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revenue.ne.gov tax current f_1041n_wkst

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This document is a tax calculation worksheet for an Electing Small Business Trust (ESBT) filing a Nebraska fiduciary income tax return. It provides line-by-line instructions for calculating the ESBT's Nebraska taxable income and tax liability based on income received from an S corporation. Key steps include adjusting federal taxable income, calculating Nebraska taxable income, and determining the Nebraska tax, including a separate calculation for nonresident ESBTs.

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SAVE RESET PRINT Electing Small Business Trust (ESBT) FORM 1041N Tax Calculation Worksheet Name of Trust Employer Identification Number 1 Total federal income (ESBT) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 Federal taxable income (ESBT) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 ADJUSTMENTS 3 ESBT income from U .S . government bonds or other U .S . obligations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 4 Line 2 minus line 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 5 ESBT income from non-Nebraska state and local bond interest and other Nebraska adjustments increasing federal taxable income . List type(s) and amount 5 6 ESBT bonus depreciation subtraction (attach schedule) (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 7 Line 4 plus line 5 minus line 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 8 Nebraska adjustments decreasing federal taxable income . List type(s) and amount 8 9 Nebraska taxable income (line 7 minus line 8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 • Nonresident ESBTs should not make entries on lines 10, 11, or 12. Nonresident ESBTs must complete the Computation of Nebraska Tax for Nonresident ESBT (below) to determine their Nebraska tax. 10 Nebraska income tax on line 9 amount (use the tax rate schedule on page 5 of the Form 1041N instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 11 Nebraska minimum or other tax (Federal Form 1041, Schedule I and Federal Form 4972) . . . . . . . . . . . . . . . . . 11 12 Total Nebraska tax (line 10 plus line 11) . Enter here and on Form 1041N, page 1, line 11 . . . . . . . . . . . . . . . . . 12 COMPUTATION OF NEBRASKA TAX FOR NONRESIDENT ESBT 13 Nebraska taxable income (line 9 above) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 14 Nebraska income tax on line 13 amount (use the tax rate schedule on page 5 of the Form 1041N instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 15 Nebraska minimum or other tax (Federal Form 1041, Schedule I and Federal Form 4972) . . . . . . . . . . . . . . . . . 15 16 Total Nebraska tax (line 14 plus line 15) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 17 Income derived from Nebraska sources, except capital gains and ordinary gain (loss) . . . . . . . . . . . . . . . . . . . . 17 18 Nebraska capital and ordinary gain (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 19 Adjustments as applied to Nebraska income, if any . List: ____________________________________________________________________________________ 19 20 Nebraska adjusted gross income (line 17 plus or minus lines 18 and 19) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 21 Nebraska share of line 16 . Compute below, and enter result on line 11, Form 1041N: Calculate the ratio to five decimal places and round to four Line 20 . = x = 21 (Line 1 + Line 5) – (Line 3 + Lines 6 and 8) (ratio) (line 16) 8-599-2004 Rev . 12-2008 Supersedes 8-599-2004 Rev . 1-2008
INSTRUCTIONS WHO MUST FILE. This worksheet must be filed by an A loss from the S corporation that is not related to Nebraska Electing Small Business Trust (ESBT) which receives sources is added to federal taxable income. income from an S corporation doing business in Nebraska LINE 6. An ESBT is allowed to deduct 20 percent of the and which is taxed under Internal Revenue Code (IRC) bonus depreciation previously added back on its 2000 §641(c). through 2005 tax year returns. WHEN AND WHERE TO FILE. This worksheet must be LINE 8. The net income received from an S corporation that completed and attached to the Nebraska Fiduciary Income is not related to Nebraska sources is deducted from federal Tax Return, Form 1041N. taxable income. For information on other deductions see Nebraska Fiduciary Income Tax Regulation 23‑004. SPECIFIC INSTRUCTIONS. Under IRC §641(c), an LINE 10. A resident ESBT will compute and report its ESBT receiving income from an S corporation is required tax liability on lines 10 and 11 of the Worksheet and enter to calculate its tax liability as a separate trust. Nebraska the total on line 12 of the Worksheet and on line 11 of also requires such ESBT to calculate its Nebraska tax on the Form 