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Form 8815 online Nebraska: What You Should Know

The IRS Forms You can view a list of what's available for use on IRS.gov, and then click on the appropriate link to download the form: Form 948, Form 946, and Form 946A — Nebraska Income Tax Return or Form 948EZ, Nebraska Form 5400 or Form 5400-T, Nebraska Individual Income Tax Return or Form 5404, Qualified Nebraska Business Income Tax Return. The form, required for filing, can be found in IRM 20.1.4.1, Required Tax Forms List for Nebraska Individuals, page 3. All required tax forms for Nebraska are posted on this website at the state level. Taxation of Savings Bonds and Money Market Funds  The income tax treatment of interest income on savings bonds and money market funds has been subject to debate over the years. Congress has not addressed this issue, which has created a variety of different issues. One is where the interest and dividend income is taxed. Another is what a bond is and how does that impact its tax treatment. Many states have adopted a graduated income tax regime, meaning most interest and dividend income is taxed as income at the state level. The federal government only taxes income from interest, dividends, and gains made when a tax break is offered to investors. The United States Supreme Court has determined that a trust in which at least one beneficiary is an individual, and the net assets are at least 20,000 at any particular time, may not be taxed to benefit other beneficiaries. See U.S. Trustee v. United States, 517 U.S. 806 (1996). In 2000, when the United States Congress passed the Tax Relief and Health Care Act of 2000, it included a provision to eliminate the 10% Medicare tax on interest, dividends, and income from life insurance policies. This resulted in the following: • The Tax Relief and Health Care Act of 2023 removed 50 billion from the federal budget deficit, and this 50 billion is projected to reduce the federal budget deficit by another 200 million in 2013. • The elimination of the 10% Medicare portion of interest (interest and capital gains) from qualified bonds and annuities provided a tax benefit of about 100 million. • About 15% of savings bonds in Nebraska paid interest to investors in excess of 1 million, and the Federal Tax Code permitted them to be treated as taxable interest and taxed as ordinary income.

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