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2020

Nebraska

S Corporation

Income Tax Booklet

Included in this Booklet are:

Form 1120-SN;

Schedules A, I, II, III, K-1N; 

Form 7004N; and

Use Tax information.

Electronic filing and payment options are available. 

Questions?

revenue.nebraska.gov 

Sign up for a FREE subscription service at the Nebraska Department 
of Revenue’s website to get email updates on your topics of interest.

800-742-7474 (NE or IA) or 402-471-5729

                                                                     8-301-2020



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  2020 Nebraska S Corporation Income Tax Return
                             Instructions

What’s New 
           Nebraska Property Tax Incentive Act, LB 1107 (2020). This Act provides a refundable income 
           tax credit to any taxpayer that paid Nebraska school district property taxes. To claim the credit 
           taxpayers must complete and submit a Nebraska Property Tax Incentive Act Credit Computation, 
           Form PTC. School district property taxes paid by an S corporation are distributed to its shareholders 
           in the same proportion as income is distributed and the credit is claimed on the shareholder’s 
           income tax return.
           School Readiness Tax Credit Act Changes, LB 266 (2020). LB 266 amends the School Readiness 
           Tax Credit Act for the nonrefundable income tax credit effective for tax years beginning on or 
           after January 1, 2020. The nonrefundable income tax credit for providers is now available to 
           S corporations who own or operate an eligible child care and education program to distribute the 
           credit in the same manner and proportion as income. Previously, the nonrefundable credits could 
           not be distributed by the S corporation. The S corporation completes the School Readiness Tax 
           Credit for Childcare and Education Provider application to distribute the nonrefundable tax credit 
           to the shareholder. The S corporation will inform the shareholder of the distribution.

Important Information for All Filers
           Purpose. The instructions in this booklet provide guidance in completing the most common 
           Nebraska S corporation return of income forms and schedules. This booklet is intended to be useful 
           to the greatest number of taxpayers. Nothing in these instructions supersedes, alters, or otherwise 
           changes any provisions of the Nebraska tax code, regulations, rulings, or court decisions.
           We encourage the preparer of any Nebraska S Corporation Income Tax Return, Form 1120-SN, to 
           review applicable Nebraska law regarding any issue that may have a material effect on this return. 
           Nebraska law and other useful information may be found at revenue.nebraska.gov. 
           Enter All Amounts as Whole Dollars. Do not include cents on the return or schedules. Do not 
           change the pre-printed zeros in the cents column of the Form 1120-SN or schedules. Round any 
           amount from 50 cents to 99 cents to the next higher dollar. Round any amount less than 50 cents 
           to the next lower dollar.
           Penalties and Interest. Either or both may be imposed under the following conditions:
           u Failing to file a return and pay the tax due on or before the due date;
           u Failing to pay the tax due on or before the due date;
           u Failing to file an amended Nebraska income tax return to report changes made to your 
            federal return;
           u Preparing or filing a fraudulent income tax return; or
           u Understating income on an income tax return.
           Filing a false or fraudulent Nebraska return is subject to penalty, even if the amounts reported 
           are taken from your federal return. Unpaid tax is subject to interest at the statutory rate of 3% 
           from the original due date to the date the tax is paid. See Revenue Ruling 99-20-2 for applicable 
           interest rates.
           Reporting Changes or Corrections. If information on a Nebraska S corporation return previously 
           filed is incorrect, a Form 1120-SN with the “Amended Return” box checked must be filed. An 
           amended Form 1120-SN cannot be e-filed. When filing an amended return, remember:
           u Changes made by the IRS or another state must be reported to DOR within 60 days;
           u Form 1120-SN is year-specific. Please be sure to use the correct form for the tax year you 
            are amending; 

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             You must attach a copy ofuthe related federal or other state amended return and all related 
                                       schedules or other documentation to explain the changes shown on the amended Nebraska 
                                       return; and
           u Show only the corrected figures on the amended return. 
                    When an amended return reflects a reduction in tax due because Nebraska source income for its 
                               nonresident individual shareholders is reduced, the S corporation will not receive a refund. Individual 
                               shareholders may file a claim for refund resulting from the reduced Nebraska source income.
                               Nebraska Extension of Time. An extension to file may only be obtained by:
           u Attaching a copy of a timely-filed Application for Automatic Extension of Time to File 
                                       Certain Business Income Tax, Information, and Other Returns, Federal Form 7004, to the 
                                       Nebraska return when filed;
           u Attaching a schedule to the Nebraska return listing the federal confirmation number and 
                                       providing an explanation that the electronic request for automatic federal extension was not 
                                       denied; or
           u Filing a                      Nebraska Application for Extension of Time to File Corporation, Fiduciary, or 
                                       Partnership Return, Form 7004N, on or before the due date of the return, when you need 
                                       to make a tentative Nebraska payment or when a federal extension is not being requested. 
                                       When a federal extension of time has been granted, and additional time is necessary to file 
                                       the Nebraska return, the Nebraska Form 7004N must be filed on or before the date the federal 
                                       extension expires. Remember to attach proof of the federal extension to the Form 7004N.
                               Failure to attach the applicable extension document may result in a late filing penalty. An extension 
                               of time only extends the date to file the return. It does not extend the due date to pay the tax. 
                               Any tax not paid by the original due date is subject to interest. By timely requesting an extension 
                               of time to file your federal return using the Federal Form 7004, you are granted an automatic 
                               Nebraska extension for the same number of months granted by the IRS. When a federal extension 
                               of time has been granted and additional time is necessary to file the Nebraska return, the Nebraska 
                               Form 7004N must be filed on or before the date the federal extension expires. An extension of 
                               time cannot exceed a total of seven months after the original due date of the return.
                               Accounting Methods. The accounting method used for federal income tax purposes must be used 
                               for Nebraska income tax purposes. A taxpayer may not change the accounting method used to 
                               report income in prior years unless the change is approved by the IRS. A copy of this approval 
                               must accompany the first return that shows the change in the method of accounting.
                               Federal Return. A copy of the federal return and supporting schedules, as filed with the IRS, 
                               must be attached to this return. 
                               Estimated Income Tax Payments. An S corporation may make voluntary estimated income tax 
                               payments. For additional information see the 2021 Nebraska Corporation Estimated Income Tax 
                               Payment Voucher Booklet.
Nonresident                    S corporations must remit Nebraska income tax withholding for each nonresident individual 
Shareholders                   shareholder who does not complete a Nebraska Nonresident Income Tax Agreement, Form 12N. 
                               For the purposes of Form 12N and the income tax withholding requirements, an individual includes 
                               a nonresident grantor of a grantor trust. 
                               Nonresident shareholders who sign the Form 12N agree to file a Nebraska income tax return and 
                               pay all taxes due directly to DOR. This relieves the S corporation from the obligation to remit the 
                               income tax withholding on the shareholder’s behalf. All signed and completed Forms 12N must 
                               be attached to the Form 1120-SN.
                               If a Form 12N is not signed and completed for a nonresident individual shareholder, the amount 
                               to be paid is 6.84% of the nonresident shareholder’s share of S corporation taxable income from 
                               Nebraska sources.

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  The S corporation reports the amount of income tax withholding remitted on behalf of each 
  nonresident shareholder on the Nebraska Shareholder’s Share of Nebraska Income, Deductions, 
  Modifications, and Credits – Schedule K-1N. Attach each Nebraska Schedule K-1N to the S 
  corporation return. Do not remit income tax withholding for corporations, estates, or trusts (except 
  grantor trusts) that are shareholders. Nebraska law does not require payment of income tax by an S 
  corporation on behalf of these entities. Instead, these entities are required to file a Nebraska return.
  A nonresident individual shareholder may claim the amount of income tax withholding remitted 
  by the S corporation as a credit against his or her Nebraska income tax liability by attaching a copy 
  of the Nebraska Schedule K-1N to the Nebraska Individual Income Tax Return, Form 1040N.
  Nonresident individual shareholders do not have to file a Nebraska individual income tax 
  return if:
             Their only connection with the state is conducting business activities of the S corporation; and
            The S corporation has remitted income tax withholding from all the Nebraska income 
            attributable to the nonresident’s share of the S corporation’s income.
  In lieu of filing a Nebraska Individual Income Tax Return, a nonresident shareholder may elect 
  to allow the full amount of income tax withholding to be retained by the state. Any nonresident 
  may still file a Form 1040N, and claim a refund if one is due. A nonresident shareholder is not 
  relieved of its responsibility to file a Form 1040N if the S corporation has not remitted income tax 
  withholding attributable to the nonresident’s share of the S corporation’s income.
  No Composite Filing. DOR does not allow the filing of “composite” income tax returns. S 
  corporations with nonresident shareholders must either:
           u Obtain a signed and completed Form 12N from the nonresident individual shareholder; or 
           u Remit Nebraska income tax withholding on the nonresident shareholder’s share of Nebraska 
            income with Form 1120-SN.
  Nonresident Shareholder – No Income Tax Withholding Requirement. The S corporation is not 
  required to withhold and remit income tax withholding for any nonresident individual shareholder 
  who completes and submits a Form 12N to the S corporation, before the original filing of the 
  Form 1120-SN. For purposes of the Form 12N, an individual includes a nonresident grantor of a 
  grantor trust. A completed Form 12N must:
           u Include all the requested information; and
           u Be signed and dated by the shareholder or the shareholder’s authorized representative (attach 
            a copy of Power of Attorney, Form 33).
  Any nonresident shareholder who files Form 12N must file a Form 1040N. Failing to file the 
  required Form 1040N may result in:
            An assessment issued to the nonresident individual shareholder based on the information 
            available to DOR; or
            The loss, by the nonresident individual shareholder, of any current year Nebraska net 
            operating or capital loss distributed from the S corporation. A Nebraska net operating or 
            capital loss carryforward will not be allowed to offset Nebraska income until the Nebraska 
            return for the loss year has been filed.
  Shareholder’s Return. Both resident and nonresident shareholders are subject to the Nebraska 
  income tax on their share of the S corporation income derived from sources within Nebraska.
  Reporting Nebraska Source Income to Shareholders. An S corporation must provide all 
  shareholders with a Nebraska Schedule K-1N. See the Nebraska Schedule K-1N instructions for 
  additional information.
  The income, loss, and deduction amounts reported on the Nebraska Schedule K-1N must be 
  calculated in the same manner as income is distributed. 
  When S corporations issue a Nebraska Schedule K-1N to shareholders, they must complete 
  all distribution schedules such as Nebraska Employment and Investment Growth Act Credit 
  Computation, Form 775N and Nebraska Advantage Act Incentive Computation, Form 312N, in 
  addition to reporting the distributed credits to the shareholders in Part C of the Schedule K-1N.

