Schedule 1S: Income Subtraction Modifications (2024)
Maine · Maine Revenue Services · Used for tax years 2024
Maine Schedule 1S reports a corporation's subtractions from federal taxable income for 2024. The total is entered on Form 1120ME, line 2, and the schedule is enclosed with that return.
Who files this form
The 2024 Schedule 1S is for corporations reporting subtractions from federal taxable income on Maine Form 1120ME. The schedule says to enclose it with Form 1120ME.
What you'll need
- Your Form 1120ME, including the name shown on it and your federal EIN.
- Federal Form 5884 and/or Form 8844, as appropriate, if claiming the Work Opportunity Credit and Empowerment Zone Credit deductions on line 3. Attach the applicable forms.
- The corporation’s registration or sales tax number if reporting medical cannabis business expenses on line 10 or adult use cannabis business expenses on line 11.
- Form 1120ME instructions, pages 7 through 10, which the schedule directs you to consult.
How to file
Enter the name shown on Form 1120ME and the federal EIN. Report the applicable subtraction amounts on lines 1 through 22.
Add lines 1 through 22. Enter the total on Schedule 1S, line 23, and on Form 1120ME, line 2.
Enclose Schedule 1S with your Form 1120ME. The supplied text does not provide a mailing address or e-filing directions.
Common mistakes
- Do not enter dollar signs, commas, or decimals.
- Do not omit the applicable federal Form 5884 and/or Form 8844 attachments for line 3.
- Check the instructions for limitations on dividends from certain affiliated corporations reported on line 5.
- Remember to enter the total subtractions on both Schedule 1S, line 23, and Form 1120ME, line 2.
- Enclose Schedule 1S with Form 1120ME.
Questions people ask
What does Schedule 1S report?
It reports subtractions from federal taxable income, including nontaxable interest, foreign dividend gross-up, and other listed income subtraction modifications.
Where do I enter the total subtractions?
Add lines 1 through 22 and enter the total on line 23. Also enter that total on Form 1120ME, line 2.
Do cannabis business expense entries require a registration number?
Lines 10 and 11 each ask for the corporation’s registration or sales tax number when reporting medical cannabis or adult use cannabis business expenses.
Where does the schedule direct me for more information?
It refers you to Form 1120ME instructions, pages 7 through 10, and to maine.gov/revenue/tax-return-forms.