Nebraska State Tax Help
- Federal net operating loss deduction. Enter the amount deducted as a federal net operating loss carryforward from your federal AGI. You must include this loss as an increase to adjusted gross income on your Nebraska return. If you have a previous Nebraska net operating loss, you can deduct that as a subtraction from adjusted gross income.
- S Corporation and Limited Liability Company (LLC) non-Nebraska loss. Enter the amount of loss from an S corporation or LLC that is not from Nebraska sources. You must include this loss as an increase to adjusted gross income on your Nebraska return.
- Any other allowable adjustments increasing federal adjusted gross income.
If you aren't entitled to a refund, you may still send your tax-deductible contribution directly to the Wildlife Conservation Fund at www.nebraskawildlifefund.org. For more information, contact:
Nebraska Game and Parks Commission, Wildlife Division
2200 North 33rd Street
Lincoln, NE 68503-0370
or call 1-402-471-0641
or visit www.outdoornebraska.org
For more information, contact:
Nebraska Accountability and Disclosure Commission
11th Floor, State Capitol, PO Box 95086
Lincoln, NE 68509-5086
or visit www.nadc.state.ne.us
- U.S. government bonds, such as series EE and HH savings bonds
- U.S. Treasury bills
- U.S. government notes
- U.S. government certificates
- Commodity Credit Corporation
- Federal Home Loan Banks
- Federal Reserve Banks
- Federal Savings and Loan Insurance Corporation
- Tennessee Valley Authority bonds
- Interest on debentures issued to mortgagees of mortgages foreclosed under the National Housing Act if insured after February 3, 1938
- Postal Service bonds
- Retirement bonds as provided by IRC Section 409
- Farm Credit Bank Consolidated System-wide bonds
- Farm Credit System including the following members unless noted elsewhere:
- Federal Land Banks and Federal Land Bank Associations
- Federal Intermediate Credit Banks
- Federal Farm Mortgage Corporation
- Any other institution chartered by and subject to the supervision of the Farm Credit Administration unless noted elsewhere
- General Service Administration Participation Certificates
- Federal Housing Finance Board
- Resolution Trust Corporation
- Reconstruction Finance Corporation
Interest, but NOT dividend income, included in federal adjusted gross income from the following sources qualifies for subtraction from Nebraska income:
- Federal Deposit Insurance Corporation (FDIC)
- Student Loan Marketing Association
- Production Credit Association
- Central Bank for Cooperatives
Interest or dividend income from the following sources DOES NOT qualify for subtraction from Nebraska income (Do NOT enter your information if your interest or dividend income came from one of these sources):
- Federal or State Banks
- Federal or State Savings and Loan Associations
- Building and Loan Associations
- Postal Savings Accounts (discontinued in 1966)
- Export Import Bank bonds
- Federal or State Credit Unions
- Interest on debentures issued to mortgagees of mortgages foreclosed under the National Housing Act if insured before February 3, 1938
- Interest on federal income tax refunds
- Farmers Home Administration
- New Community debentures
- Merchant Marine bonds
- Ship Financing bonds
- U.S. Merchant Marine Ship notes
- U.S. Merchant Marine Offshore Ship Services notes
- Federal Home Loan Mortgage Corporation
- World Bank
- International Bank for Reconstruction and Development bonds
- Asian Development Bank notes and bonds
- Inter-American Development Bank bonds
- Interest from U.S. Government Life Insurance (unless exempted by IRC Section 101[d][B])
- Bankers' Acceptance
- Certificates of Deposit
- Penn Central Transportation certificates
- Federal Financing Bank
- Federal National Mortgage Association (FNMAs)
- Federal Mortgage Corporation (FMCs)
- Government National Mortgage Association (GNMAs)
- Crysler Corporation secured notes
- Lockheed convertible bonds
- Washington Metropolitan Area Transit Authority bonds
- Interest income from repurchase agreements involving U.S. government obligations
- Capital gains from the sale of U.S. government obligations
"Extraordinary dividend" means any dividend greater than 20 percent of the fair market value of the stock on which it is paid as of the date the dividend is declared. Individuals are entitled to one election during their lifetime for the capital stock of one qualified corporation.
Special Capital Gains Election Computation, Form 4797N, must be sent to the Nebraska Department of Revenue to report your election. Visit Nebraska's website to obtain this form.
When claiming the Extraordinary Dividend Deduction, a copy of federal Schedule B is required.
Native American Indian Reservation Income. Native Americans residing on a Nebraska Native American Indian Reservation may deduct income earned within the boundaries of the reservation.
Claim of right repayment. A taxpayer who is required on a federal return to take a credit for a claim of right repayment may deduct the amount of the repayment.
Nebraska net operating loss carryforward. A Nebraska net operating loss from an earlier year that is available for carryforward to 2013 may be deducted.
Nebraska Agricultural Revenue and federally taxable NIFA bonds. Income from bonds which are subject to federal income tax but exempt from Nebraska tax by Nebraska law may be deducted.
Federally taxable Build America bonds issued by Nebraska governmental units. The America Recovery and Revitalization Act of 2009 established a category of federally taxable bonds that are exempt under Nebraska law. Income from these bonds may be deducted. Recovery Zone Economic Development Bonds and Qualified School Construction Bonds that are classified as Build America Bonds may also be deducted if issued by a Nebraska governmental unit.
If you paid tax to another state on income included in your Nebraska AGI, enter the amount of tax paid as well as the amount of income. If you earned income in another state that was NOT taxed by that state, do NOT enter the information associated with that income.