Nebraska Shareholder's Share of Income, Deductions, Modifications, and Credits

Shareholder's Share of Income, Deductions, Modifications, and Credits
Form 1120-SN-K-1N
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Nebraska Schedule K-1N —

Shareholder’s Share of Income, Deductions, Modifications, and Credits
Corporation’s Name and Mailing Address

FORM 1120-SN
Schedule K-1N

2024

Shareholder’s Name and Mailing Address

Name Doing Business As (dba)		

Name

Legal Name		
Street or Other Mailing Address		

Street or Other Mailing Address

City	

State	

ZIP Code	

Nebraska ID Number	

Federal ID Number	

										
Taxable Year of Organization

City	

State	

ZIP Code

Social Security Number/Federal ID Number	

Spouse’s Social Security Number

Check One:
Resident Individual	

	 Beginning _________________ , 20 _____ and Ending _________________ , 20 _____
	 S Corporation’s Nebraska Apportionment Factor				

Nonresident Individual	

Estate or Trust

Exempt Organization
Shareholder’s Ownership Percentage	

If applicable, check the appropriate box:	

%
%	
Final	Amended
Part A - Shareholder’s Share of Income and Deductions
1	 Ordinary business income (loss).  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
2	 Net rental real estate income (loss).  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
3	 Other net rental income (loss).  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
4	 Interest income .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
5	 Ordinary dividends.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
6	Royalties .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
7	 Net short-term capital gain (loss).  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
8	 Net long-term capital gain (loss) .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
9	 Net Section 1231 gain (loss).  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
10	 Other income (loss) (list below or attach schedule)
			a		 List type:___________________________________________________ 	 b Amount:	 $___________
Total other income (loss). Enter total of lines 10b. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
11	Contributions .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
12	 Section 179 deduction.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
13	 Other deductions (list below or attach schedule)
			a		 List type:___________________________________________________ 	 b Amount:	 $___________
Total other deductions. Enter total of lines 13b. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
14	 Nebraska and local income, sales, and use taxes deducted on Federal Form 1120-S under
section 164 of the IRC.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .

Part B - Shareholder’s Share of Modifications

1	
2
3
4
5
6
7
8
9
10
11
12
13
14

15	 Qualified U.S. government interest deduction.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
16	 State and local government interest and dividend income .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
17	 Income (loss) from non-Nebraska sources .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .

15
16
17

18	 Community Development Assistance Act credit .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
	19	 Creating High Impact Economic Futures (CHIEF) credit.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
20	 Form 3800N credits (see Form 1120-SN Schedule K-1N instructions)

18
19	

Part C - Shareholder’s Share of Credits

Enter Code for the 3800N credit

Amount of 3800N credit
$
$
$
$

Total of 3800N credits (Enter here and on line 20)
$
			20
21	 Contractor withholding (see instructions)		
22	 Nebraska income tax withheld (see instructions). .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
	23	 Total PTET credit (see instructions).  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .

21
22

a	 2018 $________________ b 2019 $________________ c 2020 $________________
			 d	2021 $________________ e 2022 $________________ f 2024 $________________

	23

	24	 Opportunity Scholarships Act credit for contributors .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
25	 School Readiness Tax Credit for Providers .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .

24
25

revenue.nebraska.gov, 800-742‑7474 (NE and IA), 402-471-5729

8-687-2024

Instructions
Purpose. The Nebraska Schedule K-1N is used by the S corporation to report each shareholder’s share of the entity’s Nebraska
income, deductions, modifications, and credits. The Nebraska Schedule K-1N is also used by each shareholder to complete their
Nebraska tax return.
The S corporation must provide a Nebraska Schedule K-1N to each shareholder. A copy of every Nebraska Schedule K-1N must
be submitted with the Form 1120-SN.
Enter the shareholder’s share of the distributed Form 3800N credits. When S corporations issue Nebraska Schedules K-1N to
shareholders, they must also: complete distribution schedules such as Forms 775N, 312N, 1107N, 544N, the 3800N Worksheet
HBTC (listing the HBTC certificate); and report the distributed credit amount to the shareholders on line 20 of the Schedule
K-1N. To distribute credits earned under the Urban Redevelopment Act, contact DOR to obtain the necessary worksheet and
other documentation requirements.

