Listed below is income that needs to be added to your Nebraska return:
Interest Income Exempt From Federal Tax
To figure out if your bond interest is taxable, you should contact the locality (government entity) or underwriter of the bond issuance. The prospectus is required to contain information regarding tax status. Generally, tax increment financing (TIF) bonds are considered local government obligations and are not taxable federally. If it is taxable, please enter the amount as an addition to income.
Financial Institution Tax of a Shareholder
Only shareholders receiving a Statement of Nebraska Financial Institution Tax Credit, Form NFC, from a qualified Nebraska financial institution may claim this deduction.
Nebraska 529 College Savings Plan Recapture
If you cancel your savings plan account or have nonqualified withdrawals, the amounts that you previously claimed as a deduction is subject to recapture.
S Corporation and Limited Liability Company (LLC) Non-Nebraska Loss
You must enter the amount of loss from an S corp or LLC that is not from any Nebraska sources.
To enter these additions to income on your Nebraska return, follow the steps below:
- State Section
- Additions to Income
For more information regarding these additions, please click here.