Form Instructions 1125-E North Carolina 2018-2025

Form Instructions 1125-E North Carolina: What You Should Know

Entities that have receipts of 200,000 or more must file Form 1120-E (Special Returns only). • Entities reporting to a governmental branch must file Form 1120S at that branch or attach a copy to Form 1120. • Entities with gross receipts of 100,000 or more must file Form 1120-F (Special Returns only). • Interest earned on deposits under a depository agreement must be reported under Rev. Pro. 2016-49, 2017–1120. • Interest earned on the netting of investments under an investment contract must be reported under Rev. Pro. 2016-48, 2017–1120. • Entities in an IRS district which would no longer be subject to state/local taxes under Rev. Pro. 2016-39 (to be effective in 2018) must file Form 8283, the Return of Information Regarding Persons Exempt from Income Tax. Form 8283 has special procedures for this purpose. Taxpayers who are electing to include all or part of their payment of federal income tax Taxpayers who are electing to include all or part of their payment of federal income tax must choose to file or not file one of the following: If you are subject to state taxes in New York; • You will pay taxes due on wages paid from taxable sources in New York when determining if your payment is included in gross receipts or wages. You must also take state and local (other) deductions equal to your federal deduction on Form 1120-E. • If you may claim a deduction on Form 1120-E for any taxes paid or to be paid from the non-taxable source, you must include the non-taxable source portion in gross receipts on Form 1120, and pay taxes at the federal rate, when calculating your federal income tax. To find out, enter item 2 (name of tax shelter) in the “Other” box, and complete Schedule R, Part II (Form 8283).  If you are not subject to New York State taxes, your claim for the federal tax deduction may not exceed the amount of tax paid or to be paid from the non-taxable source if the amount of that tax paid or to be paid exceeds the amount of tax that is deductible.

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