NC-40 PTE: Taxed Partnership Estimated Income Tax (Revision)
North Carolina · North Carolina DOR · Used for tax years 2024
Form NC-40 PTE is used by partnerships to make North Carolina estimated income tax payments or voluntary income tax prepayments. It records the partnership’s identifying information, tax year, and payment amount, and includes a worksheet for estimating North Carolina income tax.
Who files this form
Use Form NC-40 PTE if you are:
- A Taxed Partnership required to make estimated income tax payments.
- A partnership voluntarily making income tax prepayments.
Generally, a Taxed Partnership must pay estimated tax if it reasonably expects its North Carolina income tax liability to be at least $500 after subtracting tax credits.
When it's due
For tax year 2024, calendar-year filers generally make four equal installments due on or before:
- April 15, 2024
- June 15, 2024
- September 15, 2024
- December 15, 2024
For fiscal-year filers using this 2024 edition, installments are generally due on the 15th day of the fourth, sixth, ninth, and twelfth months of the taxable year.
If a due date falls on a federal or State holiday or a weekend, a payment postmarked by the day following that holiday or weekend is considered on time.
The schedule on Page 2 provides for fewer installments if the partnership first meets the payment requirement later in the taxable year.
What you'll need
Have these details ready to complete the payment form:
- Beginning and ending tax-year dates, in MM-DD-YY format.
- Federal Employer ID Number.
- N.C. Secretary of State ID Number, if applicable.
- Legal name, limited to the first 35 characters, and mailing address.
- Payment amount.
For a mailed payment, include a check or money order in U.S. currency from a domestic bank.
If you use the optional worksheet, you will need estimates of income or loss to be reported on Federal Form 1065, Schedule K; North Carolina additions and deductions; income apportioned or directly allocated to North Carolina; and tax credits.
How to file
- Enter the partnership’s tax-year dates, identification numbers, legal name, address, and payment amount. Use capital letters for the name and address.
- Submit Page 1 in its entirety. Do not submit Page 2.
- Include a check or money order in U.S. currency from a domestic bank. Do not tape or staple it to the form, and do not send cash.
- Mail the form and payment to:
N.C. Department of Revenue
P.O. Box 25000
Raleigh, N.C. 27640-0650
Common mistakes
- Sending the wrong pages: Submit all of Page 1, but do not submit Page 2.
- Attaching the payment incorrectly: Do not tape or staple the check to the form. Do not send cash.
- Missing an address correction: If your address changed since your last tax return, report the correct address on Form NC-AC, Address Correction Notification.
- Underpaying an installment: Interest may apply if you do not pay enough by an installment’s due date, even if you receive a refund when you file your return.
- Including excluded partners’ income in the worksheet: Do not include income or loss allocated to North Carolina corporations or partnerships. Also exclude income or loss allocated to non-North Carolina corporations or partnerships if you plan to file Form NC-NPA on their behalf.
Questions people ask
Is the estimated-tax worksheet required?
No. The form says the worksheet is provided for convenience and is not required to be completed.
What does “North Carolina income tax liability” mean?
It is the income tax the Taxed Partnership expects to owe for the tax year after subtracting tax credits.
Can a partnership make payments voluntarily?
Yes. Form NC-40 PTE may be used by a partnership voluntarily making income tax prepayments.
Can underpayment interest apply even if the partnership gets a refund?
Yes. Interest can apply when an installment is underpaid, even if the partnership is due a refund when it files its return. Interest is calculated separately for each installment. The form refers to Form NC-429B PTE for more information.