Nebraska residents might be missing out on a refundable income tax credit for property tax paid, according to Interim Tax Commissioner Glen White. A total of $193 million remains unclaimed for tax years 2020 and 2021. Taxpayers should review their tax returns for those years and 2022 to check if they claimed the credit. If they failed to claim it, they can file an Amended Nebraska Property Tax Credit form to get the credit.
However, as reported by WOWT on March 2, 2023, the state will not automatically give the credit to taxpayers. They need to find out how much property tax they paid by using a lookup tool based on their county and parcel number. They then need to use Form PTC to determine the total amount of credit the state is crediting them with. Finally, they can enter that amount on their tax return.
CPA Dan Shepherd recommends seeking out the credit because the state will not send it to taxpayers like other government-driven forms. He suggests that people might miss out on the credit because of a lack of knowledge or not using a certified public accountant.
As the tax season deadline approaches in April, taxpayers should take advantage of the unclaimed refundable income tax credit for property tax paid. They might be pleasantly surprised and get some extra money they did not realize they had coming.