Today, State Treasurer John Murante encouraged Nebraskans to consider opening a Nebraska Educational Savings Trust (NEST 529) Direct College Savings account for a loved one this holiday season.
“Now is a great time to invest in the educational future of your child, grandchild, or other family members. Gifts such as a NEST529 account can make a difference for a lifetime,” Murante said.
As the holiday season approaches, Murante encouraged Nebraskans to take advantage of NEST 529’s state income tax benefits. Account Owners in Nebraska are eligible for an annual state income tax deduction of up to $10,000 for NEST 529 contributions, or $5,000 per spouse if filing separately.
To take advantage of the Nebraska state income tax deduction this year, contributions must be submitted online or postmarked by December 31 before 10:59pm CT, as well as reported on your Nebraska state income tax return.
For individuals new to Nebraska, funds rolled over into a NEST 529 account from an out of state 529 plan are also eligible for the Nebraska state income tax deduction, so consider transitioning your current 529 accounts to NEST 529 to maximize your savings.
NEST is a tax-advantaged 529 college savings plan designed to make saving for college simple and affordable. As State Treasurer, Murante serves as the Program Trustee. All investments, including the portfolio structure offered through the NEST 529 program, are vetted and approved by the Nebraska Investment Council.