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                     Income Tax Withholding on Contractors. Construction contractors are required to withhold 
                     income tax at 5% on any payment or payments exceeding $600 made to their construction 
                     subcontractors that are not registered on the Nebraska Department of Labor's Contractor 
                     Registration Database. An S corporation, against whom the contractor income tax withholding 
                     was applied, must distribute the amount withheld to its shareholders. The total amount of 
                     income tax withheld from the S corporation must be distributed in the same manner as income. 
                     No credit will be allowed on the Form 1120‑SN for contractor income tax withholding. For 
                     additional information see “Construction Contractors” section.

Credits              Community Development Assistance Act (CDAA) Credit. The Nebraska CDAA credit is 
Distributable to     allowable for contributions to approved projects of community betterment organizations recognized 
Shareholders         by the Nebraska Department of Economic Development (DED). Attach the 2020 Nebraska 
                     Community Development Assistance Act Credit Computation, Form CDN to the Form 1120-SN. 
                     Each shareholder is allowed a share of the credit calculated by using the same method used to 
                     report income received from the S corporation. S corporations do not need to attach a copy of the 
                     Form 1099NTC. DOR will receive the Form 1099NTC information directly from DED.
                     For more details regarding this credit, contact:
                     Nebraska Department of Economic Development
                     Housing and Community Development Division
                     PO Box 94666
                     Lincoln, NE  68509-4666
                     402-471-6280 or 800-426-6505
                     opportunity.nebraska.gov
                     Beginning Farmer Credit. This credit is available to owners of agricultural assets, when the 
                     agricultural assets are rented to qualifying beginning farmers or livestock producers. Each 
                     shareholder eligible for the credit will receive a copy of the Statement of Nebraska Tax Credit, 
                     Form 1099 BFC, from the Nebraska Department of Agriculture. Each shareholder is allowed a 
                     share of the credit calculated by using the same method used to report income received from the 
                     S corporation. The Form 1099 BFC does not need to be filed with the shareholder’s individual 
                     income tax return. S corporations do not need to attach a copy of the Form 1099 BFC. DOR will 
                     receive the Form 1099 BFC information directly from the Nebraska Department of Agriculture.
                     For more details regarding this credit, contact:
                     Nebraska Department of Agriculture
                     PO Box 94947
                     Lincoln, NE 68509-4947
                     402-471-4876
                     nextgen.nebraska.gov
                     Form 3800N Credits. Nebraska provides several tax incentive credits that may be earned by 
                     entities conducting business in this state. 
                     S corporations must file tax incentive credit distribution forms including Forms 775N and 312N before 
                     credits can be allowed to individual shareholders. Attach a distribution schedule for Form 775N, 
                     Schedule II or for Form 312N, Schedule II (that lists each shareholder, the shareholder’s tax ID 
                     number, the income percentage, and each shareholder’s distributed credits).  The total amount 
                     distributed by the S corporation  must be distributed in the same proportion as ordinary income. 
                     Nebraska Property Tax Incentive Act. An S corporation distributes the Nebraska school district 
                     property tax paid to its shareholders in the same manner as income. To distribute the Nebraska 
                     school district property tax paid, the S corporation must complete and submit a Nebraska Property 
                     Tax Incentive Act Credit Computation, Form PTC. 
                     School Readiness Tax Credit for Providers. An S corporation may distribute the nonrefundable 
                     credit to the shareholders in the same manner and proportion as the shareholder income. 

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Use Tax       An S corporation may be subject to use tax. An S corporation owes use tax when the proper sales 
                   tax has not been paid on purchases delivered into Nebraska. This often occurs when purchases are 
                   made from out-of-state, mail order, or Internet sellers. Use tax is also due when items purchased 
                   for resale are withdrawn from inventory for business or personal use.
                    Example 1.
                    The S corporation purchased a computer from a seller in South Dakota over the Internet for 
                    $1,570 plus $30 shipping and handling charges. Both charges are taxable. The computer is 
                    shipped to the S corporation in Scottsbluff, Nebraska and no tax is charged or collected by 
                    the seller. The state tax is $88 ($1,600 X 5.5%) and the local tax is $24 ($1,600 X 1.5%). 
                    The total use tax owed is $112 ($88 + $24 = $112).
                    Example 2.
                    A repair shop in Scottsbluff, Nebraska provides motor vehicle repair service. The repair shop 
                    also owns a tow truck used for towing customer motor vehicles needing repair. The shop 
                    purchases oil and oil filters, tax exempt, for resale using the Nebraska Resale or Exempt Sale 
                    Certificate, Form 13. When oil and oil filters are removed from sales tax-exempt inventory 
                    and used to change the oil in the business-owned tow truck, state and local use tax is due 
                    on the cost of the oil and oil filters.
          For additional information, see the Nebraska Consumer’s Use Tax Information Guide.
Purpose of Form    The Nebraska S Corporation Income Tax Return, Form 1120-SN, is not simply an informational 
                   return. The Form 1120-SN and schedules are necessary to:
                       Calculate the income, deductions, and credits that will be passed through to the shareholders;
                       Calculate and pay income tax on behalf of nonresident individual shareholders; and
                       Report and pay any recapture of incentive credits. This includes the economic development  
                       distribution schedules such as Forms 775N and 312N.

Who Must File?
                   The Nebraska S Corporation Income Tax Return, Form 1120-SN, must be filed by every 
                   S corporation, as defined by Internal Revenue Code (IRC) § 1361, with income from Nebraska 
                   sources. Form 1120-SN must also be filed by every S corporation that will distribute Nebraska 
                   incentive credits to its shareholders.  
                   Financial institutions maintaining a permanent place of business in this state and actively 
                   soliciting deposits from residents of this state must file a  Nebraska Financial Institution Tax 
                   Return, Form 1120NF. Financial institutions organized as S corporations must also file a Nebraska 
                   S Corporation Income Tax Return, Form 1120-SN.
                   Qualified Subchapter S Subsidiaries. Any subsidiary of an S corporation that is treated as a 
                   Qualified Subchapter S Subsidiary (QSSS) for federal income tax purposes will be treated in the 
                   same manner for Nebraska income tax purposes. All of the assets, liabilities, and items of income, 
                   deductions, and credits of the QSSS will be considered to be those of its parent.

