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Screen NEFIGen - Nebraska Financial Institution Tax Return (1120)

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Income

Fiscal-year or short-period ending deposits
Enter the total deposits held on the last day of the fiscal or short period return. The application uses the total deposits held on the last day of the preceding year, the last day of each complete calendar quarter within the year, and the last day of the fiscal-year or short-period year, and divides by the number of quarters having amounts to calculate average deposits.
Net income before income taxes and extraordinary items
Enter the net financial income as reported on the Federal Reserve reporting form for this institution. The application uses the apportioned share of this amount to determine the income limitation on Form 1120NF.

Overpayment Application

Application of current year overpayment
The options available in this dropdown list instruct the application how to apply any current year overpayment. The overpayment options are listed in the dropdown and in the following table.
Code
Result
1
Refund 100 percent of the overpayment (default)
7
Apply 100 percent of the overpayment to next year’s estimates; no refund.
8
Apply the amount specified. This option applies the portion of the overpayment shown in the
Overpayment to be applied (Code 8)
 field, and refunds any excess.
note
New clients and converted clients may benefit from Nebraska’s new client options. Select
Setup
, then
1120 Corporation
. Under the
Nebraska
 tab, select
New Client Options
 and enter the code in the
Overpayment application
 field. The selection there transfers to the state input screen for newly created and converted clients and is used to calculate the overpayment application. The transferred code may be changed in this field if necessary and is not replaced by the selection in the
New Client Options
 window.

Penalties and Interest

Date return filed, if different from original due date of return
If the date entered here is later than the return due date, the application calculates the penalties and interest for failure to pay and for failure to file. If this field is blank, the date defaults to the original due date of the return.
note
Use this field to customize the date due on the filing instruction inserts. Enter the date you want to appear on the filing instruction inserts, and then replace the date in the filing instruction inserts. If this field is blank, the date defaults to the due date of the return (original or extended).
Suppress penalties on return: Late interest
Enter X to suppress the late payment interest on the return. The application prints the NE Late Filing Interest and Penalty Worksheet if this field is blank and late interest is due. The NE Late Filing Interest and Penalty Worksheet also prints if the
Failure to file
or
Failure to pay
 fields are blank and a failure to file or failure to pay penalty exists.
Suppress penalties on return: Failure to file
Enter X to suppress the failure to file penalty on the return. The application prints the NE Late Filing Interest and Penalty Worksheet if this field is blank and the failure to file penalty is due. The NE Late Filing Interest and Penalty Worksheet also prints if the
Late interest
 or
Failure to pay
 fields are blank and late payment interest or a failure to pay penalty exists.
Suppress penalties on return: Failure to pay
Enter X to suppress the failure to pay penalty on the return. The application prints the NE Late Filing Interest and Penalty Worksheet if this field is blank and the failure to pay penalty is due. The NE Late Filing Interest and Penalty Worksheet also prints if the
Late interest
 or
Failure to file
 fields are blank and late payment interest or a failure to file penalty exists.

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