Collectible (28% Gain)

A 28% rate gain or loss is: Any collectibles gain or loss, or The part of your gain on qualified small business stock that is equal to the section 1202 exclusion. If this applies, check the 28% Gain box during your interview. To determine amount of 28% Gain, fill out the worksheet on Schedule D Instructions Page [...]

Antique/Collectible

A collectibles gain or (loss) is any long-term gain or deductible long-term loss from the sale or exchange of a collectible that is a capital asset. Collectibles include a work of art, rug, antique, metal (such as gold, silver, and platinum bullion), gem, stamp, coin, or alcoholic beverage held more than 1 year. Collectibles gain includes gain (not loss) from the sale of an interest in a [...]

Not Claiming Child Tax Credit

There are a few reasons why you may wish to not claim child tax credit. In order to claim the child tax credit, your relationship to the qualifying child must be: daughter (including step-daughter), son (including step-son), foster child, grandchild, sister, brother, niece, or nephew and the dependent's age must be under 18. These are the only categories permitted for relationship. If the [...]

What is a Nebraska College Savings Program Recapture?

Nebraska College Savings Program Recapture If you cancel your Nebraska College Savings Program account or withdraw funds for a non-qualified purpose, the amounts previously claimed as deductions are subject to recapture. Nebraska considers K-12 tuition a non-qualified use of College Savings Program funds. Qualified withdrawals are restricted to paying qualified expenses at schools for higher [...]

Unemployment Compensation

You should receive a Form 1099-G showing the total unemployment compensation paid to you last year. If you received an overpayment of unemployment compensation last year and you repaid any of it last year, subtract the amount you repaid from the total amount you received. Include the result in the unemployment link under the INCOME tab (other income) in the program. If you repaid unemployment [...]