tax in Nebraska, the amounts entered on lines 1-14 will come directly from the partner’s Federal Schedule K-1. For partnerships that are subject to income tax in another state, the amounts entered on lines 1-14 will be the result of the Federal Schedule K-1 amounts multiplied by the partnership’s Nebraska apportionment factor. Line 15. Enter the partner's share of the Nebraska and local income, sales, and use taxes deducted on the 2024 Federal Form 1065 under section 164 of the IRC. This includes the Nebraska PTET deducted by the partnership. Part B – Partner’s Share of Modifications Complete Part B to report the partner’s share of the income distributed by the partnership that modifies the federal adjusted gross income or federal taxable income of the partner. For partnerships that are only subject to income tax in Nebraska, the amounts entered on lines 16 and 17 will be the same as the amounts reported to the IRS. For partnerships that are subject to income tax in another state, the amounts entered on lines 16 and 17 will be the result of the federal amounts multiplied by the partnership’s Nebraska apportionment factor. Line 16. Qualified U.S. Government Interest Deduction. Enter the partner’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 16, 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 16. Line 17. State and Local Bond Interest and Dividend Income. Enter the partner’s share of all state and local bond interest or dividends that are exempt from federal income tax and not issued by Nebraska state and local government subdivisions. Line 18. Income (Loss) from Non-Nebraska Sources. This line must be left blank by all partnerships that are not LLCs. The partner’s share of the non-Nebraska income or (loss) is equal to the partner’s share of line 4, Form 1065N, minus the partner’s share of line 5, Form 1065N. Part C – Partner’s Share of Credits Complete Part C to report the credits that were earned by the partnership and distributed to the partners. Line 19. Community Development Assistance Act (CDAA) Credit. Enter the partner’s share of the distributed CDAA credit reported on the Nebraska Community Development Assistance Act Credit Computation, Form CDN, Part C. Line 20. Creating High Impact Economic Futures (CHIEF) credit. Enter the partner's or member'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 21. Form 3800N Credits. From the following codes (Codes A through L), enter the code and amount of the partner's or member's share of the distributed Form 3800N credits. When partnerships and LLCs issue Nebraska Schedules K-1N to partners or members, they must also: complete distribution schedules such as Forms 775N, 312N, 1107N, 544N, the 3800N Worksheet HBTC (listing the HBTC certificate) and report the distributed credit amount to the partners or members on line 21 of the Schedule K-1N. An amount entered for the Nebraska Historic Tax Credit does not entitle the partner to claim the credit. Rather, the partner 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 22. Contractor Income Tax Withholding. A partnership that was subjected to the mandatory 5% contractor income tax withholding and did not make the PTET election must distribute the amount withheld to its partners. The amount entered on line 22 is the total amount of Nebraska withholding reported on the Form 1099-MISC or Form 1099-NEC issued to the partnership, multiplied by the partner’s share of income percentage. For additional information, see “Income Tax Withholding on Contractors” found on page 4 of the Form 1065N instructions. Line 23. Nebraska Income Tax Withheld. Enter the amount from column (G), Schedule II, Form 1065N, that reflects the income tax remitted by the entity on behalf of the partner. Line 24. Total PTET Credit. Enter the PTET credit for each tax year on lines 24a through 24f from Schedule PTET, Form 1065N. Enter the total 2018 through 2022 plus 2024 PTET credits on line 24. Line 25. Opportunity Scholarships Act credit for contributors. Enter the partner's share of the distributed amount of the credit. Line 26. School Readiness Tax Credit for Providers. Enter the partner'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 1065N-Schedule-K-1N
More about the Nebraska Form 1065N-Schedule-K-1N Corporate Income Tax Tax Credit TY 2024
We last updated the Partner's Share of Income, Deductions, Modifications, and Credits in March 2025, so this is the latest version of Form 1065N-Schedule-K-1N, fully updated for tax year 2024. You can download or print current or past-year PDFs of Form 1065N-Schedule-K-1N directly from TaxFormFinder. You can print other Nebraska tax forms here.
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TaxFormFinder has an additional 34 Nebraska income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the Nebraska Form 1065N-Schedule-K-1N.
| Form Code | Form Name |
|---|---|
| Form 1065N-Schedule-I | Apportionment for Multistate Business, 2016 Schedule ELP, Income Reported to Partners by Electing Large Partnership, and Schedule II, Nonresident |
View all 35 Nebraska Income Tax Forms
Form Sources:
Nebraska usually releases forms for the current tax year between January and April. We last updated Nebraska Form 1065N-Schedule-K-1N from the Department of Revenue in March 2025.
Form 1065N-Schedule-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 1065N-Schedule-K-1N
We have a total of eleven past-year versions of Form 1065N-Schedule-K-1N in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2014 Form 1065N-Schedule-K-1N
Form 1065N-Schd-K-1N
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