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Does Nebraska have a deduction for the qualified state tuition program under section 529 of the Internal Revenue Code?

April 26, 2017deduction Internal Nebraska program qualified revenue section State tuition

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Does Nebraska have a deduction for the qualified state tuition program under section 529 of the Internal Revenue Code?

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Yes. Nebraska has the Nebraska College Savings Program deduction. The account owner deducts from federal adjusted gross income the annual contributions he or she makes to the Nebraska College Savings Program (Nebraska Educational Savings Plan Trust; including, College Savings Plan of Nebraska, TD AMERITRADE 529 College Savings Plan, AIM College Savings Plan, State Farm College Savings Plan) which is administered by the State Treasurer. There is a maximum state deduction of $5,000 for single, head of household, and married filing jointly filers; and $2,500 for married, filing separately filers. For more detailed information about the Nebraska State Treasurer’s College Savings Program, visit their Web site.