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Form 8300 online Nebraska: What You Should Know
Nebraska Individual Income Tax and Employment Tax Exemptions (Form 8300) Form 8300. Reporting of Cash Payments Over 10,000 in a Trade or Business. Received in a Trade or Business. Form 8300 and Reporting Cash Payments Over 10,000 — IRS Feb 1, 2024 — This report from Creighton University states that the institution is to report cash payments of 10,000 to 25,000 in a trade or business. The report goes on to say that Creighton is required (but will not be required) to report all payments of 10,001 to 25,000. This is the third filing of the form with Creighton University which appears to be a requirement to report on these forms. If no income is reported, the institution will be required not to deduct the amount over 10,000 on Nebraska tax returns. For more information, see a link to Creighton's website:. Nebraska Exemptions • Business income. The exemption for interest income is equal to the adjusted federal or state tax and the federal or state tax is zero, if any (including any federal excise tax), if any. The exemption is not reduced by the state or federal tax that would have been imposed if the interest income had not been excluded. Taxable wages and income from investments are excluded. • Capital gains: net income attributable to the disposition of real, personal, or tangible property that occurs or that is made for the principal purpose of carrying on any business. Capital gains are not taxable. • Personal deductions: the deductions to which the taxpayer is entitled for Federal tax; the deductions to which the taxpayer is entitled for Nebraska tax; and the deductions that may be allowable under state law. Personal deductions may not exceed the amount which would have been allowable under Nebraska law. • Net operating losses: the amounts of deductions taken or allowable as a result of the taxpayer's failure to meet his or her own tax liability. The deduction shall not allow for deducting losses incurred in any year in connection with the conduct of a trade or business or any part of a trade or business. • Railroad retirement tax: The tax imposed on the payment of dividends, or on the payment of earnings on securities, to a railroad holding company.
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