Nebraska recently updated forms 941N and 501N for tax year 2021. Form 941N is the Nebraska Income Tax Withholding Return, used for employers to report withholding to Nebraska. Form 501N is for Nebraska Monthly Income Tax Withholding Deposit. The most notable changes are below.
• Various wording changes
• Taxpayers under the ImagiNE Nebraska Act added to those who qualify for overpayment credit
• Overpayment is not allowed to offset income liability until a 0.5% administrative fee, calculated on Form 1107F
• “Date” and “Daytime Phone” fields switched
• Information regarding electronic payment removed
To view Form 941N, click here.
To view Form 501N, click here.