Free 458 Schedule 1 Template in PDF

Guide to Using 458 Schedule 1

The process of completing Form 458 Schedule I requires attention to detail and accurate reporting of income and medical expenses for either part of the fiscal year January 1 through December 31, 2013. This form is designed for those seeking a homestead exemption in Nebraska and necessitates specific information about the applicant's and, if applicable, the spouse's or other owner-occupant's financials. If you've filed a 2013 federal income tax return, you'll need to focus on Part II of the form, while those who haven't will fill out Part I. Below are the step-by-step instructions to assist you in completing this form accurately.

1. Start with the applicant's name and Social Security Number at the top of Form 458 Schedule I.
2. Indicate the income statement is for: Applicant, Applicant & Spouse, Spouse, Other Owner-Occupant by checking the appropriate box.
3. If applicable, enter the Spouse’s or Owner-Occupant’s Name and Social Security Number.
4. Part I: For those who DID NOT FILE a 2013 Federal Income Tax Return:
   1. Fill in wages and salaries under "Household Income: January 1 through December 31, 2013."
   2. Report Social Security retirement income and explain if none is provided.
   3. Include Tier I Railroad Retirement income.
   4. Document total pensions and annuities, separating the taxable amount.
   5. Specify IRA distributions and the taxable amount.
   6. Report tax-exempt and taxable interest and dividends.
   7. Add other income or adjustments specified on Worksheet A from the reverse side.
   8. Summarize total income and subtract any medical and dental expenses to calculate household income.
5. Part II: For those who FILED a 2013 Federal Income Tax Return:
   1. Enter your Federal Adjusted Gross Income (AGI).
   2. Specify Social Security retirement and Tier I Railroad Retirement incomes.
   3. Include Nebraska adjustments to federal AGI, if any.
   4. List income from Nebraska obligations.
   5. Sum the total of lines 1 through 5 for Part II household income.
   6. Determine and subtract any medical and dental expenses to find the adjusted household income.
6. Sign and date the form. If including income from a spouse, ensure the spouse also signs.
7. Submit Form 458 and all Schedules to your county assessor after February 1 and by June 30. Keep a copy for your records.

Following these steps ensures that your Form 458 Schedule I is filled out correctly. It is crucial to provide accurate income and expense information to properly assess eligibility for homestead exemption benefits. Double-check all entries for mistakes before submission to streamline the process.

When completing the Form 458 Schedule 1, it's important to navigate the process with care to ensure accuracy and compliance. However, common mistakes often occur, leading to delays or errors in processing. Here are eight common missteps to avoid:

1. Incorrect Social Security Numbers (SSNs): Entering an incorrect SSN for the applicant, spouse, or other owner-occupant can lead to significant delays. The SSN is a critical piece of information used for identification and verification purposes.
2. Failure to Select the Correct Filing Status: Not accurately selecting whether the income statement is for the applicant, applicant & spouse, spouse, or other owner-occupant can cause confusion and inaccuracies in processing the form.
3. Omitting Income Sources: All income sources for the applicable year must be fully reported. This includes wages, salaries, Social Security retirement income, and any other income or adjustments. Failure to report all income can lead to incorrect exemption calculations.
4. Incorrectly Reporting Income and Deductions: Misreporting the amount of taxable and tax-exempt interest, dividends, and other income or adjustments can result in errors. It's essential to accurately transcribe these numbers from their respective documentation.
5. Overlooking Medical and Dental Expenses: Not correctly calculating medical and dental expenses according to the guidelines can affect the accuracy of household income calculations. This oversight may lead to missing out on eligible benefits.
6. Not Including Required Attachments: Forgetting to attach the schedule to the Nebraska Homestead Exemption Application or Certification of Status, Form 458, or failing to include necessary documentation such as Federal Form 1040 or the correct schedules for income verification can lead to processing delays.
7. Incorrect Household Income Calculations: Mis-calculating the household income by incorrectly deducting medical and dental expenses or not accurately reporting the total of lines from the income statement sections can result in incorrect exemption determinations.
8. Forgetting to Sign the Form: The form requires the signature of the person whose income is shown, and if applicable, the spouse's signature. Failure to sign the form renders it incomplete and delays processing.

Avoiding these common mistakes can lead to a smoother process in filing Form 458 Schedule 1. Always carefully review each section, double-check calculations, and ensure all required documents are complete and attached before submission. Remember, accuracy is key to ensuring the correct processing of your homestead exemption application.