Complete the S Corporation and Shareholder Information
Shareholder’s Name and Mailing Address. If the shareholder is a grantor trust, enter the name and mailing address of
the grantor.
If a single-member limited liability company (LLC) owns stock in the corporation and is treated as a disregarded entity for
income tax purposes, enter the LLC owner’s name and mailing address.
Nebraska ID Number. Enter the Nebraska ID number assigned to the S corporation by DOR. The S corporation’s Nebraska
ID number on the Schedule K-1N and the Form 1120-SN must be the same. Refer to the Nebraska ID number instructions for
Form 1120-SN.
Federal ID Number. Enter the Federal ID numbers assigned by the IRS to both the corporation and the shareholder. If the
shareholder is an individual, enter the individual’s Social Security number. If a single-member limited liability company (LLC)
owns stock in the corporation and is treated as a disregarded entity for income tax purposes, enter the LLC owner’s Social
Security number or Federal ID number.
Taxable Year of Organization. S corporations filing on a fiscal-year basis or filing a short period return must enter the date
the tax year began and the date the tax year ended. Calendar-year filers may leave this blank.
S Corporation’s Nebraska Apportionment Factor. Enter the S corporation’s Nebraska apportionment factor from line
15 of Schedule I, Form 1120-SN.
Shareholder’s Ownership Percentage. Enter the shareholder’s percentage of stock ownership for the tax year from the
Federal Schedule K-1. Convert the decimal shown on the Schedule II to a percentage before entering on the K-1N.

Part A – Shareholder's Share of Income and Deductions
Complete Part A to report the shareholder’s share of the S corporation’s income (loss) and deductions from Nebraska sources.
Lines 1-13. For S corporations that are only subject to income tax in Nebraska, the amounts entered on lines 1-13 will come
directly from the shareholder’s Federal Schedule K-1. For S corporations that are subject to income tax in another state, the
amounts entered on lines 1-13 will be the result of the Federal Schedule K-1 amounts multiplied by the S corporation’s Nebraska
apportionment factor.
Line 14. Enter the shareholder’s share of the Nebraska and local income, sales, and use taxes deducted on the 2024 Federal Form
1120-S under section 164 of the Internal Revenue Code (IRC). This includes the Nebraska PTET deducted by the S corporation.

Part B – Shareholder’s Share of Modifications
Complete Part B to report the shareholder’s share of the income distributed by the S corporation that modifies the federal adjusted
gross income or federal taxable income of the shareholder. For S corporations that are only subject to income tax in Nebraska,
the amounts entered on lines 15 and 16 will be the same as the amounts reported to the IRS.
For S corporations that are subject to income tax in another state, the amounts entered on lines 15 and 16 will be the result of
the federal amounts multiplied by the S corporation’s Nebraska apportionment factor.
Line 15. Qualified U.S. Government Interest Deduction. Enter the shareholder’s share of all interest and dividend
income from U.S. government obligations exempt from state taxation. The Taxability of Interest and Dividend Income From
State, Local, and U.S. Government Obligations Information Guide lists U.S. interest and dividend income that can be included
on line 15, Nebraska Schedule K-1N. Interest income from repurchase agreements involving U.S. government obligations is
not exempt U.S. government interest. Gains or losses from the sale or other disposition of federal securities are taxable for state
income tax purposes and should not be included on line 15.

Line 16. State and Local Government Interest and Dividend Income. Enter the shareholder’s share of all state and
local bond interest or dividends that are exempt from federal income tax and not issued by Nebraska state and local government
subdivisions.
Line 17. Income (Loss) from Non-Nebraska Sources. Income (Loss) from Non-Nebraska Sources. The shareholder’s
share of the non-Nebraska income or (loss) is equal to the shareholder’s share of line 4, Form 1120-SN minus the shareholder’s
share of line 5, Form 1120-SN.

