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Form 1041 (Schedule I) Wilmington North Carolina: What You Should Know

Schedule K-1 — (Schedule of Items, Items of Income, Deductions and Contributions, and Federal Income Tax by Type). A. All Form 1040-ES and Schedule C (line 28) —  B. Capital Gains (Line 21) —  Finance —  Enter “Federal Savings Bonds” in “Other income” column. Enter “Other income” in “Other Deductions” column.  Enter “Other deductions” in “Other income” and “Other deductions” in “Other Deductions” column. Federal Income Tax Schedule —  Election to Be Deduction Master —  Enter “Other deductions” in “Other income” and “Other deductions” in “Other Deductions” column. Enter “Other deductions” in “Other income” and “Other deductions” in “Other Deductions” column. Enter “Other deductions” in “Other income” and “Other deductions” in “Other Deductions” column. Federal Income Tax Schedule by Type — Federal income tax  Election to be credit for State Income taxes — Enter “State taxes” in “State income” column. State income includes Income and dividends, Federal Income Tax, State sales tax, federal unemployment insurance (FTA) insurance tax, local sales tax, all state and local income tax, income taxes paid to the federal government, any tax-deductible contributions to the Federal Employee Retirement System (FEES), and the value of Federal retirement bonds. Enter “State income” in “State income” column. State income includes Income and dividends, Federal Income Tax, State sales tax I, federal unemployment insurance (FTA) insurance tax, local sales tax, all state and local income tax, income taxes paid to the federal government, any tax-deductible contributions to the Federal Employee Retirement System (FEES), and the value of Federal retirement bonds. Enter “State income” in “State income” column. State income includes Income and dividends, Federal Income Tax, State sales tax, federal unemployment insurance (FTA) insurance tax, local sales tax, all state and local income tax, income taxes paid to the federal government, any tax-deductible contributions to the Federal Employee Retirement System (FEES), and the value of Federal retirement bonds. Enter “State income” in “State income” column.

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