Schedule K-1 (Form 60): Schedule K-1 (Form 60) - Shareholder's Share of North Dakota Income (Loss), Deductions, Adjustments, Credits, and Other Items (2024)
North Dakota · ND Tax Commissioner · Used for tax years 2024
North Dakota Schedule K-1 (Form 60) is a supplemental schedule an S corporation provides to its shareholders. It reports each shareholder’s North Dakota adjustments and tax credits and, for nonresident shareholders, applicable income, gains, losses, deductions, income tax withhel
Who files this form
An S corporation provides North Dakota Schedule K-1 (Form 60) to its shareholders. The schedule gives shareholders information they may need for their North Dakota income tax returns.
- Resident individuals, estates, and trusts: Your entire distributive share of the corporation’s income is subject to North Dakota income tax. This schedule shows your share of North Dakota adjustments and tax credits in Part 3.
- Nonresident individuals, estates, and trusts: Your share of the corporation’s income apportioned and allocated to North Dakota is subject to North Dakota income tax. Parts 3 through 5 show adjustments, credits, North Dakota income items, and tax withheld or paid.
- Shareholders included in a composite filing: The corporation’s composite tax payment satisfies your North Dakota filing and payment obligations for your distributive income from that corporation. Keep the schedule for your records.
What you'll need
- Federal Schedule K-1: The form calls for the shareholder’s SSN or FEIN, name, address, and stock ownership percentage from this schedule.
- North Dakota Schedule K-1 (Form 60): Attach a copy to your return when reporting withholding from line 37 or claiming composite tax from line 38 as withholding.
- Amended Schedule K-1: If you file an amended North Dakota return to report revised information, attach a copy of the amended schedule.
- Statement explaining differences: Attach a statement explaining any difference between an amount shown on North Dakota Schedule K-1 and the amount reported on your North Dakota return.
Common mistakes
- Entering line 36 on your return. This net North Dakota income or loss amount is for information only. Do not enter it anywhere on your return.
- Reporting amounts excluded from federal adjusted gross income. For Part 4 items limited on your federal return, report only the portion included in federal adjusted gross income. Attach a statement explaining differences.
- Entering an item marked “Not applicable.” The instructions say these items must not be entered on your return.
- Using the wrong tax year. If you file on a calendar-year basis and the corporation uses a fiscal year, report the amounts for the year in which the corporation’s fiscal year ends.
- Missing a required attachment. Attach the schedule when reporting line 37 withholding or claiming line 38 composite tax as withholding.
Questions people ask
Which tax year should I use for this schedule?
The form and line references apply to calendar year 2024. If you file on a calendar-year basis but the corporation uses a fiscal year, report the amounts for the year its fiscal year ends. For example, amounts from a 2024 Schedule K-1 for a corporation whose fiscal year ends in February 2025 belong on your 2025 return.
What if I elected to join the corporation’s composite filing?
The schedule is for your information, so keep it with your tax records. The composite tax paid by the corporation satisfies your North Dakota filing and payment obligations for your distributive income from that corporation.
What should I do if I receive an amended Schedule K-1?
You generally must file an amended North Dakota return and attach the amended schedule. If you previously elected composite filing and are not changing that election, no action is required. Keep the amended schedule for your records.
Where do I report the withholding on line 37?
Individuals report it on Form ND-1, line 26. Estates and trusts use Form 38, page 1, line 8. Partnerships use Form 58, page 1, line 4. S corporations use Form 60, page 1, line 5. Attach a copy of North Dakota Schedule K-1 to the return.