Form 60 - North Dakota S Corporation Income Tax Bokklet - 2012 Page 5
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Composite fi ling method procedure. The
•
The nonresident individual shareholder
6. Complete line 6 (overpayment) or line
elects to have his or her distributive
distributive share of North Dakota income
9 (tax due), whichever applies. If there
share of North Dakota income included
of an electing shareholder is multiplied
is an overpayment on line 6, enter the
in, and the tax on it calculated under,
by the highest individual income tax rate
full amount on line 8 (refund). On an
the composite fi ling method—see
(3.99% for the 2012 tax year) to determine
amended return, the amount credited to
the shareholder’s composite income tax. (If
“Composite fi ling method” in the next
the next year’s estimated tax (line 7) may
the North Dakota distributive share is a loss,
section for more information.
not be increased or decreased.
the composite tax is zero.) No North Dakota
7. Attach a statement explaining the
The amount withheld for a shareholder is
adjustments, deductions, or tax credits are
reason(s) for fi ling the amended return. If
reported in Column 7, Schedule KS, Form 60.
allowed in calculating the tax due under
it is because of changes the corporation
The corporation must submit a payment with
the composite fi ling method. The Form 60
or the IRS made to the corporation’s 2012
Form 60 for the total withholding reported
serves as the composite return. The composite
Federal Form 1120S, attach a copy of the
on Schedule KS. See the instructions to
income tax calculated for a shareholder is
amended federal return or IRS notice.
Schedule KS and Schedule K-1 (Form 60) for
reported in Column 8, Schedule KS, Form 60.
more information.
8. Complete and provide a corrected North
The corporation must submit a payment with
Dakota Schedule K-1 (Form 60) to the
Form 60 for the total composite income tax
Composite fi ling method
shareholders, as required.
reported on Schedule KS.
A composite fi ling method is available
Reporting federal changes
Election. If an eligible shareholder agrees
to an S corporation with one or more
to be included in a composite return, the
eligible shareholders. Under this method,
If the Internal Revenue Service (IRS) changes
corporation’s calculation and reporting of
an S corporation fi les one return, called
or audits the federal corporation return, or
a composite income tax for the shareholder
a “composite return,” on behalf of one or
if a corporation fi les an amended federal
in Column 8 of Schedule KS of Form 60
more eligible shareholders. The composite
corporation return, an amended North Dakota
constitutes the shareholder’s election to be
return and the S corporation’s payment of
Form 60 must be fi led within ninety days after
included in the composite return.
the income tax calculated on it satisfi es the
the fi nal determination of the IRS changes
North Dakota income tax fi ling and payment
or the fi ling of the amended federal return.
Correcting a previously fi led
obligations of the eligible shareholders
Enclose a copy of the IRS audit report or the
return
included in it. Therefore, the electing
amended federal corporation return with the
shareholders do not have to fi le their own
amended North Dakota Form 60.
If a corporation needs to correct an error in
North Dakota individual income tax return to
Form 60 after it is fi led, the corporation must
W-2/1099 reporting
report or pay tax on their distributive share of
fi le an amended return. There is no special
requirement
North Dakota income.
form for this purpose. See “How to prepare an
amended return” below.
Every corporation doing business in North
The use of the composite fi ling method by
Dakota that is required to fi le Federal Form
an S corporation is optional, and is a choice
If a corporation paid too much tax because of
1099 or W-2 must also fi le one with the
that it may make on a year-to-year basis. The
an error in its 2012 Form 60, the corporation
Offi ce of State Tax Commissioner. For more
corporation does not have to obtain prior
generally has three years from the later of the
information, obtain the guideline Income Tax
approval to use the composite fi ling method,
due date (excluding extensions) of the return
Withholding: Information Returns.
and it may fi le a composite return regardless
or the date the return was actually fi led in
of whether it has income or a loss for the tax
which to fi le an amended return to correct the
Use of information
year.
error and claim a refund of the overpayment.
All of the information on Form 60 and its
See N.D.C.C. § 57-38-40 for other time
Exception to withholding. An S corporation
attachments is confi dential by law and cannot
periods that may apply.
does not have to withhold North Dakota
be given to others except as provided by
income tax from the distributive share
How to prepare an amended 2012 return
state law. Information about the shareholders
of North Dakota income of an eligible
is required under state law so the Offi ce of
1. Obtain a blank 2012 Form 60.
shareholder who elects to be included in a
State Tax Commissioner can determine the
composite return.
2. Enter the corporation’s name, current
shareholder’s correct North Dakota taxable
address, FEIN, etc., in the top portion of
income and verify if the shareholder has fi led
Eligible shareholder. An eligible shareholder
page 1 of Form 60.
a return and paid the tax.
is an individual who:
3. Mark the “Amended return” circle at the
•
Is a nonresident of North Dakota; and
top of page 1 of Form 60.
•
Does not have any North Dakota income
4. Complete Schedules FACT, BG, K, and
from other than the S corporation or any
KS using the corrected information. Then
other partnership, S corporation, trust,
complete lines 1 through 4 on page 1 of
or limited liability company (fi ling as a
Form 60.
partnership or S corporation).
5. Complete line 5 on page 1 of Form 60
An eligible shareholder may elect to be
by entering the total taxes due from the
included in a composite return regardless of
previously fi led 2012 Form 60, page 1,
the amount of the shareholder’s distributive
line 4.
share of North Dakota income (or loss). In the
case of a loss, the composite tax is zero.
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