12 State Changes - Arizona AARP Tax-Aide

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Changes to Arizona
Tax Law - 2014
TAX-AIDE
TAX-AIDE
Instructor Workshop - 2014
1
2014 Tax Forms Take on a New Look
● Easier to follow

Don’t need to go to separate schedules
for additions and subtractions.

Exemptions information on Page 1
TAX-AIDE
Instructor Workshop - 2014
2
Standard Deduction Indexed for
Inflation - 2014
● Single or married filing separate - $5,009
● MFJ or HH - $10,010
TAX-AIDE
Instructor Workshop - 2014
3
Subtraction for Net Long-Term
Capital Gains
● You may take a subtraction from AZ
gross income for 20% of any net longterm capital gain included in AGI derived
from assets acquired after 12/31/11
TAX-AIDE
Instructor Workshop - 2014
4
New Voluntary Gift on Tax Return for
Sustainable State Parks and Roads fund
● You may give some or all of your refund
● Funds will aid the state to operate,
maintain and make capital
improvements to buildings, roads,
parking lots, highway entrances and any
related structure used to operate state
parks.
TAX-AIDE
Instructor Workshop - 2014
5
Subtraction for Long-Term Care
Insurance Premiums
● Beginning in 2013, you may subtract the
amount of qualifying premium costs for
long-term care insurance as long as you
are not claiming itemized deductions.
TAX-AIDE
Instructor Workshop - 2014
6
Subtraction for AZ Long-Term
Health Care Savings Accounts
● Beginning in 2013, you may subtract
amounts you paid into long-term health
care savings account established under
AZ law
TAX-AIDE
Instructor Workshop - 2014
7
Subtraction for 529 College
Savings Plans
● Single or HH - $2,000
● MFJ - $4,000
TAX-AIDE
Instructor Workshop - 2014
8
Credit for Contributions to Charities that
Provide Assistance to the Working Poor
● Beginning in 2013, you are no longer
required to itemize deductions in order
to claim a credit for contribution make
to a qualifying charitable organization
● Total maximum credit $400 for single
taxpayers and $800 for married
taxpayers
● See AZ Form 321 for more information
TAX-AIDE
Instructor Workshop - 2014
9
Credit for Contribution to
Private School Tuition
● For 2014, the amount of the allowable
credit for contributions to private school
tuition organizations adjusted for
inflation.
● Single/HH - $528 maximum
● MFJ - $1,056 maximum
● See AZ Form 323 for more information
TAX-AIDE
Instructor Workshop - 2014
10
Credit for Contributions Made to
Certified School Tuition
● For 2014, amount of allowable credit for
contributions to certified school tuition
organizations adjusted for inflation
● Single/HH - $525
● MFJ - $1,056
● See AZ Form 348 for more information
TAX-AIDE
Instructor Workshop - 2014
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TAX-AIDE
Instructor Workshop - 2014
12
2009 Unemployment
● In May 2010, after tax season, AZ decided
not to recognize the Federal first $2400 in
unemployment compensation as tax free
● Taxpayers affected by this are now
receiving tax bills from AZ.
● No action required on our part. Just
explain to taxpayers and indicate that they
should pay.
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Instructor Workshop - 2014
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For Identity Theft Protection
 Prepare and e-file a Federal return for PTC
and ET returns.
 If Federal return is accepted, SSN is Ok for
the present
 If Federal return rejected for duplicate SSN
taxpayer will have to contact IRS
 Side benefit – Info will carry forward
AZ Returning Counselor Training 2013
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Process for AZ ET
 Prepare 1040 and AZ140, if no income
enter $1 in interest statement
 Get the red out and run diagnostic
 QR, Create e-file(s) and have TP sign 8879
and AZ8879
AZ Returning Counselor Training 2013
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Process for AZ PTC
 Prepare 1040 and AZ 140, if no income
enter $1 in interest statement and enter
property tax paid in Sch A.
 Open AZ PTC pg 1 and complete form
 Open AZ 140 pg1 and check [No] on [Do
you want to electronically file this return]
 Run diagnostics
 QR and create e-file (will be for 1040 only)
 Print 1040, 8879, AZ140(2) and AZ PTC(2)
 Sign 8879, sign and mail AZ140 & AZPTC
with Property Tax receipt
AZ Returning Counselor Training 2013
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QUESTIONS/COMMENTS?
TAX-AIDE
Instructor Workshop - 2014
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