U.S. Government Obligations Exempt from Nebraska Tax

Article ID: 59987  

Question
U.S. Government Obligations Exempt from Nebraska Tax

Answer

U.S. Government Obligations Exempt for State Purposes. Enter the amount of interest or dividend income included in federal AGI from U.S. government obligations exempt from Nebraska tax. List the types of obligations on line 11a and the associated amounts of interest or dividend income received from each on line 11b.Then calculate the total by adding all amounts on lines 11b. Attach a schedule, if necessary, listing all the obligations for which a deduction is claimed. Capital gains from the sale of U.S. obligations are not deductible. For additional information, see the Taxability of Interest and Dividend Income From State, Local, and U.S. Government Obligations Information Guide. 

Some exempt U.S. government obligations include:
1. U.S. government bonds, such as series EE and HH savings bonds,
2. U.S. Treasury bills,
3. U.S. government notes, and
4. U.S. government certificates.

Some obligations which cannot be deducted include those from:
1. Federal or state banks, savings and loans, or building and loan associations,
2. Federal National Mortgage Association (FNMA) or Government National Mortgage Association (GNMA),
3. Certificates of deposit, and
4. Federal or state credit unions.
For a complete list of U.S. government obligations exempt from Nebraska tax, and a list of U.S. government obligations which are not exempt, see the Nebraska Web site.


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