Form 501N PDF Details

The Nebraska Monthly Withholding Deposit, Form 501N, is a crucial document for employers and payors within Nebraska, ensuring the timely remittance of withheld state income taxes. This form plays a vital role in the state's tax system, providing a structured way for businesses to report and deposit income taxes they have withheld from employees' wages. It's designed specifically for monthly deposits, necessitated when the withheld amount exceeds $500 in either the first or second month of a quarter. However, it's important to note that this form is not applicable to taxpayers who are mandated to make electronic payments. Such payments can be made through various electronic means including ACH Debit, ACH Credit, or credit card, as outlined by the Nebraska Department of Revenue. Additionally, the form comes with specific instructions on when and where to file, highlighting the due date as on or before the 15th day of the month following the covered calendar month. Employers must ensure accurate completion of the form, including declaring the exact amount of Nebraska income tax withheld for the period in question. Failure to comply with these instructions, including timely remittance, might result in penalties and interest charges. Form 501N is part of a broader compliance framework, emphasizing the importance of precision and adherence to filing deadlines to avoid potential financial repercussions.

QuestionAnswer
Form NameForm 501N
Form Length1 pages
Fillable?No
Fillable fields0
Avg. time to fill out15 sec
Other names941N, preparer, 501n form, Nebraska

Form Preview Example

Nebraska Monthly Withholding Deposit

FORM

501N

PLEASE DO NOT WRITE IN THIS SPACE

NAME AND LOCATION ADDRESS

NAME AND MAILING ADDRESS

Nebraska ID Number

Deposit for Month of

Due Date

Nebraska income tax withheld this period. (Do not file this form if you are making

payments electronically.) Please pay this amount.....................................................

$

Under penalties of perjury, I declare that, as taxpayer or preparer, I have examined this deposit, and to the best of my knowledge and belief, it is correct and complete.

sign here

 

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Authorized Signature

 

 

Daytime Phone

 

Signature of Preparer Other Than Taxpayer

 

Daytime Phone

 

 

 

 

 

 

 

 

 

 

Title

 

 

Date

 

 

Address

 

Date

 

 

 

 

 

 

 

 

 

 

 

Email Address

 

 

 

 

 

 

 

 

 

 

INSTRUCTIONS

 

 

 

 

 

You must be licensed for Nebraska withholding with the Nebraska Department of Revenue (Department) prior to filing this deposit. Complete Nebraska Tax Application, Form 20, to apply for this license and mail it together with the Form 501N.

WHO MUST FILE. Monthly deposits are required when the amount withheld exceeds $500 for either the first or second month of a calendar quarter.

Certain taxpayers are required to make payments electronically. Electronic payments can be made using ACH Debit, ACH Credit, or by credit card. See www.revenue.ne.gov for additional information. If you are required to make withholding payments electronically, Form 501N will not be mailed.

For m 501N will not be mailed to taxpayers making electronic payments.

Payments for the third month of a calendar quarter are made by filing the Nebraska Withholding Return, Form 941N. Form 941N and payment may be filed electronically or on a preidentified form. Taxpayers required to make payments electronically should not send a check with Form 941N.

WHEN AND WHERE TO FILE. The payment is due on or before the 15th day of the month following the calendar month covered by the deposit. If not paying electronically, mail to the Nebraska Department of Revenue, PO Box 98915, Lincoln, Nebraska 68509-8915. Checks written to the Department of Revenue may be presented for payment electronically.

PREIDENTIFIED RETURN. This Form 501N is to be used only by the employer or payor whose name is printed on it. Contact the Department if:

1.You need to file a deposit but are currently not receiving this form;

2.You did not receive a Form 501N for the current period;

3.You lost/misplaced your Form 501N for the current period; or

4.Your business name, location, or mailing address listed on the Form 501N are not correct.

Do not file Forms 501N which are photocopies, which are from another period, or which have not been preidentified.

PENALTY AND INTEREST. Penalty and interest may be imposed for failure to timely remit income tax withheld.

TAXPAYER ASSISTANCE. See the Department’s website at www.revenue.ne.gov or call 800-742-7474 (NE and IA) or 402-471-5729.

SPECIFIC INSTRUCTIONS

NEBRASKA INCOME TAX WITHHELD THIS PERIOD. Enter the amount of Nebraska income tax withheld during the calendar month for which this deposit is being filed. If a deposit is not required until the second month, all tax withheld for the first and second months must be remitted.

SIGNATURES. If filing a paper return, Form 501N must be signed by the taxpayer, partner, member, or corporate officer. If the taxpayer authorizes another person to sign this deposit, there must be a power of attorney on file with the Department.

Any person who is paid for preparing a taxpayer’s Form 501N must also sign the deposit as preparer.

If required, payment must be made by EFT. Mail this form with your payment.

NEBRASKA DEPARTMENT OF REVENUE, PO BOX 98915, LINCOLN, NE 68509-8915

www.revenue.ne.gov, 800-742-7474 (NE and IA), or 402-471-5729

8-008-1967 Rev. 10-2012 Supersedes 8-008-1967 Rev. 11-2011

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