1120N: Corporation return and schedules (2024)
Nebraska · Nebraska DOR · Used for tax years 2024
Form 1120N is Nebraska’s corporation income tax return for 2024. The return and its schedules report corporate taxable income and determine the portion subject to Nebraska income tax, including apportionment for multistate businesses.
Who files this form
Every corporation that is engaged in business in Nebraska or has income from Nebraska sources, and is subject to federal corporation income tax, must file Form 1120N.
This includes:
- Cooperative organizations, including exempt farm cooperatives.
- Exempt organizations required to file a federal return and pay tax at federal corporation income tax rates on unrelated business income.
A group of corporations conducting a unitary business must file a single combined return reporting the entire group’s income.
Different returns apply to some corporations: S corporations file Form 1120-SN. Financial institutions that meet the Nebraska business or deposit-solicitation conditions described in the booklet file Form 1120NF.
When it's due
2024 return: Form 1120N must be filed on or before the date the related federal income tax return is due. The booklet does not give a specific calendar date for that deadline.
What you'll need
Have the corporation’s federal ID number, Nebraska ID number, and six-digit business classification code ready.
Required federal attachments: Attach a copy of the federal return and supporting schedules as filed with the IRS. For Federal Form 1120, this includes at least the first five pages, Schedule D, Form 4797, and other supporting schedules. Also provide information supporting the amounts reported on the Nebraska return.
Depending on your situation, you may also need:
- Consolidated federal return: Consolidating schedules or workpapers for income and expenses, cost of goods sold, and balance sheets, plus Form 851.
- Exempt farm cooperative: Federal Form 1120-C.
- Nebraska schedules: Schedule A for adjustments on lines 3 or 4; Schedule I for applicable multistate income calculations; and Schedules III and IV for applicable combined-return reporting.
- Loss carryovers: A detailed capital loss carryover computation and applicable Federal Schedules D, or a Nebraska Corporation Net Operating Loss Worksheet and any required limitation calculations.
- Tax credits: Required credit forms, certificates, and supporting schedules. Examples include Form PTC for community college property tax credits and Nebraska Schedules K-1N supporting a pass-through entity tax credit.
- Extension: A copy of timely filed Federal Form 7004, or a schedule with the federal electronic confirmation number and an explanation that the extension request was not denied.
- Authorized signer: Form 33, Power of Attorney, must be on file with DOR or attached if a corporate officer authorizes someone else to sign.
How to file
Use the 2024 Form 1120N for calendar year 2024 or a fiscal year beginning in 2024. Your Nebraska tax year must match your federal tax year.
E-file: Use the Federal/State e-file program to file both federal and Nebraska returns electronically.
Mail: Send Form 1120N and required attachments to:
Nebraska Department of Revenue
PO Box 94818
Lincoln, NE 68509-4818
A corporate officer must sign and date the return unless another signer is properly authorized. E-filing the return serves as the signature. Include a daytime phone number. If you do not want DOR to contact you by email, write “Opt Out” on the email address line.
Payment: Electronic options include electronic funds withdrawal with an e-filed return, Nebraska e-pay, ACH credit, Nebraska Tele-pay, and credit card payment. Some entities must pay electronically. If you are not using an electronic payment option, include a check or money order payable to the “Nebraska Department of Revenue.”
Common mistakes
- Including cents: Enter whole dollars only. Round 50 through 99 cents up and amounts below 50 cents down. Do not change the preprinted zeros in the cents column.
- Using a pro-forma federal return: A pro-forma return is not acceptable. Attach the required federal return and supporting schedules.
- Treating an extension as extra time to pay: An extension only extends the filing deadline. Tax unpaid by the original due date is subject to interest.
- Leaving out extension proof: Failure to attach the applicable extension document may result in a late-filing penalty.
- Including the Nebraska ID prefix: Do not include a prefix such as “24-” in the state ID number.
- Missing required corrections: If a previously filed Nebraska corporation return is incorrect, file Form 1120XN and attach the required supporting documentation.
Questions people ask
What are the corporate income tax rates for 2024?
For 2024, the first $100,000 of net Nebraska taxable income is taxed at 5.58%. Above $100,000, the tax is $5,580 plus 5.84% of the amount over $100,000.
Does Nebraska tax all of a corporation’s income?
Nebraska taxes income derived from or attributable to Nebraska sources. A corporation subject to tax in another state must apportion its income unless the Tax Commissioner approved an alternative method before filing. A corporation doing business in Nebraska that is not subject to tax in another state must report its entire taxable income to Nebraska.
Can I use Form PTC to claim school district property tax credits for 2024?
No. For tax years beginning on or after January 1, 2024, Form PTC is used only to claim a credit for community college property taxes paid.
Can the corporation receive its refund by direct deposit?
Yes. Enter the routing number, account number, and account type on line 37. If the refund will go to an account outside the United States, check line 37d. Those refunds cannot be directly deposited and will be mailed instead.