Nc-4p Allowance Worksheet - North Carolina Department Of Revenue Page 3
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5NC-4P Allowance Worksheet Schedules
Important: If you cannot reasonably estimate the amount to enter in the schedules below, you should enter ZERO (0) on line 2, NC-4P.
Schedule 1
Estimated 2014 N.C. Itemized Deductions
.
$
Qualifying mortgage interest
__________________
.
$
Real estate property taxes
__________________
.
$
Total qualifying mortgage interest and real estate property taxes*
__________________
.
$
Charitable Contributions (Same as allowed for federal purposes)
__________________
.
$
Total estimated N.C. itemized deductions. Enter on Page 2, Part II, Line 1
__________________
*The sum of your qualified mortgage interest and real estate property taxes may not exceed $20,000. For married
taxpayers, the $20,000 limitation applies to the combined total of qualified mortgage interest and real estate property
taxes claimed by both spouses, rather than to each spouse separately.
Schedule 2
Estimated 2014 Federal Adjustments to Income
Federal adjustments to income are the amounts that are deducted from total income claimed on your federal return.
Adjustments to income may include:
.
$
Health savings account deduction
__________________
.
$
Moving expenses
__________________
.
$
Alimony paid
__________________
.
$
IRA deduction
__________________
.
$
Student loan interest deduction
__________________
Certain business expenses of reservists, performing artist,
.
$
and fee-basis governmental officials
__________________
.
$
Total Federal Adjustments to Income
__________________
Estimated 2014 State Deductions from Federal
Adjusted Gross Income to Consider for NC-4P Purposes
.
$
20% of prior bonus depreciation addback
__________________
.
$
20% of prior section 179 addback
__________________
Amount by which North Carolina basis of property exceeds
.
$
federal basis of property - in year taxpayer disposes of property
__________________
.
$
Total State Deductions from Federal Adjusted Gross Income
__________________
(Do not consider any amount of the portion of Bailey Retirement
Benefits, Social Security Benefits, or Railroad Retirement Benefits
included in Adjusted Gross Income.)
Total Federal Adjustments to Income and State Deductions from Federal Adjusted
.
$
Gross Income. Enter on Page 2, Part II, Line 4
__________________
Schedule 3
Estimated 2014 State Additions to Federal
Adjusted Gross Income to Consider for NC-4P Purposes
.
$
Shareholder’s share of built-in gains tax that the S corporation paid for federal income tax purposes
__________________
Amount by which federal basis of property exceeds NC basis of property – in year taxpayer
.
$
disposes of property
__________________
Amount of gross income from domestic production activities that a taxpayer excludes
.
$
from gross income under section 199 of the Internal Revenue Code
__________________
.
$
Total State Additions to Federal Adjusted Gross Income. Enter on Page 2, Part II, Line 7
__________________
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