CD-401S: S-Corporation Tax Return (2024)
North Carolina · North Carolina DOR · Used for tax years 2024
Form CD-401S is North Carolina’s 2024 S-Corporation Tax Return. It reports net worth, income, tax payments, and credits to calculate franchise tax, applicable income tax, and any balance due or refund.
Who files this form
Form CD-401S is North Carolina’s S-Corporation Tax Return for tax year 2024. It includes calculations for franchise tax and corporate income tax, including entries for composite filers and corporations making a Taxed S Corporation election.
The form does not state the full rules for determining which S corporations must file.
When it's due
For tax year 2024, the form states that returns are due by the 15th day of the 4th month after the end of the income year.
The form also asks whether you were granted an automatic extension to file your 2024 federal income tax return, Form 1120S. It does not print an extended filing deadline.
What you'll need
Have the corporation’s identifying information, financial records, and shareholder information ready. The form asks for the federal employer ID number, Secretary of State ID, NAICS code, assets, liabilities, income, deductions, and shareholder ownership details.
Depending on the entries you make, you may need:
- Federal income tax return: Attach a copy or complete Schedule G for ordinary business income or loss.
- Form CD-419: Use the amounts from this form for franchise and income tax extension payments.
- Form CD-425: Required if you claim a tax credit on Schedule A, Line 4, or Schedule B, Line 20e.
- Form D-403 NC K-1: Attach a copy if you claim a partnership payment on Line 20c.
- Form 1099 or W-2: Include a copy for nonresident withholding on Line 20d.
- Form NC-PE: Attach it for additions and deductions reported on Schedule I.
- Supporting schedules: Attach them where requested, including for depreciation, depletion and amortization, affiliated indebtedness, and special apportionment calculations.
- Schedule of affiliates: Required if the corporation is a Qualified Subchapter S Subsidiary or the parent of one.
How to file
- Save the PDF to your computer and complete it using the latest version of Adobe Acrobat Reader. Do not handwrite information.
- Enter the corporation’s name and address in capital letters and fill in all applicable circles. All taxpayers must complete Schedule F.
- Complete the applicable schedules and attach the required supporting documents. Have the officer sign, enter their title, and date the return.
- Print using the form’s print icon. Print one-sided, set page scaling to “none,” and uncheck Auto-Rotate and Center. Do not include the web fill-in instruction page.
- Mail the original return to:
N.C. Dept. of Revenue
P.O. Box 25000
Raleigh, N.C. 27640-0500
The form says tax can be paid online, but the supplied text does not give an online payment address or e-filing directions. Payments must be in U.S. currency from a domestic bank.
Common mistakes
- Using the wrong amount format: Do not enter commas or use brackets for negative amounts. The web fill-in directions say to use a minus sign. Also fill in the negative-amount or overpayment circles where the form directs.
- Printing incorrectly: Do not print on both sides. Set page scaling to “none” and uncheck Auto-Rotate and Center.
- Sending the wrong pages or copies: Do not include the web fill-in instruction page, mix form types, or submit photocopies of returns. Submit original returns only.
- Leaving out required attachments: Credit claims require Form CD-425, partnership payments require a copy of Form D-403 NC K-1, and nonresident withholding requires a copy of Form 1099 or W-2.
- Including ineligible amounts on Lines 20c through 20e: Enter only amounts attributable to nonresidents filing composite or to Taxed S Corporations.
- Rounding the apportionment factor incorrectly: Calculate it to four places to the right of the decimal.
Questions people ask
Do I need to complete Schedule G if I attach my federal return?
No. The form says to complete Schedule G only if you do not attach a copy of your federal income tax return.
Where do I indicate a Taxed S Corporation election for 2024?
On Page 1, answer “Yes” or “No” to the question asking whether the S corporation is making that election for tax year 2024.
Can I apply an overpayment to next year’s estimated income tax?
Yes. Line 31 lets you apply an amount from the overpayment on Line 30 to 2025 estimated income tax.
Can I authorize the Department of Revenue to discuss the return with my paid preparer?
Yes. Check the authorization box near the officer’s signature on Page 2 to allow the Department to discuss the return and attachments with the paid preparer listed there.