2020 ProSeries/Nebraska Readme
Release 2020.460
Contents
Items addressed in this release
Items addressed in previous releases
What's new for ProSeries/Nebraska
Forms
E-Filing Requirements for Paid Preparers
Electronic filing
Items addressed in this release
- Form 1040N, Schedule 1, line 26 Instructions Update - The program has been updated to allow for the adjusted gross income threshold for the social security income benefit exclusion was incorrectly stated on page 16 in the Nebraska Individual Income Tax Booklet, Form 1040N, Schedule 1, line 26 instructions as $44,460. The correct amount for line 5 of Form 1040N for all other filing statuses is $43,820 or less. The adjusted gross income amount for married, filing jointly returns is stated correctly as $59,100
Items addressed in previous release
- General Program Updates - The program has been updated to allow for adjustments related to prior year Form 8915 amounts taxable in the current year.
- General Program Updates - Diagnostic added to review Railroad Retirement exclusion when a prior year disaster-related distribution is included in the return.
- General Program Updates - The IRS announced that it will extend the tax filing date and postpone the payment deadline for federal individual income taxes from April 15, 2021 to May 17, 2021 for the 2020 tax year. Nebraska Department of Revenue will do the same. As indicated in the IRS notice the extension and postponement does not include estimated payments.
- General Program Updates - Nebraska conforms to the Federal Unemployment Compensation Exclusion.
- An error message was added to Schedule I, Part B, Line 14, to warn and prevent the filing of returns with an RRB-1099-R and the newly added Federal Form 8915-E until calculations are fully updated in the program.
- Federal Form 8915-E COVID - The calculations in the program have been updated for filing of returns with federal Form 8915-E for COVID.
- Multiple Firms. There was an issue where the usage of multiple firms was causing an erroneous error message to trigger when e-filing.
What's new for ProSeries/Nebraska
The following items are new for tax year 2020:
- Most information here will be updated in a later release of ProSeries/Nebraska.
- Nebraska Tax Rates: The individual income tax brackets will be adjusted annually for inflation.
- Nebraska Standard Deduction: The standard deduction has increased to $10,300 for Head of Household, $7,000 if single; $14,000 if married filing jointly or qualified widow(er); or $7,000 if married filing separately.
- Nebraska Personal Exemption Credit: For residents only, the Nebraska personal exemption credit has increased to $140 per exemption.
- Form PTC, Property Tax Incentive Act Computation: The Form PTC has been added to the product this year.
- Form 1040N-EB, Purchase of a Nebraska Residence in a Designated Extremely Blighted Area Credit: The Form 1040N-EB has been added to the product this year.
Forms
Nebraska returns can be filed in this version of ProSeries/Nebraska.
E-Filing Requirements for Paid Preparers
Electronic Filing by Tax Preparers
Any person or business paid to prepare 25 or more individual
income tax returns in the prior calendar year must electronically file
(e-file) all original individual income tax returns they are paid to prepare
in the current calendar year. A $100 penalty per return will apply to tax
professionals that do not file returns electronically as required.
A taxpayer may “opt-out” of the e-file
mandate imposed on tax preparers by signing the Nebraska E-File Opt-Out
Record for Individuals. The form must also be signed by the person that
prepared the income tax return. Tax preparers are recommended to keep a copy
of the opt-out form for at least three years. The Nebraska E-File Opt-Out
Record for Individuals should not be included in any filing with the
Department of Revenue.
Tax preparers participating in the Federal / State e-file program as
Electronic Return Originators (EROs), are NOT required to submit a state
application, or copies of their federal application or acceptance letter. Your
acceptance into the program by the IRS is automatically accepted by
Nebraska.
Electronic filing
You can file returns electronically with this version of ProSeries/Nebraska.
Important: For more information about schedule release
dates, go to http://www.proseries.com/.
For a list of forms that can be e-filed, first open a state return, and then
go to What's New This Year in Help Center.
ProSeries does not currently support "state-only" filing for Nebraska.
This means that if you want to file the Nebraska return electronically with
ProSeries, you must electronically file the federal return at the same time.
End of ReadMe file for ProSeries/Nebraska