INSTRUCTIONS: NEBRASKA S CORPORATION INCOME TAX RETURN (Form 1120-SN)
S Corporations operating in Nebraska use a form 1120-SN to file their state income tax due. This document is available as part of a packet containing instructions and all potentially necessary supplementary schedules on the website of the Nebraska Department of Revenue.
Nebraska S Corporation Income Tax Return 1120-SN Step 1: Give your business trade name and address.
Nebraska S Corporation Income Tax Return 1120-SN Step 2: Give your business classification code, the date on which you began operations in Nebraska, a brief description of your principal operating activities, your federal and state ID numbers, and indicate with a check mark whether your S corporation has nonresident individual shareholders. If so, you must complete Schedule II.
Nebraska S Corporation Income Tax Return 1120-SN Step 3: Indicate with a check mark if you are filing an initial, amended or final return. Similarly, indicate if you are filing this return to document a change in your address. Also indicate if you are attaching forms 7004 or 3800N.
Nebraska S Corporation Income Tax Return 1120-SN Step 4: Enter your ordinary business income on line one.
Nebraska S Corporation Income Tax Return 1120-SN Step 5: To complete lines two and three, you must first complete Schedule A. Transfer line seven of Schedule A to line two of 1120-SN and line 17 of Schedule A to line three of 1120-SN.
Nebraska S Corporation Income Tax Return 1120-SN Step 6: Subtract line three from the sum of lines one and two and enter the result on line four.
Nebraska S Corporation Income Tax Return 1120-SN Step 7: Enter your income reported to the state on line five.
Nebraska S Corporation Income Tax Return 1120-SN Step 8: Complete lines six through 16 as instructed to determine your tax owed, as well as any refund you may be owed due to overpayment.
Nebraska S Corporation Income Tax Return 1120-SN Step 9: If you are entitled to a refund and wish to receive it through a direct deposit, enter your routing number on line 17a, indicate if your account is a checking or savings account on line 17b, and enter your account number on line 17c. If this account is located outside of the United States, check the box on line 17d.
Nebraska S Corporation Income Tax Return 1120-SN Step 10: An officer should sign and date the form.
