Nebraska Return of Partnership Income -1065-N Form

What Is Form 1065-N?

Form 1065-N is a required tax document for any partnership doing business in the state of Nebraska. It is similar to the federal Form 1065 that partnerships use to report their financial activities to the Internal Revenue Service, but it's designed to meet the specific requirements of Nebraska state tax law. This form calculates the amount of state income tax the partnership owes or, in some cases, the refund it may be entitled to receive.

When to file the form

Remember to pay attention to the deadlines for filing Form 1065-N. The form is due annually on the same date as the federal return, which is generally the 15th day of the third month following the close of the partnership's tax year. For most partnerships operating on a calendar year, the form must be submitted by March 15th. Late submissions may result in penalties, so starting the process early is advised.

How to Fill Out the Form 1065-N

Knowing how to complete the Form 1065-N is essential for any partnership. Detailed instructions provided by the Nebraska Department of Revenue can guide you through the process, but here is a brief overview to get you started:

1. Fill out the top section of the form with the partnership's name, address, and federal ID number.
2. Indicate whether the partnership has nonresident individual partners by checking the appropriate box.
3. Fill out Part I of the form, which includes the partnership's ordinary business income, Nebraska adjustments increasing and decreasing ordinary business income, and Nebraska adjusted income.
4. Fill out Part II of the form, which includes the income reported to Nebraska, electing pass-through entity tax (PTET) for tax year 2023, premium tax credit, employer's credit for expenses incurred for TANF (ADC) recipients. 
5. Keep filling out Form 3800N nonrefundable credit, NE employer tax credit for employing convicted felons, total nonrefundable credits, and Nebraska PTET for tax year 2023 after nonrefundable credits.
6. Next, type in PTET for tax years 2018 through 2022, income reported to Nebraska subject to withholding, Nebraska income tax withheld for nonresident individual partners, and Nebraska tax after nonrefundable credits.
7. Move on to fill in Part III of the form, which includes Form 3800N refundable credit and recapture, tax deposited with Form 7004N and 2023 estimated income tax payments, beginning farmer credit. 
8. Keep going to Nebraska income tax withheld, credit for school district property taxes, credit for community college property taxes, and PTET credit received from a lower-tier electing partnership.
9. Proceed to fill in total refundable credits and payments, tax due, overpayment, and amount of overpayment to be applied to 2024 estimated tax or refunded.
10. Fill out Schedule A if the partnership has other income and deductions.
11. Finally, sign and date the form.

Benefits of PDFliner for filing 1065 N

PDFliner is an online platform that simplifies filing forms like 1065N. With easy-to-use tools for filling, editing, and signing IRS PDF documents, PDFliner can streamline the submission process for partnerships. Some benefits include:

• Ease of Access: Forms are available anytime and anywhere with an internet connection.
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• Convenience: Easily edit and securely sign online or send to others to sign.
• Compliance: Provides a large library of Nebraska forms and IRS templates to ensure compliance with current tax laws.