NC K-1 (CD-401S): Shareholder's Share of North Carolina Income, Adjustments, and Credits (2024)
North Carolina · North Carolina DOR · Used for tax years 2024
Form NC K-1 (CD-401S) reports a shareholder’s share of an S corporation’s North Carolina income or loss, adjustments, tax credits, and tax withheld. It also reports specific items for nonresident shareholders and shareholders of taxed S corporations, with directions for where ind
Who files this form
NC K-1 (CD-401S) reports a shareholder’s share of an S corporation’s North Carolina income, adjustments, and credits for tax year 2024.
The form has items for all shareholders, items for nonresidents only, and a section for Taxed S Corporations only. It does not state a separate filing requirement.
What you'll need
Have these records and details available to complete the form:
- The corporation’s name, address, ZIP code, and employer identification number.
- The shareholder’s name, address, ZIP code, identifying number, and percentage of stock ownership for the tax year.
- The tax year’s beginning and ending dates if not using calendar year 2024.
- Whether the S corporation is a Taxed S Corporation.
- Form CD-401S, Schedule K. NC K-1 references lines 5 through 7 and 9 through 15 for the reported amounts.
For individuals filing Form D-400, the form also points to the D-400 instructions, Schedule S, Form D-400TC, and Schedule PN-1 for applicable items.
Common mistakes
- Do not include the handwritten-form instruction page.
- Use blue or black ink, not red ink.
- Do not use dollar signs, commas, or other punctuation marks when filling in the handwritten form.
- Set page scaling to “none” and uncheck “Auto-Rotate and Center.”
- Do not print on both sides of the paper.
- Submit originals only, not photocopies of returns.
- Do not mix form types.
- Attach additional NC K-1s if needed.
Questions people ask
Where do additions and deductions go on an individual return?
For individuals filing Form D-400, NC K-1 line 2 additions go on Schedule S, Part A. Line 3 deductions go on Schedule S, Part B.
Where do I report my share of tax credits?
NC K-1 line 4 directs individuals to Form D-400TC and the Form D-400 instructions.
Where does tax withheld from nonwage compensation go?
NC K-1 line 5 reports the shareholder’s share of tax withheld from nonwage compensation paid for personal services performed in North Carolina. The form directs individuals to Form D-400, line 20.
Where does a nonresident report their share of net tax paid by the S corporation?
NC K-1 line 8 directs individuals to Form D-400, line 21d.
Which items are for Taxed S Corporations only?
The 2024 Taxed S Corporations Only section contains line 9, Share of Loss Attributable to North Carolina, and line 10, Share of Income Attributable to North Carolina. These amounts come from Form CD-401S, Schedule K, lines 14 and 15.