Form 12N is Not Completed and Filed Sample Clauses

Form 12N is Not Completed and Filed. If a Form 12N is not properly completed and attached to the organization’s return for a nonresident individual, or completed and retained by the preparer when e-filing, the organization is required to report and remit 6.84% of the nonresident’s share of the organization’s income derived from, or attributable to, Nebraska sources. The income tax withholding must be reported on the Nebraska Schedule K-1N, and the organization’s Nebraska return. When the nonresident individual files Form 1040N, the amount remitted by the organization will be allowed as a credit against the individual taxpayer’s Nebraska income tax liability. If the nonresident has no other Nebraska source income and the organization has filed a Nebraska Schedule K-1N and remitted the appropriate income tax withholding for the nonresident, the nonresident is not required to file a Nebraska Form 1040N. The income tax withholding will be retained by Nebraska. The nonresident may still file a return and claim a refund if one is due. Publicly-traded partnerships are not subject to the income tax withholding provision stated above. Attach this agreement to the organization’s Nebraska tax return, or retain it in the organization’s records if e-filing. xxxxxxx.xxxxxxxx.xxx, 000-000-0000 (NE and IA), 000-000-0000