Individual Income Tax Forms
Form 1040N Nebraska Individual Income Tax Return
Form 1040XN Amended Nebraska Individual Income Tax Return
Corporate Income Tax Forms
Form 1120N Nebraska Corporation Income Tax Return
Form 1120-SN Nebraska S Corporation Income Tax Return
Sales Tax Forms
Form 2 Business Local Use Tax Return
Form 3 Individual Local Use Tax Return
Form 4 Nebraska Exemption Application for Sales and Use Tax
Form 10 Local Sales and Use Tax Return
Property Tax Forms
Form 451 Exemption Application ( Real and Personal Property)
Form 5725X Claim for Personal Property Exemption
Nebraska Tax Forms: Understanding and Completing Them Correctly
Paying taxes is an unavoidable part of life. As citizens and residents of Nebraska, we are required to file state and federal taxes, and while the process can be tedious and time-consuming, it is important to do it right. However, navigating through the numerous tax forms can be confusing, and if not done correctly, can lead to costly mistakes. In this article, we will discuss Nebraska tax forms, how to complete them correctly, and the latest updates and changes from the Nebraska Department of Revenue.
Types of Nebraska Tax Forms
The State of Nebraska imposes taxes on individuals and businesses, which includes but is not limited to income tax, sales and use tax, property tax, and excise tax. All of these taxes require various forms and documents for filing, and it is important to know what they are and when to file them. Here are some of the most commonly used Nebraska tax forms:
Nebraska Income Tax Forms
Form 1040N – Nebraska Individual Income Tax Return
This form is used by residents and non-residents of Nebraska to file their income taxes. Whether you earned income from Nebraska or not, if you are required to file federal tax returns, you will need to file a Nebraska income tax return.
Form 1040N-ES – Nebraska Individual Estimated Income Tax Payment Vouchers
If you are self-employed or have income not subject to withholding, you will need to make estimated tax payments. To make these payments, you must complete Form 1040N-ES, which contains the quarterly payment vouchers.
Form 1040N Schedule A – Itemized Deductions
If you itemize your deductions on your federal return, you will need to complete this form to calculate your Nebraska itemized deductions.
Form 1040N Schedule B – Nebraska Addback
If you claimed a deduction on your federal tax return for certain expenses, you will need to add those back to your Nebraska income.
Form 1040N Schedule I – Nebraska Adjustments to Income
This form is used to claim adjustments to income, which reduces your Nebraska taxable income. Some of the allowed adjustments include alimony paid, contributions to a traditional IRA, and student loan interest.
Form 1040N Schedule II – Nebraska Tax Computation
This form is used to calculate your Nebraska tax liability. It is important to fill this out carefully, as any errors could result in incorrect tax assessments.
Form 5329 – Nebraska Additional Taxes on Qualified Plans and Other Tax-Favored Accounts
This form is used to calculate any taxes that may be due on distributions from qualified retirement plans, individual retirement accounts, and other tax-favored accounts.
Nebraska Sales Tax Forms
Form 10 – Nebraska Sales and Use Tax Return
This form is used to report and pay sales and use tax liabilities. It is used by Nebraska businesses that sell tangible personal property and by individuals who make purchases subject to Nebraska sales and use tax.
Form 13 – Nebraska Sales and Use Tax Refund Claim
This form is used to request a sales and use tax refund for items that were overpaid, paid in error, or otherwise not subject to sales and use tax.
Form 14 – Nebraska Business Retiree or Disabled Veteran Sales Tax Exemption Application
This form is used to apply for a sales tax exemption certificate for retirees or disabled veterans who operate a business. Exemptions are available for qualifying veterans or their surviving spouses.
Form 22 – Nebraska Sales and Use Tax Return for Contractors and Subcontractors
This form is used by contractors and subcontractors to report and pay their sales and use tax liabilities.
Nebraska Property Tax Forms
Form 451 – Nebraska Homestead Exemption Application
This is an application for a homestead exemption form, which can help reduce the amount of property tax owed on your home. This form must be filed with your county assessor’s office.
Form 425 – Nebraska Personal Property Schedule
This form is used to report personal property, such as machinery or equipment, to your county assessor’s office for tax assessment purposes.
Form 422 – Nebraska Statement of Taxable Personal Property
This form is used to report taxable personal property to the county assessor for tax assessment purposes.
Nebraska Excise Tax Forms
Form 6 – Nebraska Motor Fuels Tax Return
This form is used to report and pay the motor fuels tax for gasoline and other fuels used in Nebraska. It is typically filed by fuel distributors or retailers.
Form 52 – Nebraska Tire Fee Return
This form is used to report and pay the tire fee, which is imposed on the sale of new tires in Nebraska. It is typically filed by tire dealers or retailers.
How to Complete Nebraska Tax Forms
The Nebraska Department of Revenue provides instructions on its website to assist in completing each tax form. It is important to follow these instructions, fill out each form completely and accurately, and sign and date the forms where required. Here are some tips for completing Nebraska tax forms:
1. Have all necessary documents and information ready
Ensure you have all necessary documents, receipts and information on hand before you begin filling out your tax returns. You will need pay stubs and other wage statements, investment and bank statements, receipts, business expense records, and any other documentation related to your income, deductions, and credits.
2. Double-check accuracy
Double-check all amounts entered on your tax return forms to ensure they are accurate. Any errors, whether accidental or intentional, could result in payment of additional taxes, interest, and even penalties.
3. File on time
Ensure you file your returns on time to avoid late fees and possible interest charges. It is important to keep accurate records of your filing and payment dates, as well as proof of filing and payment.
2021 Updates and Changes on Nebraska Tax Forms
The Nebraska Department of Revenue regularly updates tax forms and instructions, as well as publishes announcements and advisories regarding any changes in tax laws and regulations. Here are some significant updates and changes so far in 2021:
1. Form 1040N has been updated
The 2020 Nebraska Form 1040N was updated to include related tax law changes made by the Legislature and the Governor’s office. The major changes included changes for the corporate-sponsored scholarships and production of hemp.
2. New exemption for military retirement benefits
Effective January 1, 2022, retirements benefits for military personnel will no longer be taxed in Nebraska. A new exemption will be available for military retirement benefits paid to an individual who has attained age 67 or older and who has served at least 20 years in the armed forces of the United States.
3. New sales tax district
A new sales tax district in Scottsbluff was created effective April 1, 2021, with a sales and use tax rate of 1%.
Takeaway
Filing and paying taxes is a complex process, and getting it wrong can result in serious consequences, including interest and penalties or legal consequences. Understanding Nebraska tax forms is crucial to avoid errors and ensure compliance with the state’s tax laws. By following instructions carefully, utilizing the updated information available, and seeking out proper professional advice when needed, filing taxes can be a smooth and successful process.