When filing the Form 458, Schedule 1 with the Nebraska Department of Revenue, there are several other forms and documents that you might need to submit or have handy. This is because your financial situation, including income and deductions, plays a significant role in determining eligibility and the amount of benefit for which you may qualify. Below is a list of documents often used in conjunction with the 458 Schedule 1 form.

• Federal Income Tax Return: This includes your most recent tax return documents such as Form 1040, 1040A, or 1040EZ. These forms provide a detailed account of your income, which is necessary for completing Part II of the Schedule I if you filed a tax return for the previous year.
• Form 1099s: These forms report various types of income you may receive other than salaries, such as interest (1099-INT), dividends (1099-DIV), government payments (1099-G), and distributions from pensions, annuities, retirement plans, or IRAs (1099-R).
• Form SSA-1099: This form reports your Social Security benefits. It's essential for accurately reporting Social Security retirement income on the income statement.
• Form RRB-1099: For recipients of Tier I Railroad Retirement benefits, this form is similar to the SSA-1099 and must be used to report these benefits accurately.
• Schedule C or C-EZ (Form 1040): For individuals who are self-employed or are earning business income, these schedules are necessary to report profit or loss from a business.
• Schedule E (Form 1040): Used for reporting income from rental real estate, royalties, partnerships, S corporations, trusts, REMICs, etc. This is crucial for individuals with income sources beyond typical wages and salaries.
• Schedule F (Form 1040): This schedule reports income and expenses related to farming activities. It's relevant for individuals in the agricultural sector.
• Form 1099-INT and 1099-DIV: These forms report interest and dividend income. They are significant for completing lines related to interest and dividend income on the Schedule I.
• Medical and Dental Expense Records: Receipts or statements for medical and dental expenses paid out-of-pocket are needed for claiming deductions for these expenses on the Schedule I.
• Worksheet A from Schedule I: This worksheet helps calculate other income or adjustments, which is required if you have additional income sources or adjustments to report that aren't covered elsewhere on the form.

Collecting and preparing these documents before you start filling out the Form 458 and Schedule I will make the process much smoother. Each document plays a part in painting a complete picture of your financial situation, which is critical for the Nebraska Department of Revenue to assess your eligibility and calculate the homestead exemption or other benefits accurately. Always remember to check for the most current forms and updates in tax regulations that might affect your filing.

The 458 Schedule 1 form is similar to the Federal Form 1040, specifically in its requirement to report various types of income and adjustments to income. Both forms require detailed income information, including but not limited to wages, salaries, Social Security benefits, IRA distributions, and interest or dividend income. While the Federal Form 1040 serves a broader purpose, collecting information to determine one’s federal income tax liability, the Schedule 1 form is more focused on establishing eligibility for certain state-specific benefits or exemptions, like the Nebraska Homestead Exemption. However, both forms play crucial roles in ensuring that individuals accurately report their income to qualify for benefits or fulfill their tax obligations.

Another document that shares similarities with the 458 Schedule 1 form is the Federal Schedule A (Form 1040), specifically in the section regarding medical and dental expenses. Both forms require individuals to detail their medical and dental expenses to benefit from possible deductions or exemptions. On Schedule A, taxpayers itemize deductible expenses to lower their taxable income on the federal level, whereas the 458 Schedule 1 form uses these expenses to adjust household income, potentially qualifying applicants for property tax relief through the homestead exemption. These similarities highlight how both state and federal tax forms utilize personal expense reports to provide financial relief to taxpayers.

When filling out the Nebraska Department of Revenue Form 458 Schedule 1, it's essential to do it correctly to ensure that your application is processed smoothly and accurately. Here are nine dos and don'ts to help guide you through the process.

• Do read all the instructions carefully before you start filling out the form. This can save you time and help avoid mistakes.
• Do ensure that the applicant’s name and Social Security Number (SSN) match those on the Form 458.
• Do accurately report income from all sources listed, including wages, salaries, Social Security retirement income, and any other income you received.
• Do include information about your medical and dental expenses in the designated sections, but only those that were not reimbursed by insurance or paid by others.
• Do attach the schedule to the Nebraska Homestead Exemption Application or Certification of Status, Form 458, as instructed.
• Don’t include income or adjustments not specified in the instructions, such as Department of Veterans Affairs disability compensation or Supplemental Security Income (SSI).
• Don’t forget to complete Worksheet A on the reverse side if you did not file a 2013 federal income tax return.
• Don’t leave out any spouse or other owner-occupant’s income — each must be reported separately if applicable.
• Don’t sign the form without verifying that all the information provided is accurate and complete to the best of your knowledge.

