Individual Income Tax
Form 1040N Nebraska Individual Income Tax Return
Form 1040XN Amended Nebraska Individual Income Tax Return
Corporate Income Tax
Form 1120N Nebraska Corporation Income Tax Return
Form 1120-SN Nebraska S Corporation Income Tax Return
Filing income tax forms is a natural part of the life of every working American. As a Nebraska resident, keeping tabs on the state’s income tax laws and forms is crucial to ensure you don’t run afoul of the tax authorities. In this article, we explore everything there is to know about Nebraska income tax forms, including how to file them, deadlines, and updated information regarding state taxation laws.
Understanding Nebraska Income Taxation
At the time of writing this article, the state of Nebraska imposes an income tax on taxpayers who earn more than $4,400 from all sources in the state. The Nebraska Department of Revenue (NDOR) collects income tax from both residents and non-residents. Residents pay tax on all income, regardless of the source, with the exceptions of Social Security benefits, out-of-state bond interest, and certain types of compensation. Non-residents only pay tax on income earned within the state.
Nebraska has a progressive income tax rate, which means that the tax rate a taxpayer pays depends on their income level. The state calculates tax liability by multiplying taxable income by the applicable tax rate, which ranges from 2.46% to 6.84%. Nebraska taxes income earned by corporations at a flat rate of 5.58%.
Who Needs to File a Nebraska Income Tax Form
All residents of Nebraska who earn more than $4,400 in a tax year have to file income tax returns. Non-residents who earn above the same threshold in the state must also file a Nebraska income tax return.
Note that if you owe no taxes, you may not have to file a tax return. However, it’s always best to consult with a financial expert or the NDOR to determine your tax liability since, in some instances, you may still need to file a return, even if you owe nothing.
Types of Nebraska Income Tax Forms
Like all states, Nebraska has its income tax forms. The state has several different forms for specific income tax situations, including:
Form 1040N: Nebraska Individual Income Tax Return
Form 1040N-ES: Nebraska Individual Estimated Income Tax Payment Voucher
Form 1041N: Fiduciary Income Tax Return
Form 1065N: Nebraska Partnership Return of Income
Form 1120S-N: Nebraska S Corporation Income Tax Return
Form 7004N: Automatic Extension of Time to File Nebraska Corporation, Fiduciary, Partnership and S Corporation Income Tax Returns, and Pay Tax Due
Form W-4N: Nebraska Withholding Allowance Certificate
How to File Nebraska Income Tax Forms
There are two ways to file Nebraska income tax forms, electronically or by paper filing.
E-filing. Filing electronically is the most common method and eliminates the risk of delays due to mail issues. You can e-file Nebraska income tax forms using any of the software programs that the state department has approved for use.
Paper filing. You can also file Nebraska income tax forms manually. To do so, follow these steps:
Download the forms you need from the NDOR website.
Print out the forms you need.
Fill out the forms correctly and accurately.
Mail the forms to the address on the forms. The mailing address depends on the Nebraska income tax form you are submitting.
When submitting your forms via mail, send in your tax payment along with the required fees.
Nebraska Income Tax Form Deadlines
Nebraska’s income tax deadlines follow the federal income tax deadlines. In other words, the deadline for filing your state income tax return is April 15th, which may change depending on weekends and holidays. If you file electronically, the deadline is midnight on April 15th, while paper submissions must be postmarked by that date.
If you are an individual filer, there are automatic extensions available to request time to file your returns. However, note that requesting an extension doesn’t push back the due date for any tax payments you owe. As such, you still need to pay your taxes due by April 15th.
Updates and Amendments in Nebraska Income Taxation Laws
The state of Nebraska frequently updates its tax laws, and it’s essential to keep track of these changes to avoid unexpected penalties, expenses, and legal actions. You can find updated information on Nebraska tax legislation and policies from these official websites:
The Nebraska Department of Revenue website – This is the main website for all state taxation information, advisory notices, and guidelines.
Federal and State Tax Changes for Individual and Business Taxpayers – This website documents the latest tax-related information and resources, including annual income tax forms, publications, and instructional aids.
Key Takeaways
Understanding the intricacies of Nebraska income tax rules and regulations allows you to avoid any potential tax issues. It’s not only crucial to file your Nebraska income tax forms correctly but also to know and take advantage of any tax credits and incentives the state offers.
As a Nebraska resident, make sure to keep up to date with the latest tax laws, forms, and deadlines, and never hesitate to seek professional assistance when filing your returns to avoid any potential risks.
