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Screen NEGen - Nebraska General, Modifications, Amended Return (1041)

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General Information

Nebraska identification number
Enter the identification number issued to this estate or trust by the State of Nebraska, excluding the beginning "23-".
Bankruptcy estate - tax from Form 1040N
Enter the amount of tax calculated on Form 1040N for the bankruptcy estate. The application prepares Form 1041N only as a transmittal assuming you completed Form 1040N.

Additions to Federal Taxable Income

Non-NE state and local bond interest (Force)
These calculations are based on information you entered in the
Interest income
 and
Dividends
 fields on the federal Income, K1, and K1T screens. Overrides in the
Total
 field are net of allocated expenses. Use
ESBT / QSST
 where
Entity: Type 2
 (S Corporation) is selected or
Business
 where code
10
 (Business) is in the
State Use
 column.
Other NE adjustments to federal taxable income
If the electing small business trust has amounts from both S corporations and other sources, the amount automatically calculates on the Electing Small Business Trust Tax Calculation Worksheet. Use the
ESBT
/ QSST
 field to override the calculation.

Subtractions from Federal Taxable Income

Special capital gains or extraordinary dividend deduction
Enter the allowable exclusion calculated on Form 4797N. Form 4797N is available as a noncalculating form.
Net operating loss deduction
If the electing small business trust has losses from both S corporations and other sources, the ESBT amount calculates on the Electing Small Business Trust Worksheet in the Nebraska adjustments decreasing federal taxable income, and deducts it from Form 1041N, Page 1, line 6. The
ESBT / QSST (Force)
 field overrides the calculation.
Nebraska adjustments to federal taxable income
If the electing small business trust has amounts from both S corporations and other sources, the amount on the Electing Small Business Trust Tax Calculation Worksheet automatically calculates. Use the
ESBT / QSST (Force)
 field to override the calculation.

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