1041N. S corporation income as a separate trust. All amounts entered on this Worksheet must be related to the amounts received A nonresident ESBT will not use lines 10, 11, or 12 of the from the S corporation upon which the separate federal Worksheet. A Nonresident ESBT must complete lines 13 tax was calculated. If the separate federal tax was calculated through 21 of the Worksheet to determine its Nebraska tax based on distributions received from more than one S liability. corporation, this worksheet should include the aggregate Figure the tax using the rate schedule for the appropriate tax amounts received. year. These rates may be found in the Form 1041N booklet and on our Web site. Reminder: ESBTs which receive income or losses from S corporations doing business in more than one state must LINE 15. Use the worksheet in the Form 1041N booklet to adjust their federal taxable income as indicated in the calculate the Nebraska minimum tax. instructions for line 5 and line 8 on this worksheet. LINE 17. Enter the entire net income or loss distributed from the S corporation to the ESBT. LINE 1. Enter the ESBT’s share of the total federal income received from the S corporation. If the S corporation has business activity in more than one state, only a portion of the income is included on line 17. LINE 2. Enter the ESBT’s federal taxable income. This The portion included will be based on the S corporation’s amount should be included in the supplemental information Nebraska apportionment factor. of the ESBT’s federal income tax return. LINE 18. Enter the taxable amount of Nebraska capital and LINE 3. U.S. government bond interest is subtracted from ordinary gain and loss distributed from the S corporation. federal taxable income. U.S. government interest or dividend Line 19. The adjustments must relate to Nebraska income income includes, but is not limited to, U.S. Savings Bonds amounts reported on lines 17 and 18. Include a schedule and U.S. Treasury Bills. See Regulation 23‑004 for a listing specifically identifying the adjustments claimed. of U.S. government interest or dividend income deductible for Nebraska income tax purposes. Interest income received An ESBT is allowed to deduct 20 percent of the bonus from repurchase agreements involving U.S. government depreciation previously added back on its 2000 through 2005 obligations is not deductible as U.S. government interest. tax year returns. LINE 5. State and local bond interest exempt from federal Line 21. The factor used in the division calculation of this tax is added to federal taxable income. Interest from line must be computed to five digits and rounded to four Nebraska source bonds is not added back. digits.

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revenue.ne.gov tax current f_1041n_wkst

  • 1. SAVE RESET PRINT Electing Small Business Trust (ESBT) FORM 1041N Tax Calculation Worksheet Name of Trust Employer Identification Number 1 Total federal income (ESBT) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 Federal taxable income (ESBT) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 ADJUSTMENTS 3 ESBT income from U .S . government bonds or other U .S . obligations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 4 Line 2 minus line 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 5 ESBT income from non-Nebraska state and local bond interest and other Nebraska adjustments increasing federal taxable income . List type(s) and amount 5 6 ESBT bonus depreciation subtraction (attach schedule) (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 7 Line 4 plus line 5 minus line 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 8 Nebraska adjustments decreasing federal taxable income . List type(s) and amount 8 9 Nebraska taxable income (line 7 minus line 8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 • Nonresident ESBTs should not make entries on lines 10, 11, or 12. Nonresident ESBTs must complete the Computation of Nebraska Tax for Nonresident ESBT (below) to determine their Nebraska tax. 10 Nebraska income tax on line 9 amount (use the tax rate schedule on page 5 of the Form 1041N instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 11 Nebraska minimum or other tax (Federal Form 1041, Schedule I and Federal Form 4972) . . . . . . . . . . . . . . . . . 11 12 Total Nebraska tax (line 10 plus line 11) . Enter here and on Form 1041N, page 1, line 11 . . . . . . . . . . . . . . . . . 12 COMPUTATION OF NEBRASKA TAX FOR NONRESIDENT ESBT 13 Nebraska taxable income (line 9 above) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 14 Nebraska income tax on line 13 amount (use the tax rate schedule on page 5 of the Form 1041N instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 15 Nebraska minimum or other tax (Federal Form 1041, Schedule I and Federal Form 4972) . . . . . . . . . . . . . . . . . 