Filling out Form 458 Schedule 1 with care and diligence not only helps in the smooth processing of your application but also ensures that you are in compliance with the state requirements. Take the time to double-check your entries and follow the guidelines provided closely.

Many individuals find the Nebraska Department of Revenue's Form 458 Schedule I, the Income Statement, daunting due to a variety of misconceptions surrounding its purpose, requirements, and filing. Below are six common misconceptions explained to help clarify the process.

• Misconception 1: Only those who filed a 2013 Federal Income Tax return need to complete the Form 458 Schedule I.

  This is incorrect. The form is designed with two parts: Part I for those who did not file a 2013 Federal Income Tax Return, requiring information on wages, Social Security retirement income, and other sources of income; and Part II for those who did file, where information relevant to federal adjusted gross income (AGI) must be reported. This ensures all applicants, regardless of their federal tax filing status in 2013, can provide necessary income information.

• Misconception 2: You should not include your spouse’s income if filing separately.

  Contrary to this belief, if you were married and would have filed as married for Nebraska individual income tax purposes for 2013, you must report income for both you and your spouse, even if you filed as “married, filing separately.” Each owner-occupant’s income must be separately reported on a Schedule I form.

• Misconception 3: All Social Security payments are considered income on Schedule I.

  Schedule I requires the reporting of Social Security retirement income and Tier I Railroad Retirement income only. Social Security payments based on disability for applicants and spouses under their full retirement age are not to be included unless any part of the benefits is included in federal AGI. This distinction is crucial for accurately reporting income.

• Misconception 4: Medical expenses are irrelevant to the Form 458 Schedule I.

  Medical and dental expenses play a significant role in the calculation of household income, as shown in both parts of the form. Applicants should subtract certain medical expenses from their total income to calculate their "Household Income," which determines eligibility for relief. It's vital to note only unreimbursed expenses paid by the applicant, spouse, or owner-occupant should be included.

• Misconception 5: Income from all investments should be reported.

  While it's true that most forms of income must be reported, the form specifically requires the exclusion of income from certain sources such as Department of Veterans Affairs disability compensation, Supplemental Security Income (SSI), and a few others. Moreover, tax-exempt interest and dividends should be reported separately from taxable interest and dividends to ensure accurate income calculations.

• Misconception 6: The form is solely for reporting purposes and does not affect property tax relief eligibility.

  Form 458 Schedule I is integral to the Nebraska Homestead Exemption application process, directly impacting an applicant's eligibility for property tax relief based on household income. The data provided on Schedule I helps determine the percentage of relief the applicant qualifies for, underlining the form's importance beyond mere income reporting.

Understanding these aspects of Form 458 Schedule I can significantly ease the process of applying for the Nebraska Homestead Exemption, ensuring applicants accurately report their income and potentially qualify for property tax relief.

Understanding and completing the Form 458 Schedule 1 is essential for those applying for a Nebraska Homestead Exemption. This document, a crucial part of the exemption process, demands precision and awareness of its key requirements. Below are ten essential takeaways to guide you through filling out and using the form effectively:

• Form 458 Schedule 1 should be attached to the Nebraska Homestead Exemption Application or Certification of Status to accurately report income details.
• It's vital for applicants to decide correctly whether they are filing as an individual or jointly with a spouse or another owner-occupant, as this affects the income reported.
• If you did not file a 2013 federal income tax return, only Part I of the form and the related Worksheet A need to be completed.
• All sources of income, including wages, Social Security retirement income, and pensions, should be accurately reported to determine eligibility and exemption amount.
• Medical and dental expenses can significantly impact the calculation of household income, emphasizing the importance of meticulously documenting these expenditures.
• Exclusions such as Department of Veterans Affairs disability compensation and Supplemental Security Income should not be reported as income, aligning with the guidelines provided.
• Applicants must include income adjustments and complete Worksheet A for other incomes or adjustments, ensuring a comprehensive reflection of their financial situation.
• The income statement requires thoroughness, as discrepancies or omissions can lead to inaccuracies in exemption calculations or even disqualification.
• Filing deadlines are essential; Form 458 and all Schedules must be submitted to the county assessor after February 1 and by June 30, reinforcing the importance of timely completion.
• Keeping a copy of the completed form for personal records is recommended for future reference or in case of discrepancies.

By adhering to these guidelines, applicants can navigate the intricacies of Form 458 Schedule 1, ensuring that their submission is accurate and reflective of their financial status for the Nebraska Homestead Exemption application.