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Include any distribution from the Nebraska College Saving Plan resulting from the cancellation of a participation agreement refunded to the taxpayer to the extent previously deducted.
Nebraska allows a subtraction from an account owner's federal adjusted gross income for the amount of annual contributions made to the Nebraska College Savings Plan administered by the State Treasurer who has contracted with Union Bank of Lincoln. The maximim annual exempt contribution per return is $1000.00 ($500 married filing separately). You cannot deduct contribtions made to other states' plans. Only the account owner may claim the deduction. This includes contributions previously claimed as exempt on the Nebraska income tax return.
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