Form 1120xn - Amended Nebraska Corporation Income Tax Return Page 3
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6Instructions for Amended Nebraska Corporation Income Tax Return
Purpose. An Amended Nebraska Corporation Income Tax Return, Form 1120XN, is filed when the corporation’s federal
return or another state’s tax return is amended or corrected, or whenever the information on the previously-filed Nebraska
return is not correct. An amended return reporting a change or correction must be mailed separately from the annual return
of the corporation.
When to File. Any corporation whose reported income or deductions are changed or corrected by the Internal Revenue
Service (IRS), or through a renegotiation of a contract with the United States, must report the change or correction within
60 days of the determination by filing Form 1120XN. A Form 1120XN must also be filed within 60 days after another state's
changes in the corporation’s income or tax credits become final.
Any corporation filing an amended return with the IRS which will not result in a credit or refund, or filing an amended return
with another state involving a change or correction material to its Nebraska tax liability, must file an amended return with the
Nebraska Department of Revenue (Department) within 60 days of the filing of the amended federal or state return.
Any corporation filing an amended return with the IRS which will result in a credit or refund, must report the change or
correction within 60 days after receiving proof that the IRS accepted the federal return.
Except as otherwise noted, a Form 1120XN used to claim a refund must be filed within three years from the time the original
return was filed, or within two years from the time the tax was paid, whichever occurs later. Form 1120XN must be filed to
claim a refund resulting from a federal or state change within two years and 60 days following the final determination of the
change (but not more than ten years from the due date of the original return in the case of a change made by another state).
Interest on these refunds will cease to accrue after the 60th day if the amended return has not been filed within 60 days after the
change. Attach a copy of any federal document relating to the federal change establishing the timeliness of the refund claim.
If a hearing is desired, the hearing must be requested at the time this amended return is filed.
Net Operating Losses and Capital Losses. For tax years after 1986, corporations may carry forward their Nebraska
net operating losses and capital losses for the following five tax years. No carrybacks will be allowed. For tax years prior to
1987, a federal election to carry forward a corporate net operating loss is binding for Nebraska.
Information on Income, Deductions. If you have any questions regarding the taxability of an item, the allowance of
deductions, adjustments, or credits, etc., refer to the instructions for
and U.S. Corporation Income Tax Return,
Form 1120N
Federal Form 1120, for the year you are amending.
Taxpayer Assistance. Contact the Department by phone at 800-742-7474 (NE & IA) or 402-471-5729, or by mail at:
Omaha
Lincoln
Nebraska State Office Building
Nebraska State Office Building
1313 Farnam Street
301 Centennial Mall South
Omaha, NE 68102-1871
PO Box 94818
Lincoln, NE 68509-4818
Signatures. This return must be signed by a corporate officer. If the taxpayer authorizes another person to sign this return, a
power of attorney
must be on file with the Department. Include your phone number and email address in case the Department
needs to contact you. By including your email address, you are agreeing that the Department may use it to transmit
confidential information.
Any person who is paid for preparing a taxpayer’s return must also sign the return as preparer. The preparer must also enter
his or her Preparer Tax ID Number (PTIN) and Federal Employer ID Number (EIN).
Specific Instructions
Question C. Corporate taxpayers are required to provide the Department with a copy of every executed Federal Form 872,
Consent to Extend the Time to Assess Tax; Form 872-A, Special Consent to Extend the Time to Assess Tax; or any other
federal form used to extend the time to assess income taxes. If copies of these federal forms are not provided to the Department
within 30 days after they are executed, the Department may issue a notice of deficiency determination within one year after
these forms are provided to the Department.
Column (A). Enter the amounts shown on your original return or as later adjusted.
Column (B). Enter the net changes to the amounts entered in column (A). All entries in column (B) must be explained in
detail on Explanation of Changes, Nebraska Schedule II, Form 1120XN, with supporting schedules attached.
Column (C). Enter the corrected totals after the increases or decreases shown in column (B). If there are no changes, enter
the amount from column (A).
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