NH-1041: Fiduciary Business Tax Return (2024)
New Hampshire · New Hampshire DRA · Used for tax years 2024
Form NH-1041 is New Hampshire’s 2024 Business Profits Tax Return for reporting business profits from the business activity of an association or trust. It uses income reported on federal Form 1041, applies New Hampshire adjustments and deductions, and calculates Business Profits T
What you'll need
The return must include complete, legible copies of the appropriate federal forms and schedules. NH-1041 uses income amounts from Federal Form 1041.
Attach these additional documents when applicable:
- A schedule of other business expenses reported on Line 1(i).
- Schedule IV for adjustments on Lines 2(c) and 2(e).
- A schedule of separate entity income or expense items on Line 4.
- A schedule of income or franchise taxes by state for Line 6(c).
- A computation of the research contribution deduction on Line 6(f).
- A schedule detailing each transaction if reporting multiple transactions on Line 6(g).
- Form DP-80, BPT Apportionment Schedule, if New Hampshire apportionment is other than 100%.
- Form DP-132 for the New Hampshire net operating loss deduction.
- The BET Credit Worksheet for Line 13(a), or Form DP-160 for other credits including BET on Line 13(b).
Common mistakes
- Do not leave amounts unrounded. The form says to round to the nearest whole dollar.
- Do not omit required federal attachments. Copies must be complete and legible.
- Do not claim the Line 6(a) deduction for a trust. The form notes that this deduction for interest and dividends subject to tax under RSA 77 no longer applies to trusts.
- Do not enter a negative amount on Lines 9 or 11. Enter zero if the calculation is negative. Line 14 also cannot be less than zero.
- Do not forget to report the tax from Line 14 on BT-Summary, Line 1(b).
Questions people ask
What tax rate does the 2024 NH-1041 use?
Line 12 calculates tax by multiplying New Hampshire taxable business profits on Line 11 by 7.5%.
What if my New Hampshire apportionment is not 100%?
Complete Form DP-80, BPT Apportionment Schedule. Enter the percentage from DP-80, Line 1(c), on NH-1041, Line 8.
Where do I claim a New Hampshire net operating loss deduction?
Claim the deduction on Line 10 and attach Form DP-132. The form also asks for the deduction available, the amount used this tax period, and the amount to carry forward.
How do I report tax credits?
For BET Credit only, use Line 13(a) and attach the BET Credit Worksheet. For other credits including BET, use Line 13(b) and attach Form DP-160.