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April 1, 2015 NORTH CAROLINAS REFERENCE TO THE (North Carolina)

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Income Tax Division Page 1 of 2 April 1, 2015
April 1, 2015
NORTH CAROLINA’S REFERENCE TO THE INTERNAL REVENUE CODE UPDATED -
IMPACT ON 2014 NORTH CAROLINA CORPORATE AND INDIVIDUAL INCOME TAX
R
ETURNS
Governor McCrory signed into law Session Law 2015-2 (Senate Bill 20) on March 31, 2015. The legislation
updated North Carolina’s reference to the Internal Revenue Code to the Code as enacted as of January 1,
2015. As a result, North Carolina corporate and individual income tax law generally follows the Tax
Increase Prevention Act of 2014 (“TIPA”), which extended several provisions in federal law that had sunset
at the end of 2013. The law does not follow (decouples from) TIPA in six instances. The table below
identifies those instances and describes each difference and which lines on the tax returns are impacted.
Federal Provision
State Provision NC C Corporate
Return
NC Individual
Return
1 Bonus depreciation is
extended to property
placed in service in
2014.
Addition required for
85% of bonus
depreciation deducted on
federal return.
Include addition
on Form CD-405,
Schedule H, Line
1.g.
Include addition on
Form D-400
Schedule S, Part
A, Line 3.
2 Code section 179 dollar
and investment
limitations are increased
to $500,000 and
$2,000,000,
respectively, for 2014.
Dollar and investment
limitations set at $25,000
and $200,000,
respectively. Addition
required for 85% of the
difference between the
deduction using federal
limitations and the
deduction using NC
limitations.
Include addition
on Form CD-405,
Schedule H, Line
1.g.
Include addition on
Form D-400
Schedule S, Part
A, Line 3.
3 Mortgage insurance
premiums are treated as
qualified residence
interest for 2014.
Mortgage insurance
premiums are not treated
as qualified residence
interest.
Not applicable Do not include
mortgage
insurance
premiums in the
amount of
mortgage interest
deducted on Form
D-400 Schedule S,
Part C, Line 13.
4 Cancellation of qualified
principal residence debt
is excluded from gross
income.
Addition required for
amount of cancellation of
qualified principal
residence debt excluded
from gross income on the
federal return.
Not applicable Include addition on
Form D-400
Schedule S, Part
A, Line 3.
North Carolina Department of Revenue
Income Tax Division Page 2 of 2 April 1, 2015
Federal Provision State Provision NC C Corporate
Return
NC Individual
Return
5 Qualified tuition and
related expenses are
deductible for 2014.
Addition required for
qualified tuition and
related expenses deducted
on the federal return.
Not applicable
Include addition on
Form D-400
Schedule S, Part
A, Line 3.
6 Qualified charitable
distributions from an
IRA by a person who
has attained age 70 ½
are excluded from gross
income.
Addition required for
qualified charitable
distributions from an IRA
by a person who has
attained age 70 ½ that are
excluded from gross
income on the federal
return. The distributions
are allowable as a
charitable contribution.
Not applicable
Include addition on
Form D-400
Schedule S, Part
A, Line 3.
Deduct
contribution on
Form D-400
Schedule S, Part C,
Line 18 if
itemizing
Any person who has already filed a 2014 North Carolina income tax return and whose federal taxable
income (C corporation) or federal adjusted gross income (individual) is impacted by the amendments to
federal law included in TIPA or by the provisions of TIPA from which North Carolina has decoupled must
file an amended North Carolina return. If the amended return reflects additional tax due, the taxpayer will
avoid interest if the additional tax is paid by the original due date of the return (April 15 for calendar-year
taxpayers). The taxpayer will also avoid a late-payment penalty if the additional tax reflected on the
amended return is paid when the amended return is filed or April 15, whichever is later.
Part A. Additions to Federal Adjusted Gross Income (See Line Instructions on Page 12.)
Enter Whole U.S. Dollars Only
Interest income from obligations of the United States
or United States’ possessions
6.
Retirement benets received by vested N.C. State government,
N.C. local government, or federal government retirees
(Bailey settlement - Important: See Line instructions on Page 12)
8
.
Taxable portion of Social Security and Railroad Retirement Benets
included on your federal return
7.
State or local income tax refund if included on Line 10 of Federal Form 10405.
Total additions - Add Lines 1 through 3
(Enter the total here and on Form D-400, Line 7)
4.
Other additions to federal adjusted gross income
(Attach explanation or schedule)
3.
Adjustment for domestic production activities (See instructions on Page 12)2.