When and Where to File?
                   This return must be filed on or before the 15th day of the third month following the close of the 
                   taxable year. For information on e-filing the return, see the Nebraska Handbook for e-file Providers 
                   of Income Tax Returns, Publication 1345N-MeF.
                   Electronically file or mail the Form 1120-SN to:
                     Nebraska Department of Revenue
                     PO Box 94818
                     Lincoln, NE 68509-4818
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How to Complete Form 1120-SN
                              Tax Period. A 2020 Form 1120-SN must be used to file for the calendar year 2020, or a fiscal year 
                              beginning in 2020. Space is provided at the top of the return to enter the beginning and ending 
                              dates for short-period or fiscal-year filers. The taxable year for Nebraska must be the same as the 
                              taxable year used for the federal income tax return.
                              If the S corporation changes its federal taxable year, it must also change its Nebraska taxable 
                              year. A copy of the approval from the IRS to change accounting periods must accompany the 
                              first return that shows the change. 
                              Business Classification Code. Enter the six-digit code that best describes the S corporation’s 
                              principal business activity in Nebraska. Carefully review the business classification codes before 
                              you select one.
                              Principal Business Activity in Nebraska. Enter the principal business activity of the S corporation 
                              from the Business Classification Code listing. 
                              Federal ID Number. Enter the Federal ID number assigned to the S corporation by the IRS. 
                              Nebraska ID Number. Enter the Nebraska ID number assigned to the S corporation by DOR. 
                              S corporations that do not have a Nebraska state ID for S corporation income tax should e-file 
                              using their Nebraska income tax withholding or sales and use tax number. The prefix is the tax 
                              category and should not be included as part of the Nebraska ID number when entered. For example, 
                              do not include the 21 or 01 prefix as part of the Nebraska ID number. S corporations that do not 
                              have an existing Nebraska state ID number should use the online Register a Business application 
                              to obtain a Nebraska ID number.  
                              Final Return. Check the “Final Return” box at the top of the return if the S corporation ceased 
                              to exist during the 2020 tax year.
                              Distributed Form 3800N Credit. Check the “Distributed Form 3800N Credit” box if the 
                              S corporation is distributing Form 3800N tax credits in this tax year. Include a distribution schedule 
                              in addition to recording the amount of the distributed credit on the Schedule K-1N.
Line 1                         Ordinary Business Income. Enter the ordinary business income or loss as shown on line 21 of 
                              Federal Form 1120S.
Line 2        Nebraska Adjustments Increasing Ordinary Business Income. Enter the amount from line 7 
                              of Nebraska Schedule A. See the Schedule A instructions for additional information. 
Line 3             Nebraska Adjustments Decreasing Ordinary Business Income. Enter the amount from line 17 
                              of Nebraska Schedule A. The following examples are items that are not allowable adjustments 
                              decreasing federal ordinary business income:
           u The wage expense disallowed by the work opportunity tax credit;
           u Federal income taxes or other federal taxes paid;
           u The depreciation disallowed by the investment credit or other federally-required basis 
                                       reduction;
             Income earned in anotheru state. Instead,                    Nebraska Schedule I, Apportionment for Multistate 
                                       Business, must be completed; and
             Income from a partnership.u For additional information, see                           Business Entity Regulation 
                                       24-315, Sales Factor; Business Entities As Owners in a Partnership or Joint Venture.
          See the Nebraska Schedule A instructions for additional information.  
Line 4        Nebraska Adjusted Income. If the S corporation does not have adjustments to ordinary business 
                              income, enter the line 1 amount on line 4. If the S corporation has adjustments to ordinary business 
                              income, line 4 equals line 1 plus line 2 minus line 3.
Line 5                        Income Reported to Nebraska. If all of the income earned by the S corporation is derived from 
                              Nebraska sources, enter the line 4 amount on line 5. If the S corporation earned income from 
                              both within and without Nebraska, enter the amount from line 3 of Nebraska Schedule I. See the 
                              Nebraska Schedule I instructions for additional information.
Line 6                        Income Reported to Nebraska Subject to Withholding. Enter the amount from the column (F), 
                              Nebraska Schedule II total. 

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Line 7        Nebraska Income Tax Withholding for Nonresident Individual Shareholders. Enter the 
               amount from the column (G), Nebraska Schedule II total.
Line 8        Form 3800N Credit and Recapture. Enter the net amount of any refundable credits and any 
               recapture of credits reported on the Nebraska Incentives Credit Computation, Form 3800N. If the 
               credits are larger than the recapture, enter as a negative number. 
Line 9        Tax Deposited with Form 7004N and 2020 Estimated Income Tax Payments. Add the total 
               amount paid as estimated payments and any amount paid with the Nebraska extension request, 
               Form 7004N. Enter the total on line 9.
Line 10       Tax Due. If line 7 plus line 8 minus line 9 is greater than zero, enter the result on line 10.
               Mandates of Electronic Payment. Some entities are required to make their payments (tax, penalty, 
               and interest) electronically. For mandate purposes, all electronic payment and credit card options 
               satisfy the mandate requirement. All entities are encouraged to make their payments electronically. 
                                   Electronic Payment Options
               Electronic Funds Withdrawal (EFW). With this payment option, you provide your payment 
               information within your electronically-filed return. Your payment will automatically be 
               withdrawn from your bank account on the date you specify. 
               Nebraska e-pay. Nebraska e-pay is DOR’s web-based electronic payment system. You enter 
               your payment and bank account information, and choose a date (up to a year in advance) 
               to have your account debited. You will receive an email confirmation for each payment 
               scheduled.
               ACH Credit.  You (or your bank) create an electronic file in the appropriate ACH file 
               format. It is submitted to the Federal Reserve and instructs your bank to “credit” the state’s 
               bank account.
               Nebraska Tele-pay. Nebraska Tele-pay is DOR’s phone-based electronic payment system. 
               Call 800-232-0057, enter your payment and bank account information, and choose a date 
               (up to a year in advance) to have your account debited. You will receive a confirmation 
               number at the end of your call.
               Credit Card. Secure credit card payments can be initiated through Official Payments at 
               officialpayments.com; via phone at 800-272-9829; or by downloading the OPAY app from 
               your smart phone’s app store. Eligible credit cards include American Express, Discover, 
               MasterCard, and VISA. A convenience fee (2.35% of the tax payment, $1 minimum) is 
               charged to the card you use. This fee is paid to the credit card vendor, not the state, and will 
               appear on your credit card statement separately from the tax payment. At the end of your 
               transaction, you will be given a confirmation number. Keep this number for your records. [If 
               you are making your credit card payment by phone, you will need to provide the Nebraska 
               Jurisdiction Code, which is 3700.]
               Cancel a payment. To cancel a scheduled EFW payment, contact our Taxpayer Assistance 
               office at 800-742-7474 or 402-471-5729 before 4:00 pm Central Time two business days prior 
               to your scheduled payment date. You may cancel a payment scheduled through Nebraska 
               e-pay by logging into the e-pay program from our website and selecting “cancel payment.” 
               To cancel a credit card payment, contact Official Payments.

               Check or Money Order. If you are not using one of the electronic payment options described 
               above, include a check or money order payable to the “Nebraska Department of Revenue.” Checks 
               written to DOR may be presented for payment electronically.
Line 11       Overpayment. If line 7 plus line 8 minus line 9 is less than zero, enter the result on line 11. 
          Note: An S corporation filing an amended return will not receive a refund of any income tax due 
               with its original return when the Nebraska source income for its nonresident individual shareholders 
               is reduced. Instead, the shareholders may file a claim for an income tax refund resulting from the 
               reduced Nebraska source income.
Line 12        Amount Credited to 2021 Estimated Income Tax. Enter the amount of overpayment shown on 
               line 11 that you want credited as a tax year 2021 estimated payment for the S corporation. 

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Line 13              Overpayment to be Refunded. Enter the amount of overpayment shown on line 11 that you 
                     want refunded. The overpayment to be refunded is calculated by subtracting line 12 from line 11. 
                     DOR recommends having any refund on line 13 directly deposited into the S corporation’s bank 
                     account. See line 14 instructions below. 
Line 14              Direct Deposit. To deposit the refund directly into the S corporation’s checking or savings account, 
                     enter the routing number and account number found on the bottom of the checks used with the 
                     account. The routing number is listed first and must be nine digits. The account number is listed 
                     to the right of the routing number and can be up to 17 digits. Enter these numbers in the boxes 
                     found on lines 14a and 14c, and complete line 14b, Type of Account.
                    The box on line 14d must be checked if the refund will go to a bank outside the United States. 
                     This is necessary to comply with banking rules regarding International ACH Transactions (IATs). 
                     These refunds cannot be processed as direct deposits and instead will be mailed.

Signature            Sign and Date the Tax Return. This return must be signed by a corporate officer. Include a 
                     daytime phone number and an email address in case DOR needs to contact you about your account. 
          Email. By entering an email address, the taxpayer acknowledges that DOR may contact the 
                     taxpayer by email. The taxpayer accepts any risk to confidentiality associated with this method 
                     of communication. DOR will send all confidential information by secure email or the State of 
                     Nebraska’s file share system. If you do not wish to be contacted by email, write “Opt Out” on the 
                     line labeled “email address.”
                     If a corporate officer authorizes another person to sign the return, there must be a Power of Attorney, 
                     Form 33, on file with DOR or attached to the return.
                     The act of e-filing a return is your signature. By e-filing the return, taxpayers and their preparers, if 
                     applicable, are declaring under penalties of perjury, that they have examined the electronic return, 
                     and to the best of their knowledge and belief, it is true, correct, and complete.
                     Paid Preparer’s Use Only. Any person who is paid for preparing a taxpayer’s return must sign 
                     the return as preparer. Additionally, the preparer must enter their Preparer Tax ID Number (PTIN), 
                     their firm’s name, and Federal Employer ID Number (EIN).

