1120-XSN: Amended S Corporation return (2024)
Nebraska · Nebraska DOR · Used for tax years 2024
Form 1120-XSN is the 2024 Amended Nebraska S Corporation Income Tax Return. It reports changes to previously reported income, Nebraska adjustments, taxes, credits, and payments, and calculates any balance due or refund.
Who files this form
S corporations use the 2024 Form 1120-XSN to:
- Report changes to income, deductions, or credits resulting from an IRS audit or an audit by another state.
- Report changes resulting from an amended return filed with the IRS or another state.
- Correct items on a previously filed Nebraska Form 1120-SN or Form 1120-XSN.
- Elect to be subject to Nebraska income tax.
What you'll need
Have the original return amounts, or amounts as later adjusted, available to complete column (A). Explain every change in column (B) and attach supporting schedules.
Depending on the changes and credits reported, you may also need:
- Schedule K from amended federal Form 1120-S for the applicable Schedule A income and deduction entries.
- Form 3800N for credits and recapture reported on that form.
- A supporting schedule for the premium tax credit.
- Form 1099-NEC for Nebraska income tax withheld on line 24.
- Form PTC for the community college property tax credit.
- Nebraska Schedules K-1N for PTET credit received from an electing partnership.
- Certificate numbers from Form ETC-A or Form CCTC-A for the applicable credits.
- Power of Attorney, Form 33, if an authorized person signs instead of a corporate officer. Form 33 must be on file with the Nebraska Department of Revenue or attached to the return.
How to file
- Enter the original or previously adjusted amounts in column (A), net changes in column (B), and corrected totals in column (C). If an amount has not changed, copy column (A) into column (C).
- Explain each column (B) change in detail in the Explanation of Changes section and attach supporting schedules.
- Complete page 2 and the applicable schedules.
- Have a corporate officer, or an authorized signer with Form 33, sign the return. A paid preparer must also sign and provide their PTIN, firm name, and EIN.
- File the amended return separately from the S corporation's annual return.
Mail the return and payment to:
Nebraska Department of Revenue
PO Box 94818
Lincoln, NE 68509-4818
If you make your payment electronically, check the box on line 34.
Common mistakes
- Leaving changes unexplained. Every entry in column (B) must be explained in detail, with supporting schedules attached.
- Completing Schedule II when it should be skipped. Do not complete it if box 4 is checked or Nebraska source income is decreased.
- Using Schedule PTET without an election. Use this schedule only if the S corporation elected to be subject to income tax.
- Claiming a distributed PTET credit on line 26. Leave line 26 blank if the credit received from an electing partnership is being distributed to shareholders.
- Ignoring an earlier overpayment. Include the original or later adjusted overpayment on line 29. A refund claimed on the original return is refunded separately from any additional refund claimed on the amended return.
Questions people ask
Can this form correct an earlier amended return?
Yes. Form 1120-XSN can correct items on a previously filed Form 1120-SN or Form 1120-XSN.
Will the S corporation receive a withholding refund if nonresident shareholders' Nebraska income decreases?
No. The S corporation will not receive a refund of withholding due with its original return because of that reduction. Individual shareholders may file claims for refunds resulting from the reduced Nebraska source income.
Can a refund be deposited electronically?
Yes. Complete lines 36a, 36b, and 36c with the routing number, account type, and account number. Check line 36d if the refund will go to a bank account outside the United States.
Do I have to agree to email contact?
No. If you do not want the Nebraska Department of Revenue to contact you by email, write “Opt Out” on the email address line.