Enter the amount contributed in 2008 to the account owner’s Nebraska College Savings Plan account not to exceed the maximum contribution amount of $5,000 or $2,500 if married filing separately. The Nebraska College Savings Program (Nebraska Educational Savings Plan Trust; including, College Savings Plan of Nebraska, TD Ameritrade 529 College Savings Plan, AIM College Savings Plan, State Farm College Savings Plan) is a section 529 Plan administered by the Nebraska State Treasurer who has contracted with Union Bank of Lincoln. Only the account owner may claim this deduction. You cannot deduct contributions made to other states’ plans on line 55.

If you withdraw funds or close your Nebraska College Savings Plan account for a non-qualified purpose, the amount previously claimed as a deduction is subject to recapture. A qualified rollover to a section 529 plan sponsored by a state (or entity) other than Nebraska is considered to be a cancellation which is subject to recapture. The total maximum amount of recapture is the amount previously deducted on all Nebraska returns prior to the cancellation of the college savings plan account. Enter the portion of the cancellation amount that was deducted on previous years’ Nebraska returns on this line.