Nebraska Schedule A Instructions
Adjustments to Ordinary Business Income

                     Purpose. The Nebraska Schedule A is used to adjust the S corporation’s ordinary business income 
                     for items of income and deduction that are required under the IRC or Nebraska law to be reported 
                     to the shareholders separately. The ordinary business income, plus or minus these adjustments, will 
                     estimate the income that was distributed to the shareholders, and become part of the shareholders’ 
                     federal adjusted gross income. These adjustments to ordinary business income are necessary to 
                     calculate any required income tax withholding on Nebraska Schedule II – Shareholder’s Share 
                     of Nebraska Income.

Adjustments Increasing Ordinary Business Income

Lines 1-4            The amounts on each of these lines come directly from Federal Form 1120S, Schedule K.
Line 5        State and Local Government Interest and Dividend Income. Enter all state and local bond 
                     interest or dividends that are exempt from federal income tax and not issued by Nebraska state 
                     and local government subdivisions.

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Line 6              Other Income. Enter any other additions to income for the S corporation that are includible in the 
                    shareholders’ federal income, but are not reflected in lines 1 through 5. List the type of adjustment 
                    on line 6a, Schedule A, and the associated amount on line 6b. Attach a schedule if needed.
Line 7        Total Adjustments Increasing Ordinary Business Income. Enter the total of lines 1 through 6 
                    here and on line 2 of Form 1120-SN.

Adjustments Decreasing Ordinary Business Income
Line 8        Qualified U.S. Government Interest Deduction. Enter the amount of interest and dividend  
                    income from U.S. government obligations exempt from state taxation. 
          The Taxability of Interest and Dividend Income From State, Local, and U.S. Government Obligations 
                    Information Guide, lists U.S. interest and dividend income that can be included on line 8, Nebraska 
                    Schedule A. Interest income from repurchase agreements involving U.S. government obligations 
                    is not deductible as  U.S. government interest.
                    Gains or losses from the sale or other disposition of federal securities are taxable for state income 
                    tax purposes and should not be included on line 8.
Lines 9-15           The amounts on each of these lines come directly from Federal Form 1120S, Schedule K.
Line 16        Other Deductions. Enter any other deductions to income for the S corporation that are deductible 
                    in the shareholders’ federal income, but are not reflected in lines 8 through 15 above. List the type 
                    of adjustment on line 16a, Nebraska Schedule A, and the associated amount on line 16b.  Attach 
                    a schedule if needed.
Line 17        Total Adjustments Decreasing Ordinary Business Income. Enter the total of lines 8 through 
                    16 here and on line 3 of Form 1120-SN.

Nebraska Schedule   InstructionsI
Apportionment for Multistate Business
                    Purpose. The Nebraska Schedule I is used to determine the amount of Nebraska source income 
                    (Form 1120-SN, line 5, Income Reported to Nebraska) received by an S corporation deriving 
                    income from both within and without Nebraska. 
                    Nebraska source income is determined by apportioning the S corporation income using a single, 
                    sales-only factor. Apportionment refers to the division of income between states by the use of a 
                    formula containing one or more apportionment factors. 
                    Sales Factor. The sales factor is a fraction. The numerator is the total sales of the S corporation in 
                    Nebraska during the taxable year. The denominator is the total sales of the S corporation everywhere 
                    during the taxable year. Total sales includes gross sales of real and tangible personal property less 
                    returns and allowances, and all other items of gross receipts, except income for the discharge of 
                    indebtedness, amounts received from hedging transactions involving intangible assets, and net 
                    gains from marketable securities held for investment. The sales factor on this schedule is rounded 
                    to six decimal places. It is entered as a percentage. 
                    For tax years beginning January 1, 2014 or after, a corporation may no longer use the costs of 
                    performance method of apportioning sales other than sales of tangible personal property. This does 
                    not apply to a corporation operating as a communications company. For additional information, 
                    see the Nebraska Apportionment Factor – Sales or Gross Receipts section.

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                     An S corporation using an alternative method of apportionment must attach a copy of the Tax 
                     Commissioner’s prior written approval of the alternative method. The alternative apportionment 
                     factor computation must be included. Enter the factor on line 2, Nebraska Schedule I.
                     Note: Approval of an alternative method of apportionment is rare.
                     If the S corporation is a partner in a partnership or joint venture, see Business Entity Regulation 
                     24-315, Sales Factor; Business Entities As Owners in a Partnership or Joint Venture.
                     If an S corporation is a member of a unitary group which includes a C corporation, the apportionment 
                     factor for the S corporation will be the apportionment factor as determined for the unitary group. 
                     This factor will be applied to the income of the S corporation. Separate returns must be filed for 
                     the S corporation and the C corporation.
                     An S corporation that operates a trucking business and has income from both within and without 
                     this state, must compute its sales factor in accordance with Business Income Tax Regulation 
                     24-343, Special Apportionment Rules; All Tax Years; Trucking Companies.
                     The method of computing the sales factor must be consistent with prior tax years and with the 
                     S corporation’s filings in other states. If the S corporation modifies the basis for including or 
                     excluding gross receipts in the sales factor used in returns for prior years, the 2020 return must 
                     disclose the nature and extent of the modification.
                     If the S corporation files returns with other states that are not uniform in the inclusion or exclusion 
                     of gross receipts, the Form 1120-SN filed with DOR must disclose the nature and extent of the 
                     variance.

Computation of Nebraska Source Income — 
You must complete lines 4-15 prior to completing lines 1-3.
Line 1          Nebraska Adjusted Income. Enter the amount from line 4 of Form 1120-SN.
Line 2        Nebraska Apportionment Factor. Enter the amount from line 15, Nebraska Schedule I, 
                     Form 1120-SN.
Line 3          Income Apportioned to Nebraska. Enter the result of line 1 multiplied by line 2.  Also enter this 
                     amount on line 5, Form 1120-SN.

Nebraska Apportionment Factor - Sales or Gross Receipts
                     Nebraska sales include all items of income received by the S corporation from Nebraska sources.
                     The following types of sales are from Nebraska sources:
                      u Sales of tangible personal property delivered in Nebraska; 
                       Sales of tangible personal property shipped from Nebraska to the U.S. government;
                       Gross receipts from the interest or service charges arising from the sale of tangible personal 
                       property if the sale of the property is attributed to Nebraska;
                        Sales of other than tangible personal property —
                         To the extent a service relates to real or tangible personal property located in Nebraska;
                         To the extent a service relates to part of the buyer’s trade or business operated in Nebraska;
                       A service provided to an individual present in Nebraska at the time the service is received;
                       To the extent an application service is used in Nebraska;
                         To the extent intangible property is used in Nebraska;
                         To the extent an intangible asset used in a treasury function is managed in Nebraska;

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                To the extent a loan is secured by real or tangible personal property located in Nebraska;
                To the extent a loan is not secured by real or tangible personal property, if the borrower 
              is in this state. The location is presumed to be the borrower’s billing address;
                Fees, charges, and net gains from credit card receivables, if the credit card holder’s billing 
              address is in Nebraska;
               Gross receipts from selling, renting, licensing, or leasing of real property if the real 
              property is located in Nebraska;
               Gross receipts from renting, leasing, or licensing tangible personal property if the property 
              is in Nebraska. If the property was located within and without Nebraska during the taxable 
              year, then the gross receipts are attributable to Nebraska in proportion to the percentage 
              of time the property was located in Nebraska;
               For sales not specifically addressed above, sales to an individual if the individual’s 
              billing address is in Nebraska, and sales to a business if the business places its order from 
              Nebraska or the billing address of the business if the ordering place cannot be readily 
              determined; and
               Sales made by a communications company if the income-producing activity is performed 
              in Nebraska based on costs of performance.
          For additional information, see Neb. Rev. Stat. § 77-2734.14.
Line 4        Sales or Gross Receipts Less Returns and Allowances. Enter the gross receipts, less any returns 
              and allowances reported on the Federal Form 1120S.

Line 5        Sales Delivered or Shipped to Purchasers in Nebraska: Shipped From Outside Nebraska.
              Delivery in Nebraska is determined without regard to the F.O.B. point or other conditions of the 
              sale. The amount entered on this line should not include sales to the U.S. government.

Line 6        Sales Delivered or Shipped to Purchasers in Nebraska: Shipped From Within Nebraska. 
              Delivery in Nebraska is determined without regard to the F.O.B. point or other conditions of the 
              sale. The amount entered on this line should not include sales to the U.S. government.
Line 7        Sales Shipped From Nebraska to the U.S. Government. The U.S. government is the purchaser 
              when it makes direct payment to the seller. The amount on this line includes all sales of tangible 
              personal property to the U.S. government that are shipped from an office, store, warehouse, factory, 
              or other place of business in this state. For other sales made to the U.S. government, use the rules 
              for sales of other than tangible personal property. For additional information, see Neb. Rev. Stat. 
              § 77-2734.14. 
Line 8        Interest on Sales of Tangible Personal Property. In the Total column, enter all interest or service 
              charges received from the sale of tangible personal property.
                    In the Nebraska column, enter all the interest or service charges related to the sale of tangible personal 
              property delivered in Nebraska and from sales to the U.S. government shipped from Nebraska.
Line 9        Interest, Dividends, and Royalties From Intangible Property. In the Total column, enter all of 
              the interest, dividend, and royalty income from intangible property received by the S corporation.
                    In the Nebraska column, enter the amount sourced to Nebraska as determined by Neb. Rev. Stat. 
              § 77-2734.14 (3).
Line 10       Gross Rents. In the Total column, enter the gross receipts from the renting or leasing of all real 
              or tangible personal property.
                    In the Nebraska column, enter gross receipts for the renting or leasing real or tangible personal 
              property located in Nebraska. If the tangible personal property rented or leased is located or used 
              both inside and outside this state, the Nebraska receipts are attributable to Nebraska in proportion 
              to the percentage of time the property was located in Nebraska.
Line 11       Net Gain on Sales of Intangible Property. In the Total column, enter the net gain on the sale of 
              all intangible property made during the tax year. 