Part C – Shareholder’s Share of Credits
Complete Part C to report the credits that were earned by the S corporation and distributed to the shareholders.
Line 18. Community Development Assistance Act (CDAA) Credit. Enter the shareholder’s share of the distributed
CDAA credit reported on the Nebraska Community Development Assistance Act Credit Computation, Form CDN, Part C.
Line 19. Creating High Impact Economic Futures (CHIEF) credit. Enter the shareholder's share of the distributed CHIEF
credit reported on the Creating High Impact Economic Futures form received from the Nebraska Department of Economic
Development.
Information on this credit can be obtained by contacting:
Nebraska Department of Economic Development
245 Fallbrook Blvd, Suite 002
Lincoln, NE 68521
opportunity.nebraska.gov
Darin Lubke
402-471-3116
[email protected]
Line 20. Form 3800N Credit. From the following codes (Codes A through L), enter the code and amount of the shareholder's
share of the distributed Form 3800N credits. When S corporations issue Nebraska Schedules K-1N to shareholders, they must
also: complete distribution schedules such as Forms 775N, 312N, 1107N, 544N, the 3800N Worksheet HBTC (listing the HBTC
certificate) and report the distributed credit amount to the shareholders on line 20 of the Schedule K-1N. An amount entered for
the Nebraska Historic Tax Credit does not entitle the shareholder to claim the credit. Rather, the shareholder must be issued a
NHTC certificate by DOR before any credit will be allowed. For additional information, see our website.
		
Code A .  .  .  .  .  .  .  .  .  .  .  .  .  . 	 Employment and Investment Growth Act
Code B. . . . . . . . . . . . . . . 	 Nebraska Advantage Act
Code C .  .  .  .  .  .  .  .  .  .  .  .  .  . 	 Nebraska Advantage Rural Development Act
Code D .  .  .  .  .  .  .  .  .  .  .  .  .  . 	 Nebraska Advantage Research and Development Act
Code E. . . . . . . . . . . . . . . 	 New Markets Tax Credit
Code F. . . . . . . . . . . . . . . 	 Nebraska Historic Tax Credit
Code G .  .  .  .  .  .  .  .  .  .  .  .  .  . 	 ImagiNE Nebraska Act
Code H .  .  .  .  .  .  .  .  .  .  .  .  .  . 	 Urban Redevelopment Act
Code I.  .  .  .  .  .  .  .  .  .  .  .  .  .  . Renewable Chemical Production Tax Credit Act
Code J.  .  .  .  .  .  .  .  .  .  .  .  .  .  . Nebraska Higher Blend Tax Credit Act
Code K .  .  .  .  .  .  .  .  .  .  .  .  .  . Affordable Housing Tax Credit
Code L .  .  .  .  .  .  .  .  .  .  .  .  .  . Biodiesel Tax Credit
Line 21. Contractor Income Tax Withholding. A S corporation that was subjected to the mandatory 5% contractor income
tax withholding and did not make the PTET election must distribute the amount withheld to its shareholders. The amount entered
on line 21 is the total amount of Nebraska withholding reported on the Form 1099-MISC or Form 1099-NEC issued to the S
corporation, multiplied by the shareholder’s ownership percentage. For additional information, see “Income Tax Withholding
on Contractors” found on page 4 of the Form 1120-SN instructions.
Line 22. Nebraska Income Tax Withheld. Enter the amount from column (G), Schedule II, Form 1120-SN, that reflects the
income tax remitted by the entity on behalf of the shareholder.
Line 23. Total PTET Credit. Enter the PTET credit for each tax year on lines 23a through 23f from Schedule PTET, Form
1120-SN. Enter the total 2018 through 2022 plus 2024 PTET credits on line 23.
Line 24. Opportunity Scholarships Act credit for contributors. Enter the shareholder's share of the distributed amount
of the credit.
Line 25. School Readiness Tax Credit for Providers. Enter the shareholder's share of the distributed amount of the tax
credit. The entity distributing the tax credit on the Schedule K-1N must have completed page 2 of the School Readiness Tax
Credit Act - Application for Childcare and Education Provider prior to distributing the tax credit.