Fillable Form 1120xn - Amended Nebraska Corporation Income Tax Return (Page 4 of 5) in pdf

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).

Line 1, Federal Gross Sales or Receipts Less Returns and Allowances. Enter the amount of total sales or gross

receipts reported on the federal return less returns and allowances.

Line 3, Adjustments Increasing FTI. Enter the total Nebraska adjustments increasing federal taxable income which include:

Federal net operating or capital loss carryover or carryback allowed on the federal return;

Interest income from non-Nebraska state and local bonds exempt from federal taxation;

Allocable, nonapportionable losses plus related expenses; and

Any other adjustments. Attach a detailed explanation of the basis for each adjustment and any necessary schedules.

Line 4, Adjustments Decreasing FTI. Enter the total adjustments decreasing federal taxable income which include:

Interest or dividend income from U.S. government obligations included in federal taxable income. Attach a schedule

listing the type and amount of income derived from each obligation for which a deduction is claimed. See the

Taxability of Interest and Dividend Income From State, Local, and U.S. Government Obligations Information Guide

for allowable deductions of income from U.S. government obligations;

Foreign dividends, foreign dividend gross-up, or special foreign tax credit deduction;

Allocable, nonapportionable income less related expenses. Allocable, nonapportionable income is income which is

not part of the unitary business, and has not been claimed as part of the unitary business subject to apportionment

by another state with substantially the same law as Nebraska;

Nebraska College Savings Program contributions. The maximum annual exempt contribution per return is $10,000; and

Any other adjustments. Attach a detailed explanation of the basis for each adjustment and any necessary schedules.

Line 6, Nebraska Taxable Income Before Nebraska Carryovers. Enter the amounts from line 5 on line 6 if all income

was derived from within Nebraska. Enter the amount from Apportionment for Multistate Business, Nebraska Schedule I,

line 3, if income was apportioned.

Line 7, Nebraska Capital Loss Carryover. Enter the allowable Nebraska capital loss carryover. For a multistate taxpayer,

a Nebraska capital loss consists of the loss on property which was used by the unitary business that did business in Nebraska,

multiplied by the Nebraska apportionment factor for the year of the loss. If the corporate taxpayer reported a capital loss on

corporate stock or other assets, the income from which was not previously treated as income apportionable to Nebraska, the

loss cannot be treated as a Nebraska loss. Capital loss carryovers are only allowable to the extent of capital gains in the year

of the deduction. Attach a detailed schedule which shows the computation of the capital loss carryover. A Nebraska capital

loss may only be carried forward, and only for a maximum period of five tax years.

Line 9, Nebraska Net Operating Loss Carryover. Enter the allowable Nebraska net operating loss carryover. The

amount allowable is based on the loss previously reported to Nebraska, and is not based on a percentage of the federal

carryover. A net operating loss can only be carried forward. See the Net Operating Losses and Capital Losses section on

page 3 for carryover periods.

Line 11, Nebraska Tax. The Nebraska income tax is computed by multiplying the amounts on line 10, column (A), and

line 10, column (C), by the following rates.

Year

Nebraska Rate

2014

5.58% of first $100,000, 7.81% of excess

Corporations reporting for a fiscal year or filing a short period tax return must use the Nebraska rate that was in effect on the

first day, or the day deemed to be the first day, of the taxable year for which the amended return is being filed.

Line 12, Premium Tax Credit. Enter the amount of credit for premium tax paid (not accrued), if any, for the year this

amended return is being filed. Attach a schedule listing the date of payment, amount of payment, and the payee.

Credits and Payments. If you are correcting the amount of a credit or other payment, refer to the instructions for

Form 1120N

and Federal Form 1120 for the year you are amending. Complete the appropriate forms and schedules. Assistance may be

obtained by contacting the Department. Checks written to the Department may be presented for payment electronically.

Reminder: Some taxpayers are required to remit any corporate balance electronically.

Line 24, Overpayment Allowed on Original Return, Plus Additional Overpayments Allowed After It Was Filed.

Enter the “Overpayment” from your original return, or as later corrected or adjusted. The amount of overpayment must be

considered in preparing your Form 1120XN, since any amount claimed for refund on your original return will be refunded

separately from any additional refund claimed on this amended return.

Form 1120xn - Amended Nebraska Corporation Income Tax Return Page 4

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