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                    In the Nebraska column, enter the amount of net gain from sales made to a buyer who uses the 
                     intangible in Nebraska as determined by Neb. Rev. Stat. § 77-2734.14.
          Note: A net loss on the sale of intangible property is not included in the calculation of the Nebraska 
                     sales factor.

Line 12       Gross Receipts From Sales of Tangible Personal Property and Real Property Not Included 
                     Above. In the Total column, enter the gross receipts from sales of all tangible personal property 
                     and real property not included above.
                    In the Nebraska column, enter the gross receipts from the sale of real property located in Nebraska. 
                     Also enter the gross receipts from sales of tangible personal property delivered in this state or 
                     delivered to the U.S. government from a location in this state.
Line 13       Other Income. In the Total column, enter any other income not reported above that was received 
                     by the S corporation and is included in the amount reported on line 4, Form 1120-SN. List the type 
                     of adjustment on line 13a, the total amount on line 13b, and the Nebraska amount on line 13c. 
                     Attach a schedule if needed.
                    In the Nebraska column, enter any other income not reported above that was derived from 
                     Nebraska sources.
                     The amounts entered on this line include, but are not limited to, net farm income (loss) and the 
                     ordinary business income (loss) from partnerships. If the S corporation would be considered 
                     unitary with the partnership if the partnership was a corporation, enter the distributed share of the 
                     partnership’s gross receipts. 
                     If the S corporation and the partnership would not be considered unitary, enter the distributed 
                     share of the income received from the partnership. See Business Entity Regulation 24-315, Sales 
                     Factor: Business Entities As Owners in a Partnership or Joint Venture, for additional information 
                     regarding the apportionment of income received from a partnership. 
Line 14       Total Sales or Gross Receipts. In the Total column, add lines 4 and 8 through 13. Enter the result 
                     on line 14. 
                    In the Nebraska column, add lines 5 through 13 and enter the result on line 14.
Line 15       Nebraska Apportionment Factor. Compute the Nebraska apportionment factor by dividing 
                     line 14, Nebraska column, by line 14, Total column; round to six decimal places and enter as 
                     a percent.  
           Example 3:
                       Line 14 Nebraska column   107,699    
                                                              = .2154014464231428
                       Line 14 Total column          499,992
                       Enter 21.5401% on line 15.
                     Since the seventh digit (4) is less than five, the sixth digit (1) is not rounded up to 2.

Nebraska Schedule   Instructions  II
Shareholder’s Share of Nebraska Income

                     Purpose. The Schedule II is completed to identify the shareholders and to calculate income tax 
                     withholding for the nonresident individual shareholders. No income tax withholding is remitted 
                     when the nonresident individual shareholder has completed a 2020 Nebraska Nonresident Tax 
                     Agreement, Form 12N. 
                     Complete the Schedule II through column (C) for all shareholders. Column (D) is only 
                     required for individual shareholders. Columns (E), (F), and (G) are completed for nonresident 
                     individual shareholders.

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   Column (A). Enter each shareholder’s name and address information. This should be the address 
   of the actual shareholder, not the S corporation’s address. A grantor trust should enter the name 
   and address of the grantor. 
   Column (B). Enter the Social Security number for each individual shareholder or grantor of a grantor 
   trust. Enter the Federal ID number for each shareholder that is not an individual or grantor trust.
   Column (C). Enter the pro rata ownership percentage of each shareholder during the S corporation’s 
   taxable year.
   Column (D). For each shareholder who is an individual or grantor trust, enter a “Y” if the shareholder 
   is a Nebraska resident, or an “N” if the shareholder is not a Nebraska resident.
   Do not complete columns (E), (F), and (G) when either of the following applies:
           1. A loss is reported on line 5, Form 1120-SN; or
           2. The box at the top of the Nebraska Schedule II is checked indicating that the S corporation 
   only received portfolio income.
   Generally, portfolio income includes all gross income (other than income derived in the ordinary 
   course of a trade or business) that is attributable to interest, dividends, or royalties.
   For additional items considered to be portfolio income, see the instructions for Federal Form 1120S.
   Column (E). Place a check mark in this column if a properly completed and signed Form 12N is 
   attached. Do not complete columns (F) and (G) if this box is checked.
   Column (F). Enter the nonresident individual shareholder’s share of Nebraska income reported by the 
   S corporation. This amount is determined by multiplying the line 5, Form 1120-SN amount, by the 
   column (C), Nebraska Schedule II percentage. Enter the column (F) total on line 6, Form 1120-SN.
   Column (G). Multiply the amount in column (F) by .0684 and enter the result in column (G). This 
   is the amount of Nebraska income tax withholding for each nonresident individual shareholder 
   who did not complete a Form 12N. Report the amount of income tax withholding remitted for each 
   nonresident individual shareholder on a Shareholder’s Share of Nebraska Income, Deductions, 
   Modifications, and Credits - Nebraska Schedule K-1N. Enter the total of column (G) on line 7, 
   Form 1120-SN. Do not enter a negative amount in column (G).

Nebraska Schedule III Instructions
Subsidiary or Affiliated Corporations

   Purpose. The   Nebraska Schedule III is used to identify the members of a unitary group and 
   summarize the Nebraska sales or receipts for those members of the unitary group that have nexus 
   in this state. 
   This schedule must be completed if the S corporation is a member of a unitary group and should 
   include any Qualified Subchapter S Subsidiary (QSSS) and all C corporations which are part of 
   the unitary group.
   The total Amount of Nebraska Sales or Receipts reported on this schedule must agree with the 
   Total Sales or Gross Receipts from line 14 of the Nebraska column of Nebraska Schedule I.  
   NOTE: For Nebraska income tax purposes, including nexus, the parent S corporation and all 
   QSSSs will be treated as one entity. 

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Nebraska Schedule K-1N Instructions
Shareholder’s Share of Income, Deductions, Modifications, and Credits

                     Purpose. The Nebraska Schedule K-1N is used by the S corporation to report each shareholder’s 
                     share of the entity’s Nebraska income, deductions, modifications, and credits. The Nebraska 
                     Schedule K-1N is also used by each shareholder to complete their Nebraska tax return. 
                     The S corporation must provide a Nebraska Schedule K-1N to each shareholder. A copy of every 
                     Nebraska Schedule K-1N must be submitted with the Form 1120-SN. 
                     Enter the shareholder’s share of the distributed Form 3800N credits. When S corporations issue 
                     Nebraska Schedules K-1N to shareholders, they must also: complete distribution schedules such 
                     as Forms 775N and 312N; and report the distributed credit amount to the shareholders on line 18 
                     of the Schedule K-1N.
                     The Nebraska Property Tax Incentive Act Credit Computation, Form PTC, must be submitted to 
                     indicate the shareholder’s share of distributed Nebraska school district property tax paid that is 
                     related to the credit entered on the Nebraska Schedules K-1N, line 20. 

S Corporation and Shareholder Information
                     Nebraska ID Number. Enter the Nebraska ID number assigned to the S corporation by DOR. 
                     The S corporation’s Nebraska ID number on the Schedule K-1N and the Form 1120-SN must be 
                     the same. Refer to the Nebraska ID number instructions for Form 1120-SN.
                     Federal ID Number. Enter the Federal ID numbers assigned by the IRS to both the S corporation and 
                     the shareholder. If the shareholder is an individual, enter the individual’s Social Security number.
                     Taxable Year of Organization. S corporations filing on a fiscal-year basis or filing a short period 
                     return must enter the date the tax year began and the date the tax year ended. Calendar-year filers 
                     may leave this blank.
                     S Corporation’s Nebraska Apportionment Factor. Enter the S corporation’s Nebraska 
                     apportionment factor from line 15 of Schedule I, Form 1120-SN.
                     Shareholder’s Ownership Percentage. Enter the shareholder’s percentage of stock ownership 
                     for the tax year from the Federal Schedule K-1. Convert the decimal shown on the Schedule II to 
                     a percentage before entering on the K-1N.

