1120XN: Amended Corporation return (after 2023) (2024)
Nebraska · Nebraska DOR · Used for tax years 2024
Form 1120XN is the Amended Nebraska Corporation Income Tax Return for tax years after 2023. It reports changes to previously reported income, deductions, credits, and tax, and calculates the resulting balance due or refund.
Who files this form
Corporations use Form 1120XN to correct a previously filed Nebraska corporation income tax return. This version is for tax years after 2023, including 2024.
File an amended Nebraska return when:
- Information on the previously filed Nebraska return is incorrect.
- The corporation’s federal return is amended or corrected.
- Another state’s return is amended or corrected in a way that materially affects Nebraska tax liability.
- The IRS changes reported income or deductions, or those amounts change through renegotiation of a contract with the United States.
- Another state’s changes to the corporation’s income or tax credits become final.
What you'll need
Have the original Nebraska return and any later adjustments available. Attach the documents that apply to your changes:
- Explanation and supporting records: Complete Nebraska Schedule II with the line number and reason for each change. Attach supporting forms and schedules.
- Federal or other state changes: Include the related amended return, a signed and dated final determination, or proof that the IRS accepted changes on a federal amended return claiming a refund, as applicable. If filing an amended federal return, attach a complete copy of Federal Form 1120X.
- Federal assessment extensions: Attach Federal Form 872, 872-A, or another federal form extending the time to assess income taxes, if applicable.
- Corporate group information: If the ownership question on the form applies, attach Federal Form 851 or a schedule of affiliated corporations and federal ID numbers. A separate report by a controlled-group member requires supporting documentation. An alternate reporting method requires DOR approval.
- Loss carryovers: Attach the Nebraska net operating loss worksheet or a detailed capital loss carryover schedule, as applicable.
- Credits: Attach the required credit forms and schedules, such as Form 3800N, Form TANF, Form PTC, and Schedules K-1N. For PTET credits from more than one partnership, include a schedule showing each partnership’s name, Nebraska ID number, and credit amount.
- Other adjustments: Include detailed explanations and necessary schedules. Changes to allocable, nonapportionable income or loss require supporting evidence and a corporate officer’s affidavit.
How to file
- Print or type the corporation’s information and taxable year. Answer the applicable questions and select only one method for determining Nebraska income.
- In column A, enter amounts originally reported or later adjusted. In column B, enter the net changes. In column C, enter the corrected amounts, carrying over column A amounts where there is no change.
- Explain every column B change in Nebraska Schedule II and attach supporting documents. Complete Schedule I if the corporation operates both within and outside Nebraska.
- Have a corporate officer sign the return. If another person is authorized to sign, Form 33, Power of Attorney, must be on file with DOR. A paid preparer must also sign and enter their PTIN and EIN.
- Mail the amended return separately from the corporation’s annual income tax return to:
Nebraska Department of Revenue
PO Box 94818
Lincoln, NE 68509-4818
Remit payment electronically if required. If paying electronically, check the box on line 39.
Common mistakes
- Overlooking electronic payment requirements: The form reminds taxpayers that some corporations must pay any corporate balance electronically.
- Treating all GILTI or subpart F income as deductible foreign dividends: The printed note says most of these inclusions are not foreign dividends or deemed foreign dividends. Only the specifically identified qualifying portion may be deducted, with supporting documentation.
- Providing an email address without considering confidentiality: Entering an email address acknowledges that DOR may contact the taxpayer by email and accepts the associated confidentiality risk. Write “Opt Out” on the email address line if you do not want email contact.
Questions people ask
Can the corporation receive its refund by direct deposit?
Yes. Complete the direct deposit information for the corporation’s checking or savings account. Check the designated box if the refund will go to a bank account outside the United States.
Do I need to account for a refund claimed on the original return?
Yes. Enter the original overpayment, including later corrections or adjustments, on line 32. A refund claimed on the original return is handled separately from any additional refund claimed on the amended return.
Can Nebraska losses be carried back?
No. Nebraska net operating losses and capital losses may only be carried forward. For losses from 2014 and later, the listed carryforward periods are 20 tax years for net operating losses and five tax years for capital losses.
What if the corporation changed its name or federal ID number?
Check the name change box if the name changed since the last filing. If the federal ID number changed, file Nebraska Tax Application, Form 20, to obtain a new Nebraska ID number.
Where can I get help?
Contact DOR at 800-742-7474 in Nebraska and Iowa, or 402-471-5729. The form also lists revenue.nebraska.gov.