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Each prize winner will receive the opportunity for a free 30-minute photography session with one of the eligible Nebraska photographers at one location with one outfit (transportation to and from the session not included in the Prize) and $100 in the form of a contribution to a NEST 529 College Savings Plan account established by the Sponsor for the benefit of a child, designated by the winner. Up to 5 prize winners will be selected on or before September 30, 2022. Beneficiary may be the Entrant or a child under the age of 19. You may submit one entry per intended beneficiary. You must be 19 years of age or older and be a legal resident of the state of Nebraska at the time of entry.
You must complete all required fields on the entry form. Enter the Sweepstakes by completing an entry webform available at /MiniMilestones or /MiniMilestones, a written entry form at the NEST 529 table during the Lincoln Saltdogs baseball game at Lincoln Haymarket Park on Friday, Augor Sunday, August 28, 2022, or paper entry form between Augand September 1, 2022. In the case of a UGMA/UTMA 529 account, contributions by the parent/ guardian listed as the Custodian on the UGMA/UTMA Plan account are also eligible for a Nebraska state tax deduction. The minor must file a Nebraska tax return for the year their contributions are made to be eligible for a tax deduction for their own contributions. For a minor-owned or UGMA/UTMA 529 account, the minor is considered the account owner for Nebraska state income tax deduction purposes. Contributions in excess of $10,000 cannot be carried over to a future year.
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Please consult your tax professional about your particular situation.Ģ Account owners may deduct for Nebraska income tax purposes contributions they make to their own account (and any other accounts they own in the Nebraska Educational Savings Plan Trust) up to an overall maximum of $10,000 ($5,000 if married, filing separately). If a withdrawal is made for such purposes, although it is a Federal Qualified Withdrawal, it will be treated as a Nebraska Non-Qualified Withdrawal and may result in the recapture of a previously claimed Nebraska state income tax deduction, and the earnings portion will be subject to Nebraska state income tax. Nebraska law does not treat the following Federal Qualified Higher Education Expenses as Nebraska Qualified Expenses: K–12 Tuition Expenses. However, earnings on all other types of withdrawals are generally subject to federal and Nebraska state income taxes, and an additional 10% federal tax. Qualified higher education expenses include tuition, fees, books, supplies, and equipment required for enrollment or attendance certain room and board expenses incurred by students who are enrolled at least half-time the purchase of computer or peripheral equipment, computer software, or Internet access and related services, if used primarily by the beneficiary during any of the years the beneficiary is enrolled at an eligible educational institution certain expenses for special needs services needed by a special needs beneficiary apprenticeship program expenses and payment of principal or interest on any qualified education loan of the Beneficiary or a sibling of the Beneficiary (up to an aggregate lifetime limit of $10,000 per individual).
1 Withdrawals used to pay for qualified higher education expenses are free from federal and Nebraska state income tax.
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