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1 Qualified higher education expenses include tuition, fees, textbooks, supplies, the purchase of computer or peripheral equipment, computer software, or Internet access and related services if used primarily by the beneficiary while enrolled at school, and equipment required for enrollment or attendance and certain room and board expenses for the academic term during which the student is enrolled at least half time at an eligible educational institution. Expenses for special-needs students that are necessary in connection with their enrollment or attendance may also be eligible. If you do not use the assets in your account for qualified expenses, the earnings portion of the withdrawal is subject to federal income tax and an additional 10% federal tax and may be subject to state and local taxes.
2 No additional contributions can be made for any beneficiary when the fair market value of all accounts maintained for that beneficiary within all programs offered by the state of Nebraska reaches $400,000. Assets can grow beyond $400,000.