NC K-1 Supplemental Schedule: Owner or Beneficiary’s Share of North Carolina Additions and Deductions (2024)
North Carolina · North Carolina DOR · Used for tax years 2024
The 2024 NC K-1 Supplemental Schedule details an owner’s or beneficiary’s share of North Carolina additions to and deductions from income. It reports amounts from all sources and amounts attributable to North Carolina, as applicable, to help prepare the appropriate North Carolina
Who files this form
A pass-through entity, estate, or trust that reported North Carolina additions or deductions to an owner or beneficiary on an NC K-1 must give that person the information needed to prepare the appropriate North Carolina tax return.
The entity may use this supplemental schedule to provide that information. The form does not say this specific schedule is required.
What you'll need
The schedule calls for the following information:
- The entity’s legal name and federal employer identification number.
- The owner’s or beneficiary’s name and Social Security number or federal employer identification number, as applicable.
- The owner’s or beneficiary’s share of each applicable North Carolina addition and deduction.
- Amounts from all sources for Column A and amounts attributable to North Carolina for Column B, if applicable.
- Amounts by year for 2019 through 2023 if completing the bonus depreciation or IRC Section 179 expense deduction entries.
Common mistakes
- Do not overlook the column instructions. Complete Column A and Column B, if applicable, for each owner or beneficiary. Column A is for amounts from all sources; Column B is for amounts attributable to North Carolina.
- Use capital letters for the entity’s legal name, as directed on the form.
- Follow the total-line instructions: line 16 adds lines 1 through 15. Line 41 adds lines 17 through 22, 23f, 24f, and 25 through 40.
- Include your share of the applicable North Carolina additions and deductions on your North Carolina income tax return. The schedule refers you to the instructions for that return for more information.
- Line 21 is for certain qualifying uniformed services retirement benefits not deducted on line 20.
Questions people ask
What is this schedule used for?
It lets a pass-through entity, estate, or trust provide details about North Carolina additions and deductions reported to an owner or beneficiary on an NC K-1.
What is the difference between Columns A and B?
Column A shows the amount from all sources. Column B shows the amount attributable to North Carolina. Complete the columns as applicable for each owner or beneficiary.
Where are the totals shown?
Total additions are on line 16 in Part A. Total deductions are on line 41 in Part B.
What should I do with my share of the additions and deductions?
Include your share of the applicable additions and deductions on your North Carolina income tax return. For more information, see the instructions for the applicable return.