Interest income from obligations of states other than North Carolina1.
Your Social Security Number
Last Name (First 10 Characters)
Part B. Deductions from Federal Adjusted Gross Income
(See Line Instructions beginning on Page 12.)
Other deductions from federal adjusted gross income (Attach explanation or schedule.
Do not include any deduction for retirement benets on this line.)
11.
Total deductions - Add Lines 5 through 8 and Lines 9f, 10e, and 11 (Enter the total here and
on Form D-400, Line 9)
12.
Adjustment for bonus depreciation added back in 2009, 2010, 2011, 2012 and 2013
(See Line instructions on Page 12)
9.
(Add Lines 9a, 9b, 9c, 9d, and 9e and enter on Line 9f.)
Adjustment for section 179 expense deduction added back in 2010, 2011, 2012, and 2013
(See Line instructions on Page 12)
10.
(Add Lines 10a, 10b, 10c, and 10d and enter on Line 10e.)
6.
8.
7.
5.
4.
3.
2.
1.
11.
12.
9f.
10e.
Important: Refer to the D-400 Income Tax Instructions before completing Parts A, B, C, or D of this form.
You must attach this form to Form D-400, otherwise, we may be unable to process your return.
2014 North Carolina
Supplemental Schedule
D-400 Schedule S
Web-Fill
9-14
9b. 2010
9c. 2011
9e. 2013
10b. 2011
10d. 2013
9a. 2009
9d. 2012
10a. 2010
10c. 2012
4
PRINT
✖
CLEAR
Last Name (First 10 Characters)
Your Social Security Number
2014
Tax Year
Part D. Computation of North Carolina Taxable Income for Part-Year Residents and Nonresidents
(See Line Instructions on Page 13. Note: Do not complete Lines 20 through 22 if you were a full-year resident.)
(MM-DD-YY)
Spouse
Fill in circle(s) if you or your spouse moved into or out of North Carolina during the year and enter the dates of residency in the boxes.
Fill in circle(s) if you or your spouse were nonresidents of North Carolina for the entire year.
Fill in applicable circles
You
(MM-DD-YY)
You
Part-year residents and nonresidents must read the instructions on Page 13 and complete the worksheet on Page 14 to determine the amounts to enter
on Lines 20 and 21 below.
(MM-DD-YY) (MM-DD-YY)
Spouse
Part C. N.C. Itemized Deductions (See Line Instructions on Page 13.)
Total home mortgage interest and real estate property taxes
(Add Lines 13 and 14 and enter result)
15.
Total N.C. itemized deductions, add Lines 17 and 18 and enter the amount
(Enter on Form D-400, Line 11)
19.
Real estate property taxes14.
Qualifying home mortgage interest13.
Charitable contributions18.
Allowable home mortgage interest and real estate property taxes
(Compare Line 15 and Line 16, and enter whichever is less)
17.
Important: You may deduct from federal adjusted gross income either the N.C. standard deduction or N.C. itemized deductions. If
the amount of N.C. standard deduction exceeds the allowable N.C. itemized deductions enter the appropriate amount for your ling status
from the following chart on Form D-400, Line 11; otherwise, complete Part C, Itemized Deductions.
Note: No itemized deductions included on federal Schedule A (Form 1040) are allowed as N.C. itemized deductions except qualied
home mortgage interest, real estate property taxes, and charitable contributions.
!
Note: If you are (1) married ling a separate return for North Carolina income tax purposes and your spouse itemizes deductions, or (2)
a nonresident alien, or (3) ling a short-year return because of a change in your accounting period, you are not entitled to the standard
deduction.
If your ling status is: Your standard deduction is:
Single $7,500
Marriedling jointly/Qualifying widow(er) $15,000
Married ling separately
If spouse does not claim itemized deductions $7,500
If spouse claims itemized deductions 0
Head of household $12,000
Qualifying home mortgage interest and real estate property taxes limitation 16.
Divide Line 20 by Line 21 (Enter the result as a decimal amount here and on Form D-400,
Line 13; round to four decimal places.)
20.
Enter the amount from Column B, Line 28 of the Part-Year
Resident/Nonresident Worksheet on Page 14 of the Instructions.
Enter the amount from Column A, Line 28 of the Part-Year
Resident/Nonresident Worksheet on Page 14 of the Instructions.
22.
21.
22.
20.
21.
15.
19.
14.
13.
18.
17.
16.
Date residency endedDate residency beganDate residency began Date residency ended
Page 2
D-400 Sch S
Web-Fill
9-14
20000
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