The film tells the story of Juhani, who ends up at a boys' institution, the Island, after six years of wandering between foster homes.
Producer Markus Selin will compete for best film while Karukoski is also a contender for best director.
Among others the film is also up for best supporting actor, supporting actress, cinematography, set design and costume design.
Also in the awards race for best film and best director kudos is Michael Hegner and Kari Juusonen's Christmas picture, Niko & The Way to the Stars (Niko - Lentäjän Poika) produced by Petteri Pasanen and Hannu Tuomainen.
The fully-animated Finnish-Danish co-production has just passed one million admissions worldwide.
John Webster's feature-length documentary, Recipes for Disaster (Katastrofin Aineksia) produced by Kristiina Pervilä is also a contender for best film.
Mika Kaurismäki's return to Finnish filmmaking, Three Wise Men (Kolme viisasta miestä), earned him three nominations, including best director.
The Jussi awards are made by Finland's Filmiaura Association and the winners in all 14 categories will be named at a gala ceremony in Helsinki on February 1.