Form 1040xn - Amended Nebraska Individual Income Tax Return - 2014 Page 11
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12 5. Gains on the sale of tax-exempt municipal bonds and U.S. government obligations.
If the interest or dividend income from U.S. government obligations is derived from a partnership,
fiduciary, or S corporation, then the partner, beneficiary, or shareholder claiming the Nebraska
adjustment decreasing federal taxable income must attach the applicable Federal Schedule K-1.
Line 52
Special Capital Gains/Extraordinary Dividends Deduction. If you are correcting the amount of
special capital gains/extraordinary dividends deduction, copies of the original and corrected
Special
Capital Gains/Extraordinary Dividend Election and Computation, Form 4797N, a copy of Federal
Schedule D, and Federal Form 8949 must be attached.
Line 53
Nebraska College Savings Program. If you are amending the amount claimed for this plan, enter the
corrected amount.
Line 54
Nebraska Long-Term Care Savings Plan. If you are correcting the amount claimed for the Nebraska
Long-Term Savings Plan contribution or earnings, list the correct amounts.
Line 55
Other Adjustments Decreasing Income. Enter other adjustments decreasing income.
u An S corporation’s or LLC’s income distribution from non-Nebraska sources decreases income
and is reported on line 55. Attach Federal Schedule K-1 and Nebraska Schedule K-1N.
u A Nebraska NOL deduction is reported on line 55. A completed Nebraska Form NOL must
be attached.
u Native American Indians residing on a Nebraska reservation with income derived from sources
within the boundaries of the reservation may deduct this income on line 55.
For more information, see
Form 1040N
instructions.
Resident military servicemembers cannot deduct active duty military service compensation as this is
not an allowable adjustment decreasing federal taxable income.
Also, residents are not allowed to deduct income earned or derived outside Nebraska. However, a
resident may be entitled to a credit for income tax paid to another state. See the instructions for
Credit
for Tax Paid to Another State, Nebraska Schedule
II.
Line 56
Total Adjustments Decreasing Income. Enter the total of lines 49 through 55.
Nebraska Schedule II Instructions
A credit for tax paid to another state is allowed only for full-year Nebraska residents. A change on
line 17, Total Nebraska Tax, Form 1040XN, requires Credit for Tax Paid to Another State, Schedule II,
to be recalculated. If the amended Schedule II on the back of Form 1040XN is not completed, adequate
supporting schedules must be attached.
If another state’s return is amended or changed by the other state, Form 1040XN must be filed to report
the change in the credit for tax paid to the other state. Attach a complete dated copy of the corrected
return, including schedules and attachments, or a copy of a letter or statement from the other state or
subdivision, indicating the amount of income reported and corrected tax paid. If the subdivision does
not require that an income tax return be filed, attach a copy of the statement from the employer showing
the corrected amount of income tax withheld. Failure to attach supporting documents may cause this
credit to be disallowed.
Refer to the instructions on
Schedule II of Form 1040N
for more details on the calculation and
limitations of this credit.
Line 58
AGI Derived From Another State. If lines 58 or 60 are changed, a complete dated copy of the
corrected return filed with another state must be attached. If the entire return is not attached, credit for
tax paid to another state will not be allowed.
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