Part A – Shareholder’s Share of Income and Deductions

                     Complete Part A to report the shareholder’s share of the S corporation’s income (loss) and 
                     deductions from Nebraska sources.
Lines 1-13           For S corporations that are only subject to income tax in Nebraska, the amounts entered on 
                     lines 1-13 will come directly from the shareholder’s Federal Schedule K-1. 
                     For S corporations that are subject to income tax in another state, the amounts entered on lines 1-13 
                     will be the result of the Federal Schedule K-1 amounts multiplied by the S corporation’s Nebraska 
                     apportionment factor.

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Part B – Shareholder’s Share of Modifications

           Complete Part B to report the shareholder’s share of the income distributed by the S corporation 
           that modifies the federal adjusted gross income or federal taxable income of the shareholder. For 
           S corporations that are only subject to income tax in Nebraska, the amounts entered on lines 14 
           and 15 will be the same as the amounts reported to the IRS. 
           For S corporations that are subject to income tax in another state, the amounts entered on lines 14 
           and 15 will be the result of the federal amounts multiplied by the S corporation’s Nebraska 
           apportionment factor.

Line 14    Qualified U.S. Government Interest Deduction. Enter the shareholder’s share of all 
           interest and dividend income from U.S. government obligations exempt from state taxation. 
           The Taxability of Interest and Dividend Income From State, Local, and U.S. Government 
           Obligations Information Guide lists U.S. interest and dividend income that can be included on 
           line 14, Nebraska Schedule K-1N. Interest income from repurchase agreements involving U.S. 
           government obligations is not exempt U.S. government interest. Gains or losses from the sale or 
           other disposition of federal securities are taxable for state income tax purposes and should not be 
           included on line 14.

Line 15    State and Local Government Interest and Dividend Income. Enter the shareholder’s share 
           of all state and local bond interest or dividends that are exempt from federal income tax and not 
           issued by Nebraska state and local government subdivisions.

Line 16    Income (Loss) from Non-Nebraska Sources. The shareholder’s share of the non-Nebraska 
           income or (loss) is equal to the shareholder’s share of line 4, Form 1120-SN minus the shareholder’s 
           share of line 5, Form 1120-SN. 

Part C – Shareholder’s Share of Credits

           Complete Part C to report the credits that were earned by the S corporation and distributed to 
           the shareholders.
Line 17    Community Development Assistance Act (CDAA) Credit. Enter the shareholder’s share of 
           the distributed CDAA credit reported on the Nebraska Community Development Assistance Act 
           Credit Computation, Form CDN   , Part C. 
Line 18    Form 3800N Credits.   Enter the shareholder’s share of the distributed       Form 3800N credits. 
           When S corporations issue Nebraska Schedule K-1N to shareholders, they must also: complete 
           distribution schedules such as Forms 775N and 312N; and report the distributed credit amount to 
           the shareholders on line 18 of the Schedule K-1N. An amount entered for the Nebraska Historic 
           Tax Credit on line 18f does not entitle the shareholder to claim the credit. Rather, the shareholder 
           must be issued a NHTC certificate by DOR before any credit will be allowed. For additional 
           information, see our website. 
Line 19    Contractor Income Tax Withholding. An S corporation that was subjected to the mandatory 
           5% contractor income tax withholding must distribute the amount withheld to its shareholders. 
           The amount entered on line 19 is the total amount of Nebraska withholding reported on the 
           Form 1099-MISC issued to the S corporation, multiplied by the shareholder’s ownership 
           percentage. For additional information, see “Income Tax Withholding on Contractors” found on 
           page 5 of the Form 1120-SN instructions.
Line 20    Nebraska Property Tax Incentive Act Credit. Enter the result of the shareholder’s share of 
           Nebraska school district property tax paid as reported on Form PTC, Part D multiplied by .06.
Line 21    Nebraska Income Tax Withholding. Enter the amount from column (G),           Schedule II, Form 
           1120-SN, that reflects the income tax withholding remitted by the entity on behalf of the 
           shareholder. For an amended Schedule K-1N, enter the larger of the amount calculated on either 
           the original or the amended column (G), Schedule II, Form 1120-SN.

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                                                                                                                                               RESET               PRINT
                                                                                                                                                                 FORM 1120-SN
                                 Nebraska S Corporation Income Tax Return
                                                for the calendar year January 1, 2020 through December 31, 2020 or other taxable year
                                                beginning                     ,        and ending                      ,                                         2020
Name Doing Business As (dba)                                                                                      PLEASE DO NOT WRITE IN THIS SPACE

  Legal Name

  Street or Other Mailing Address 

  CityPlease Type or Print                                      State                     Zip Code                Business Classification Code Date Business Began in Nebraska

Principal Business Activity in Nebraska   Federal ID Number             Nebraska ID Number                        Does the S corporation have nonresident individual shareholders?
                                                                                                                  YES (Complete Schedule II.)                    NO
 Check if:
(1)               Initial Return                                (3)   Address Change          (5)                 Amended Return               (7)  Form 3800N, 775N, or 312N 
                                                                                                                                                    Attached
 (2)              Final Return (Example, dissolved. See instr.) (4)   Name Change             (6)                 Form 7004 Attached           (8)  Distributed Form 3800N Credit

1 Ordinary business income (line 21, Federal Form 1120S) ...............................                                                       1                                  00

2 Nebraska adjustments increasing ordinary business income (line 7, Schedule A) ............                                                   2                                  00

 3 Nebraska adjustments decreasing ordinary business income (line 17, Schedule A) ...........                                                  3                                  00

 4 Nebraska adjusted income (line 1 plus line 2 minus line 3) ..............................                                                   4                                  00
 5 Income reported to Nebraska (enter line 4 above or line 3, Schedule I, if applicable) 
      If less than zero, do not complete columns (E), (F), or (G) on Schedule II ...................                                           5                                  00
                                                                If line 5 shows a loss, skip lines 6 and 7 and go to line 8.
6 Income reported to Nebraska subject to withholding. Enter the Column (F), Schedule  IItotal ...                                              6                                  00
 7 Nebraska income tax withheld for nonresident individual shareholders. Enter the Column (G), 
      Schedule  IItotal ...............................................................                                                        7                                  00
 8 Form 3800N credit and recapture .................................................                                                           8                                  00
   9Tax deposited with Form 7004N and 2020 estimated income tax payments .................                                                     9                                  00
 10   TAX DUE if line 7 plus line 8 minus line 9 is greater than zero.    Check this box if your
   payment is being made electronically ..............................................                                                         10                                 00
 11   Overpayment if line 7 plus line 8 minus line 9 is less than zero ...........................  11                                                                            00
   12Amount on line 11 you want credited to 2021 estimated income tax .......................                                                  12                                 00
   13Overpayment to be REFUNDED (line 11 minus line 12). Complete lines 14a, 14b, and 14c 
      to receive your refund electronically. Complete line 14d if appropriate (see instructions) .......                                       13                                 00
14a Routing Number                                                                        14b Type of Account                             1 = Checking           2 = Savings 

14c Account Number
      (Can be up to 17 characters. Omit hyphens, spaces, and special symbols. Enter from left to right and leave any unused boxes blank.)
14d                  Check this box if this refund will go to a bank account outside the United States (see instructions).
                                 Under penalties of perjury, I declare that as taxpayer or preparer I have examined this return, including accompanying schedules
                           and statements, and to the best of my knowledge and belief, it is correct and complete.
sign
                           Signature of Officer                       Date                    Email Address
here
                                                                      (    )
                           Title                                      Phone Number 
      paid
preparer’s                 Preparer’s Signature                       Date                    Preparer’s PTIN
use only                                                                                                                                                         (   )
                           Firm’s Name (or yours if self-employed), Address, and Zip Code     EIN                                                                Daytime Phone 

                                  Paper filers must attach a copy of the federal return and supporting schedules to this return.
                                                All filers are encouraged to e-file their return including schedules K-1N.
                     Mail this return and payment to: Nebraska Department of Revenue, PO Box 94818, Lincoln, NE 68509-4818.
                                                                                                                                                                      8-287-2020 



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                               S Corporation With Other Income And Deductions                                                                           FORM 1120-SN
                      Nebraska Schedule AdjustmentsA to Ordinary Business Income                                                                      ScheduleA 
                      •Enter amounts for lines 1 through 4 from Schedule K, Federal Form 1120S. 
                                                                                                                                                        2020
 Name on Form 1120-SN                                                                                                    Nebraska ID Number

                      Adjustments Increasing Ordinary Business Income                                                                                   Totals

1   Net income from rental real estate activities ........................................................................................           1        00

2   Net income from other rental activities .................................................................................................        2        00
3   Portfolio income:
     a    Interest income .............................................................................................. 3 a  ___________
     b Dividend income ............................................................................................  3 b  ___________
     c    Royalty income ..............................................................................................  3 c  ___________
     d Net short-term capital gain .............................................................................         3 d  ___________
     e    Net long-term capital gain ..............................................................................      3 e  ___________
     f    Other portfolio income ...................................................................................     3 f   ___________
          Total portfolio income (total of lines 3a through 3f) ..........................................................................  3                 00

 4 Net gain under Section 1231 (other than casualty or theft) .................................................................                      4        00

