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Schedule J (1041 form) 2023 for Raleigh North Carolina: What You Should Know

Lines 2 – 15 can be used to add the amount of North Carolina's local income tax payable on the income of the beneficiaries. Line 16 — Add the value of North Carolina's State income tax withheld at the time the beneficiary filed the beneficiary tax return and paid it to the General Revenue Fund and the North Carolina Department of Revenue. (This will be an annual amount and the amount withheld will be multiplied by the beneficiary's age at the time of the return.)  Line 17 — Add the value of North Carolina's local income tax withheld at the time the beneficiary filed the beneficiary tax return and paid it to the North Carolina Department of Revenue. (This will be an annual amount and the amount withheld will be multiplied by the beneficiary's age at the time of the return.) The local value was estimated at the time of the filing. The calculation of the difference between the Federal and the local income tax is an estimate and should be used as a starting point. If the difference is under the amount due, then the tax should not be charged. If the difference is over the amount due, the tax should be charged. The North Carolina Secretary of State has developed a special procedure for beneficiaries of estates or trusts to file a tax return in order to report income received. The procedure to apply to a beneficiary's return is discussed in the “Instructions for Form NC-K-1” at  Additional information on beneficiary tax returns can be obtained by contacting the North Carolina State Office of the Attorney General at or by calling, ext 6055. The following information will be reported at the taxable income level (line 16): The North Carolina income tax withheld (line 19. The amount will be 15.00). The value of the State income tax withheld (line 19). If the deduction was made by the beneficiary or the beneficiary's representative, the value of the deduction (line 21). The North Carolina local value of income tax withheld (line 21). If the deduction was made by the beneficiary or the beneficiary's representative, the value of the deduction. The total value of the State, local, and federal taxable income, if any, of the beneficiaries, minus the amount of North Carolina's local property (line 21). The amount of North Carolina's local property tax.

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