DP-120-P: Computation of Partnership Gross Business Profits (2024)
New Hampshire · New Hampshire DRA · Used for tax years 2024
New Hampshire Form DP-120-P computes gross business profits for partnership entities that are non-consolidated members of a combined group. It combines income and deductions from federal Form 1065, Schedule K, with other income items to determine the amount reported on NH-1120-WE
Who files this form
The 2024 Form DP-120-P is for non-consolidated partnership members of a combined group to compute gross business profits.
File one form combining all partnership entities reporting as part of the combined returns. Include a statement detailing each entity separately.
What you'll need
Have the following ready:
- Federal Form 1065, Schedule K, for the income and deduction amounts requested on Lines 1(a) through 1(r).
- Details of any other income or loss not reported on Schedule K that should be included in gross business profits.
- A statement detailing each partnership entity separately, similar to the method used for consolidated federal pages.
- The business organization name, taxpayer identification number, and taxable-period dates if not using calendar year 2024.
How to file
File only one DP-120-P combining all partnership entities reporting as part of the combined returns. Include a statement detailing each entity separately.
Combine Lines 1(a) through 1(l), then subtract the total of Lines 1(m) through 1(r). Enter the result on Line 2 and report it on NH-1120-WE, Schedule I-A, Line 3.
The supplied form does not give a mailing address or e-file instructions.
Common mistakes
- Not rounding amounts: The form says to round to the nearest whole dollar.
- Entering capital gains below zero: Lines 1(h) and 1(i) must not be below zero. The form provides a separate space for a net short-term capital loss and directs you to net that loss against net long-term gains.
- Including contributions that benefit a partner: Line 1(n) allows contributions only to the extent they are made in the partnership's name to enhance its goodwill, not for a partner's benefit.
- Filing separate forms for each partnership entity: File one combined form and include a statement detailing each entity separately.
Questions people ask
Where do the income and deduction amounts come from?
Most entries come from Federal Form 1065, Schedule K. Line 1(l) also asks for other income or loss not reported on Schedule K that should be included in gross business profits.
Where do I report the final result?
Report the amount from DP-120-P, Line 2, on NH-1120-WE, Schedule I-A, Line 3.
Can I use this form for a taxable period other than calendar year 2024?
The form provides fields for the beginning and ending dates of another taxable period, using MMDDYYYY format.
Do guaranteed payments belong in the calculation?
Yes. Enter guaranteed payments reported on Federal Form 1065, Schedule K, Line 4(c), on DP-120-P, Line 1(d).