 5 State and local government interest and dividend income (see instructions) ......................................                                 5        00
6  Other income (list below or attach schedule)
    Lista type: ______________________________________________                     b Amount: $ __________
          Total other income. Enter total of lines 6b ........................................................................................       6        00
 7 Total adjustments increasing ordinary business income (total of lines 1 through 6). Enter here
    and on line 2, Form 1120-SN ...............................................................................................................      7        00
                      Adjustments Decreasing Ordinary Business Income
                      •Enter amounts for lines 9 through 15 from Schedule K, Federal Form 1120S.                                                        Totals

 8 Qualified U.S. government interest deduction (see instructions) .........................................................                         8        00

 9 Net loss from rental real estate activities .............................................................................................         9        00

 10 Net loss from other rental activities ......................................................................................................     10       00
 11 Portfolio loss:
     a    Net short-term capital loss ............................................................................. 11 a  ___________
     b Net long-term capital loss .............................................................................. 11 b  ___________
     c    Other portfolio loss ......................................................................................... 11 c  ___________
          Total portfolio loss (total of lines 11a through 11c) ..........................................................................  11                00

 12 Net loss under Section 1231 ................................................................................................................     12       00

 13 Other loss not included in lines 9 through 12 .......................................................................................            13       00

 14 Charitable contributions ....................................................................................................................... 14       00

 15 Section 179 expense deduction ...........................................................................................................        15       00
 16 Other deductions (list below or attach schedule)
    Lista type: ______________________________________________                     b Amount: $ __________
          Total other deductions. Enter total of lines 16b ................................................................................          16       00
 17 Total adjustments decreasing ordinary business income (total of lines 8 through 16). Enter here
    and on line 3, Form 1120-SN ...............................................................................................................      17       00

                                                                                                                         RESET                          PRINT

                      revenue.nebraska.gov, 800-742-7474 (NE and IA),  402-471-5729



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                                                                                                                                                             RESET    PRINT
                                  S Corporation With Income Derived From Sources Both                                                                                 FORM 1120-SN
                                                     Within and Without Nebraska                                                                                      Schedule I
                               Nebraska Schedule   Apportionment forIMultistate Business
                                                       • If you use this schedule, read instructions.                                                                 2020
 Name on Form 1120-SN                                                                                                                      Nebraska ID Number
  
  1   Nebraska adjusted income (line 4, Form 1120-SN) ................................................................................................            1           00

 2 Nebraska apportionment factor (line 15 below) ............................................. 2                                        .           %

  3   Income apportioned to Nebraska (line 1 multiplied by line 2). Enter here and on line 5, Form 1120-SN ................  3                                                00
                                         Nebraska Apportionment Factor – Sales or Gross Receipts
                                                                                                                                           Total                      Nebraska
 
 4 Sales or gross receipts less returns and allowances ......................................................                           4           00
 5 Sales delivered or shipped to purchasers in Nebraska:
      Shipped from outside Nebraska ............................................................................................................................. 5           00
 6 Sales delivered or shipped to purchasers in Nebraska:
  Shipped from within Nebraska ................................................................................................................................   6           00

 7 Sales shipped from Nebraska to the U.S. government ...........................................................................................                 7           00

 8 Interest on sales of tangible personal property ...............................................................                      8           00        8               00
  
 9 Interest, dividends, and royalties from intangible property .............................................                            9           00        9               00
 
 10   Gross rents ..................................................................................................................... 10          00        10              00
    
 11   Net gain on sales of intangible property .........................................................................                11          00        11              00
 12   Gross receipts from sales of tangible personal property and 
      real property not included above ....................................................................................             12          00        12              00
 13   Other income (list below or attach schedule)
     a  List type: ___________________________    b  Total Amount: $ _________
    NebraskacAmount: $ __________________
      Enter total of lines13b in first column. Enter total of lines 13c in second column.  ......                                       13          00        13              00

 14  Total sales or gross receipts .......................................................................................              14          00        14              00
 15  Nebraska apportionment factor (divide line 14, Nebraska column, by line 14, Total column, 
      and round to six decimal places).  Enter as a percent here and on Schedule I, line 2 above ..................                              15                 .           %

                                                                                                                                                                              8-289-2020



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                                                                                                                                                                                                                                                                                                                                                                    Name on Form 1120-SN 
      Totals

                                                                                                        Shareholder Name

                                                                                                                                                                                                                                                                                                                                                                                             Note:  An S Corporation with out-of-state shareholders and with ONLY portfolio income need not complete Columns (E), (F), and (G).  Instead, check this box

                                                                                                                                                                                                                                                                                             (A)

                                                                                                        Shareholder Address

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • If you use this schedule, read the instructions and attach this page to Form 1120-SN.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Shareholder’s Share of Nebraska Income

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Nebraska Schedule 

                                                         SSN

                                                                                                                                                                                                                             Shareholder 
                                                                                                                                                                                                                                         (B)
                                                          (Skip Columns D
                               through G)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   II
                                                                                                        FEIN                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  

                                                                                                                           Ownership                                 Percent of 
                                                                                                                                                                                                         (C)

                                                                         (Y or N)                                          Individual                                Resident                            Nebraska 
                                                                                                                                                                                                                          (D)

                              Attached                                                                                                               Check if                                                                               (Skip if line 5, Form 1120-SN is less than zero)    Nonresident Individuals and Grantor Trusts                         Nebraska ID Number
                                                                         12N                            Form                                                                                (E)

                                              x Column C                                   Form 1120-SN                               Income (Line 5                            Shareholder 
                      Percent)
                                                                                                                                                                                                                    (F)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                FORM 1120-SN
                              (Enter on Nebr.                            [Col (F) x .0684]                                                           Tax Withholding                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Schedule
                                                                                                                                                                                            Nebr. Income                                                                                                                                                                                 2020
            Sch. K-1N)
                                                                                                        Amount
                                                                                                                                                                                                                       (G)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               II 



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                                                                                                                                              FORM 1120-SN
                                  Nebraska Schedule III — Subsidiary or Affiliated Corporations                                               Schedule III
                                                                                                                                              2020
                                                             ID Numbers                                                                       Apportionment
                                                                                                                                              Factor Information*
Name and Address of All Corporations                                                                                                          Amount of Nebraska
                                                             Nebraska   Federal                                                               Sales or Receipts
S Corporation Filing this Return

Parent Corporation, If Different from Above

Subsidiary/Affiliated Corporations

                                                       Totals
* Complete the apportionment factor information summarizing the numerator of the corporations filing a combined corporation income tax return.



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                                                                                                                                   RESET         PRINT
                                                                                                                                                                                            FORM 1120-SN
                                                                        Nebraska Schedule K-1N  —                                                                                           Schedule K-1N
                                  Shareholder’s Share of Income, Deductions, Modifications, and Credits
                                                                                                                                                                                            2020
                     Corporation’s Name and Mailing Address                                                                Shareholder’s Name and Mailing Address
 Name Doing Business As (dba)                                                                           Name 

 Legal Name                                      

 Street or Other Mailing Address                                                                        Street or Other Mailing Address

 City                                           State                                     Zip Code      City                                     State                                      Zip Code

 Nebraska ID Number                             Federal ID Number                                       Social Security Number/Federal ID Number Spouse’s Social Security Number

 Tax    able Year of Organization                                                                     Check One:
                                                                                                                Resident Individual     Nonresident Individual                              Estate or Trust
   Beginning _________________ , 20 _____ and Ending _________________ , 20 _____                               Exempt Organization
 S Corporation’s Nebraska Apportionment Factor                                                          Shareholder’s Ownership Percentage       If applicable, check the appropriate box: 
                                                                                              % %                                                    Final Amended
                                                                                                  Part A
                                                          Shareholder’s Share of Income and Deductions
    1  Ordinary business income (loss)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                            1 
    2  Net income (loss) from rental real estate activities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                                   2
    3  Net income (loss) from other rental activities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                               3
    4  Interest income  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
    5  Dividend income  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                    5
    6 Royalties  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .               6
    7  Net short-term capital gain (loss)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                         7
    8  Net long-term capital gain (loss)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                          8
    9  Net Section 1231 gain (loss)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                         9  
 10  Other income (list below or attach schedule)
        Lista type: __________________________________________________                                                     b Amount:  $ __________
       Total other income . Enter total of lines 10b  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                              10
 11  Charitable contributions  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                       11
 12  Section 179 expense deduction  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                              12
 13  Other deductions and losses (list below or attach schedule)
        Lista type: __________________________________________________                                                     b Amount:  $ __________
       Total other deductions and losses . Enter total of lines 13b  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                                       13
                                                                                                  Part B
                                                                    Shareholder’s Share of Modifications
 14  Qualified U .S . government interest deduction  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                                   14
 15  State and local government interest and dividend income  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                                              15
 16  Income (loss) from non-Nebraska sources   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                                     16
                                                                                                  Part C
                                                                          Shareholder’s Share of Credits
 17  Community Development Assistance Act credit  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                                          17
 18    Form 3800N credits (see instructions)
    Employmenta      and Investment Growth Act  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                  18 a  $ _____________
    Nebraskab        Advantage Act  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    18 b   $ _____________
    Nebraskac        Advantage Rural Development Act  . . . . . . . . . . . . . . . . . . . . . . . . . . . .                  18 c  $ _____________
    Nebraskad        Advantage Research and Development Act  . . . . . . . . . . . . . . . . . . . . .                         18 d   $ _____________
    NeweMarkets Tax Credit  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .            18 e  $ _____________
     Nebraskaf       Historic Tax Credit  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    18 f  $ _____________  
         Total of 18a through 18f  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                       18
 19  Contractor withholding (see instructions)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                                19
 20          Nebraska Property Tax Incentive Act Credit (see instructions) .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  20
 21  Nebraska income tax withheld (see instructions)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                                      21

