State of Nebraska confirms millions of dollars in unclaimed income tax credits
OMAHA, Neb. (WOWT) – Habitat for Humanity in Omaha is circulating a flyer urging homeowners to check to see if the State of Nebraska has income tax credit money that might be yours.
“Nebraska has $200 million of unclaimed tax credits and some of it could be waiting for you!”
6 News did some digging. In 2020, the state legislature approved — and then-Gov. Pete Ricketts signed — property tax relief measures. If you own a house or multiple properties in the state, you are likely eligible to receive some money back when you file your annual tax return.
The Department of Revenue website has a Nebraska Property Tax Credit section. There you will find how much property tax you paid by using their lookup tool, which is based on what county you live in and your parcel number.
From there you will need what is called a Form PTC. We printed it and took the form to Dan Shepherd a CPA with Frankel Zacharia in Omaha. He explained how you, or your tax preparer, can follow steps one and two on the form to come up with the total amount the state is crediting you with. You then enter that amount on your tax return.
Here’s the catch: You need to know where to look for it and how to claim it; the state is not going to just give it to you.
“You have to go out and seek out the credit or the amount you paid to claim the credit on your return. It’s not like all your other government-driven forms where get your W-2 in the mail or 1099 in the mail,” Shepherd said.
He says it’s likely quite a few people are missing the credit on their personal return because of a lack of knowledge or not using a Certified Public Accountant.
Our partners at 6 News contacted the Department of Revenue. Interim Tax Commissioner Glen White issued them this statement:
“Currently there is about $193 million of unclaimed Refundable Income Tax Credit for Property Tax Paid remaining for tax years 2020 and 2021. Taxpayers should review their Nebraska tax returns for tax years 2020, 2021, and this year’s return (2022) to see if they already claimed the credit. Taxpayers who paid property taxes and failed to claim the credit can file an Amended Nebraska Property Tax Credit, Form PTCX.” - Glen White, Nebraska Department of Revenue
So as the tax season deadline approaches in April, you might be in for a pleasant surprise and could get some extra money you did not realize you had coming.