One way for Nebraskans to put an income tax refund to good use is to invest it in a college savings account for a child or grandchild through the Nebraska Educational Savings Trust (NEST), Nebraska’s state-sponsored 529 college savings program, State Treasurer Don Stenberg said today.
Stenberg, who is Trustee of NEST, suggested that Nebraskans who already own NEST college savings accounts consider using their tax refunds to increase the value of those accounts. And for Nebraska taxpayers who haven’t yet established college savings accounts for children or grandchildren, he said now is a good time to get started.
“Investing your tax refund in a state-sponsored 529 college savings plan is an investment in the future for you and your family,” Stenberg said. “It will give you peace of mind to know that you are putting this so-called extra money to good use. You can easily put your refund to work quickly by investing in a NEST account.”
Stenberg says in addition to the tax-free growth that a NEST account enjoys, Nebraska taxpayers also receive significant state tax benefits – up to a $10,000 deduction for an individual or a couple filing jointly – for investing in a NEST account.
An enrollment kit can be requested by calling the customer service center toll-free at 1-888-993-3756 Monday through Friday, 8 a.m. to 8 p.m., Central Time.