                                              revenue.nebraska.gov, 800-742-7474 (NE and IA), 402-471-5729 
                                                                                                                                                                                            8-687-2020



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                                   Application for Automatic Extension of Time                                           FORM
                                   to File Nebraska Corporation, Fiduciary, or Partnership Return
                                   Taxable year  beginning      ,              and ending                   ,            7004N
 Name Doing Business As (dba)

 Legal Name                                                                               RESET             PRINT

 Street or Other Mailing Address 

 City                                State                      Zip Code       Federal ID Number                        Nebraska ID Number  

                                                           Automatic 6-Month Extension
                                 Check one of the boxes below if filing Federal Forms 1041, 1041-QFT, 1041-N, or 1065.
      Nebraska Fiduciary Income Tax Return, Form 1041N          Nebraska Return of Partnership Income, Form 1065N
                                                           Automatic 7-Month Extension 
                                   Check all appropriate boxes if filing Nebraska Forms 1120N or 1120-SN.
      Automatic seven-month filing extension from the           Extension in addition to the federal extension up to a
      original due date.                                        maximum of seven months from the original due date. 
                                                                Attach a copy of the Federal Form 7004 filed with the 
                                                                Internal Revenue Service. 

 Is the corporation organized as an exempt organization?        YES            NO
 Is the corporation a cooperative?                              YES            NO
      If yes, enter the original due date of the cooperative’s federal return _______________.
                                     Tentative Tax Payment Calculation
    •Entities filing a fiduciary or partnership return need not complete lines 1 through 10 below. A fiduciary or partnership must complete line 11.
1   Tentative income tax liability for taxable period before any applicable credits ...................                 1
 2 Premium tax credit................................................................                                   2
3  Community Development Assistance Act credit  .........................................                               3
 4 Form 3800N nonrefundable credits ...................................................                                 4
 5 Total nonrefundable credits (total of lines 2 through 4).....................................                        5
 6 Tentative income tax liability after nonrefundable credits. Subtract line 5 from line 1 (if the line 5
    amount is more than the line 1 amount, enter -0-)........................................                           6
 7 Form 3800N refundable credits ......................................................                                 7
 8 Estimated income tax payments .....................................................                                  8
 9 Other payments or credits, including any Beginning Farmer credit, employer’s credit for expenses
    incurred for TANF (ADC) recipients, School Readiness Tax Credit for providers, and Property Tax
   Incentive Act credit................................................................                                 9
 10 Total prior payments and credits (total of lines 7 through 9)................................. 10
 11 Tentative tax payment (line 6 minus line 10) ............................................ 11
  Check this box if your payment is being made electronically.  
            If the corporation is a member of a unitary group of corporations filing a combined return, complete the following section.
                                                                                                            ID Numbers
            Name and Address of Each Member of the Unitary Group
                                                                                            Nebraska                     Federal

            Under penalties of perjury, I declare that I have been authorized to make this application, and that to the best of my knowledge and belief, the 
            statements made above are correct and complete.

sign
            Authorized Signature                           Date                Email Address
here
            Title                                          Daytime Phone Number

                                   Mail this application and remit payment (electronically, if required) to:
                                   Nebraska Department of Revenue, PO Box 94818, Lincoln, NE 68509-4818.
                                                                                                                         8-021-1968 Rev. 12-2020
                                     revenue.nebraska.gov, 800-742-7474 (NE and IA), 402-471-5729                       Supersedes 8-021-1968 Rev. 12-2018



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                                                    Instructions
Who May File. A corporation (C corporation and S corporation), fiduciary, partnership, or limited liability company 
making a tentative tax payment, and/or wanting more time to file a Nebraska tax return, must file a Nebraska Application for 
Extension of Time, Form 7004N. The Form 7004N must be filed even if a tentative income tax payment is made electronically.
If you have filed for a federal extension and are not making a tentative income tax payment to Nebraska, you do not need to 
complete this application. When your Nebraska income tax return is filed, you must attach a copy of the Federal Form 7004 
filed with the IRS, or a copy of the approved federal extension. If a federal extension of time has been granted, the filing date 
for Forms 1120N, 1120-SN, and 1065N is automatically extended for the same period. If a federal extension of time has been 
granted to an estate or trust, the filing date for Form 1041N is automatically extended for six months.
Corporations. When a federal extension of time has been granted and additional time is necessary to file a Nebraska 
corporation income tax return, file Form 7004N on or before the date the federal extension expires. Attach a copy of the 
Federal Form 7004 filed with the IRS, or a copy of the approved federal extension. A maximum of a seven-month extension 
beyond the original due date of the corporation income tax return is allowed for Nebraska.
Partnerships, Estates, and Trusts. Nebraska will only allow partnerships an extension of time up to the maximum 
number of months provided by the IRS. Nebraska will allow estates and trusts an extension of up to six months. No additional 
Nebraska extension will be granted.
When to File. Form 7004N must be filed on or before the due date of the original return. Corporations may also file 
Form 7004N on or before the date that a federal extension expires.
Where to File. Mail Form 7004N to the Nebraska Department of Revenue, PO Box 94818, Lincoln, Nebraska 68509-4818. 
Amount of Payment. Payment of the amount shown on line 11 must be remitted either with this form or electronically 
using one of the electronic payment options identified below. 
Mandates of Electronic Payment. Some entities are required to make their payments (tax, penalty, and interest) 
electronically. For mandate purposes, all oF the electronic payment options listed below satisFy the mandate 
requirement. all entities are encouraged to make their payments electronically.
                                               Electronic Payment Options
Nebraska e-pay. Nebraska e-pay is the Nebraska Department of Revenue's (DOR's) web-based electronic payment 
system. You enter your payment and bank account information, and choose a date (up to a year in advance) to have 
your account debited. You will receive an email confirmation for each payment scheduled.
ACH Credit.               You (or your bank) create an electronic file in the appropriate ACH file format. It is submitted to the 
Federal Reserve and instructs your bank to “credit” the state’s bank account.
Nebraska Tele-pay. Nebraska Tele-pay is DOR's phone-based electronic payment system. Call 800-232-0057, enter 
your payment and bank account information, and choose a date (up to a year in advance) to have your account debited. 
You will receive a confirmation number at the end of your call.
Credit Card               (Corporations only). Secure credit card payments can be initiated through Official Payments at 
officialpayments.com; via phone at 800-272-9829; or by downloading the OPAY app from your smart phone’s app 
store. Eligible credit cards include American Express, Discover, MasterCard, and VISA. A convenience fee (2.35% of 
the payment, $1 minimum) is charged to the card you use. This fee is paid to the credit card vendor, not the state, and 
will appear on your credit card statement separately from the payment made to DOR. At the end of your transaction, 
you will be given a confirmation number. Keep this number for your records. [If you are making your credit card 
payment by phone, you will need to provide the Nebraska Jurisdiction Code, which is 3700.]
Check or Money Order. If you are not using one of the electronic payment options described above, include a check 
or money order payable to the “Nebraska Department of Revenue.” Checks written to DOR may be presented for 
payment electronically.
Corporate Unitary Group. Members of a unitary group filing a single return using the combined income approach should 
only request one extension for the entire group. The name, address, Federal ID number, and Nebraska ID number of each 
corporation included in the combined return must be listed on Form 7004N.
Termination of Extension. DORmay,            at any time, terminate a C corporation’s extension of time by mailing the taxpayer 
a notice of this termination, allowing ten days from the date of the termination notice to file the Nebraska corporate return.
Taxpayer Notification.    DORwill   notify the applicant if this request for extension is denied.The notice will be sent to the 
address entered on Form 7004N. No notice will be sent with respect to approved applications for an extension of time 
to file a return.
Signatures. This application must be signed by a corporate officer, fiduciary, partner, member, a person currently enrolled 
to practice before the IRS, or an attorney or certified public accountant qualified to practice before the IRS. If the taxpayer 
authorizes any other person to sign this application, there must be a power of attorney on file with DOR.
Email. By entering an email address, the taxpayer acknowledges that DOR may contact the taxpayer by email. The taxpayer 
accepts any risk to confidentiality associated with this method of communication. DOR will send all confidential information 
by secure email or the State of Nebraska’s file share system. If you do not wish to be contacted by email, write “Opt Out” 
on the line labeled “email address.”






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