Instructions For Form D-400 - North Carolina Individual Income Tax

Instructions For Form D-400 - North Carolina Individual Income Tax - 2012

2012

North Carolina

Individual Income Tax

Instructions for Form D-400

Make it Easy on

Yourself...

File Your

Return

Electronically!

Declaración

Electrónica

(EN ESPAÑOL)

EASY · CONVENIENT · SAFE

New for 2012

The starting point for the computation of North Carolina taxable income has changed from federal taxable income to federal

adjusted gross income.

• An addition is required on the 2012 income tax return for taxpayers claiming bonus depreciation. (See Page 13)

• A deduction is allowed for individuals who added back bonus depreciation and section 179 expense deduction on their 2011 income

tax return. (See Page 15)

• A $250 educator expense deduction will be allowed on the North Carolina return for 2012 if the federal deduction for educator

expenses is not extended. (See Page 15)

• Certain taxpayers are allowed a deduction of up to fifty thousand dollars ($50,000) of net business income included in federal adjusted

gross income that is not considered passive under the Internal Revenue Code. (See Page 15)

• The tax credit for small businesses that pay N.C. unemployment insurance has expired.

IMPORTANT

At the time this publication went to print, Congress was considering legislation that may extend certain federal tax provisions along with other

possible new tax legislation that may affect North Carolina taxable income. Before filing your 2012 North Carolina income tax return, please

check the Department’s website to see what action was taken by Congress. You may also call the Department at 1-877-252-3052.

N.C. DePARTMeNT OF ReveNue, P.O. BOx 25000, RAleIgh, NC 27640-0100

Instructions For Form D-400 - North Carolina Individual Income Tax - 2012