Nebraska allows a subtraction from a participants 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 maximum annual exempt contribution per return is $1,000 ($500 married filing separately). You cannot deduct contributions made to other states plans on line 51.

Donations, gifts, and grants to the Nebraska educational savings plan trust for deposit to the endowment fund are, to the extent not deducted for federal income tax purposes, allowed as a subtraction from the donors federal adjusted gross income on Line 51. You must enclose a copy of the letter of receipt from the State Treasurers office acknowledging the gift received.

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 here.

Native American Indian Reservation Income

Native American Indians residing on a Nebraska Native American Indian reservation with income derived from sources within the boundaries of the reservation may deduct such income here.

Nebraska Net Operating Loss Carryforward

A Nebraska net operating loss from an earlier year which is available for carry-forward to 2005 is deducted here.

Nebraska Ag Revenue and Federally Taxable NIFA Bonds

Income from bonds which are subject to federal income tax but exempt from Nebraska tax by Nebraska law is deducted here. List the name of the bond(s).

Enter any other allowable adjustments decreasing federal adjusted gross income.

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