15 16 Total Nebraska tax (line 14 plus line 15) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 17 Income derived from Nebraska sources, except capital gains and ordinary gain (loss) . . . . . . . . . . . . . . . . . . . . 17 18 Nebraska capital and ordinary gain (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 19 Adjustments as applied to Nebraska income, if any . List: ____________________________________________________________________________________ 19 20 Nebraska adjusted gross income (line 17 plus or minus lines 18 and 19) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 21 Nebraska share of line 16 . Compute below, and enter result on line 11, Form 1041N: Calculate the ratio to five decimal places and round to four Line 20 . = x = 21 (Line 1 + Line 5) – (Line 3 + Lines 6 and 8) (ratio) (line 16) 8-599-2004 Rev . 12-2008 Supersedes 8-599-2004 Rev . 1-2008
  • 2. INSTRUCTIONS WHO MUST FILE. This worksheet must be filed by an A loss from the S corporation that is not related to Nebraska Electing Small Business Trust (ESBT) which receives sources is added to federal taxable income. income from an S corporation doing business in Nebraska LINE 6. An ESBT is allowed to deduct 20 percent of the and which is taxed under Internal Revenue Code (IRC) bonus depreciation previously added back on its 2000 §641(c). through 2005 tax year returns. WHEN AND WHERE TO FILE. This worksheet must be LINE 8. The net income received from an S corporation that completed and attached to the Nebraska Fiduciary Income is not related to Nebraska sources is deducted from federal Tax Return, Form 1041N. taxable income. For information on other deductions see Nebraska Fiduciary Income Tax Regulation 23‑004. SPECIFIC INSTRUCTIONS. Under IRC §641(c), an LINE 10. A resident ESBT will compute and report its ESBT receiving income from an S corporation is required tax liability on lines 10 and 11 of the Worksheet and enter to calculate its tax liability as a separate trust. Nebraska the total on line 12 of the Worksheet and on line 11 of also requires such ESBT to calculate its Nebraska tax on the Form 1041N. S corporation income as a separate trust. All amounts entered on this Worksheet must be related to the amounts received A nonresident ESBT will not use lines 10, 11, or 12 of the from the S corporation upon which the separate federal Worksheet. A Nonresident ESBT must complete lines 13 tax was calculated. If the separate federal tax was calculated through 21 of the Worksheet to determine its Nebraska tax based on distributions received from more than one S liability. corporation, this worksheet should include the aggregate Figure the tax using the rate schedule for the appropriate tax amounts received. year. These rates may be found in the Form 1041N booklet and on our Web site. Reminder: ESBTs which receive income or losses from S corporations doing business in more than one state must LINE 15. Use the worksheet in the Form 1041N booklet to adjust their federal taxable income as indicated in the calculate the Nebraska minimum tax. instructions for line 5 and line 8 on this worksheet. LINE 17. Enter the entire net income or loss distributed from the S corporation to the ESBT. LINE 1. Enter the ESBT’s share of the total federal income received from the S corporation. If the S corporation has business activity in more than one state, only a portion of the income is included on line 17. LINE 2. Enter the ESBT’s federal taxable income. This The portion included will be based on the S corporation’s amount should be included in the supplemental information Nebraska apportionment factor. of the ESBT’s federal income tax return. LINE 18. Enter the taxable amount of Nebraska capital and LINE 3. U.S. government bond interest is subtracted from ordinary gain and loss distributed from the S corporation. federal taxable income. U.S. government interest or dividend Line 19. The adjustments must relate to Nebraska income income includes, but is not limited to, U.S. Savings Bonds amounts reported on lines 17 and 18. Include a schedule and U.S. Treasury Bills. See Regulation 23‑004 for a listing specifically identifying the adjustments claimed. of U.S. government interest or dividend income deductible for Nebraska income tax purposes. Interest income received An ESBT is allowed to deduct 20 percent of the bonus from repurchase agreements involving U.S. government depreciation previously added back on its 2000 through 2005 obligations is not deductible as U.S. government interest. tax year returns. LINE 5. State and local bond interest exempt from federal Line 21. The factor used in the division calculation of this tax is added to federal taxable income. Interest from line must be computed to five digits and rounded to four Nebraska source bonds is not added back. digits.