Section 316-20-001 - PAYMENT OF ESTIMATED TAX: INDIVIDUALS001.01 Every resident and nonresident individual shall make payments of Nebraska individual estimated income tax if his or her estimated Nebraska individual income tax can reasonably be expected to be $300 or more after allowance for Nebraska standard or itemized deductions, and deducting the total estimated credits allowable for Nebraska income tax withheld from wages, pensions and annuities, and gambling winnings, Nebraska personal exemption credit, tax paid to another state, credit for the elderly and the permanently and totally disabled, Community Development Assistance Act credit, Nebraska dependent or child care credit, the Nebraska Employment and Investment Expansion Act credit, the Nebraska Employment and Investment Growth Act credit, the Beginning Farmer Tax credit, the Nebraska Advantage Rural Development Act credit, the Nebraska Advantage Microenterprise Tax credit, the Nebraska Advantage Research and Development Act credit, and the Nebraska Advantage Act credit. 001.01A An individual filing Nebraska estimated tax will use Form 1040N-ES to make his or her estimated payments.001.02 A husband and wife who are eligible to file joint federal payments of estimated income tax may file joint payments of Nebraska individual estimated income tax. If joint payments of estimated tax are filed, the liability with respect to the estimated tax shall be joint and several. If the husband and wife later elect to determine their Nebraska income tax liability separately, the estimated tax paid for that year may be treated as the estimated tax of either spouse or it may be divided between them in the manner they select. If the husband or wife fail to agree to a division, then the portion of the payment to be allocated to a spouse shall be that portion of the aggregate of all such payments as the amount of tax shown on the separate return of the taxpayer bears to the sum of the taxes shown on the separate returns of the taxpayer and his or her spouse.001.03 The payment of Nebraska individual estimated income tax for a minor or any other individual with a legal disability shall be filed by that person's guardian, conservator, agent, or fiduciary in the same manner as his or her income tax return is completed and filed.001.04 The payment of Nebraska individual estimated income tax shall be amended if the federal payment of estimated income tax is amended. The payment of Nebraska individual estimated income tax shall also be amended if the tax rates for the current taxable year are increased during the year.001.05 A taxpayer who is considered a farmer or fisherman by the Internal Revenue Service because his or her gross income from farming or fishing is at least two-thirds of his or her annual gross income for either the current or the past tax year does not have to make estimated tax payments if he or she files a current return and pays his or her Nebraska income tax by March 1 of the following year.316 Neb. Admin. Code, ch. 20, § 001
Sections 77-2769 and 77-4106, R.R.S. 2003, and sections 77-2715.07 and 77-27,188, R.S.Supp, 2005. March 7, 2006.