2015 ProSeries/Nebraska Readme

Release 2015.200 / March 11, 2016

Contents

Items addressed in this release

Items addressed in previous releases

What's new for ProSeries/Nebraska

Forms

Electronic filing

Additional Information

Items addressed in this release

• Bug fixes.

Items addressed in previouse release

• Nonresident Military Servicemember Active Duty Pay: Active duty military pay from Form W-2 will no longer calculate as an adjustment decreasing Federal AGI when "NE" is shown on Form W-2, Box 15. Additional instructions are included in the Schedule I, Line 20 tax help to explain this correction.

What's new for ProSeries/Nebraska

The following items are new for tax year 2015:

• Nebraska Tax Rates: Effective January 1, 2015, the individual income tax brackets will be adjusted annually for inflation.
• Nebraska Standard Deduction: The standard deduction has increased to $6,300 if single; $12,600 if married filing jointly or qualified widow(er); $6,300 if married filing separately; or $9,250 if head of household.
• Nebraska Personal Exemption Credit: For residents only, the Nebraska personal exemption credit has increased to $130 per exemption.
• Deduction for Social Security: For tax years beginning on or after January 1, 2015, Nebraska allows a deduction for Social Security income included in federal adjusted gross income (AGI) if a taxpayer's federal AGI is less than or equal to $58,000 for taxpayers married filing jointly, or $43,000 for all other filing statuses.
• One-Time Election to Exclude Military Retirement Benefit: For tax years beginning on or after January 1, 2015, Nebraska allows an individual who retires from the uniformed services of the U.S. on or after July 18, 2012 to make a one-time election to exclude from Nebraska taxable income a portion of his or her income received as a military retirement benefit that is included in federal AGI. The election must be made within two years after retirement from the uniformed services.
• Nebraska Job Creation and Mainstreet Revitalization Act: Effective January 1, 2015 eligible person may earn a nonrefundable tax credit equal to 20% of qualifying expenditures to rehabilitate, preserve, or restore qualifying historically-significant real property. An application must be filed with the Nebraska State Historical Society to qualify for the credit.
• Earned Income Tax Credit Affected by Net Operating Loss Carryovers: For tax years beginning on or after January 1, 2015, taxpayers otherwise eligible for the earned income tax credit will only be eligible for the credit if they would have been eligible for the federal earned income tax credit after adding back any net operating loss carryover deducted from federal adjusted gross income for the tax year. A worksheet has been added to the instructions for Form 1040N, line 33 to assist taxpayers who have an NOL carryover in determining if they qualify for the Nebraska earned income tax credit.
• Achieving a Better Life Experience (ABLE) Program: The ABLE program was created by LB 591 (2015) and will be administered by the State Treasurer's Office. A deduction for eligible contributions will be available in future tax years, once the program is fully implemented, but is not available for tax year 2015.
• Administrative Change: Schedules I, II, and III have been re-numbered. All individual income tax forms and each of the schedules now start with the number one.

Forms

The Nebraska Department of Revenue has approved for filing all forms and schedules included in ProSeries/Nebraska.

E-Filing Requirements for Paid Preparers