Arizona Form 309 Instructions - Credit For Taxes Paid To Another State Or Country - 2014 Page 6

ADVERTISEMENT

Arizona Form 309
EXAMPLE:
The following example will illustrate how to figure a credit for taxes paid to another state.
Facts: Mr. and Mrs. F are Arizona residents who derive income from a farm in State XY. During the taxable year for
which the credit is being claimed, Mr. and Mrs. F had the following income.
Interest income
$ 38,000
Dividend income
$
4,000
Farm income from State XY
$ 16,000
Total income
$ 58,000
As Reported on Arizona Return
Federal adjusted gross income
$ 58,000
Less dependent exemption $2,300
(2,300)
Arizona adjusted gross income
$ 55,700
Itemized deductions
(12,000)
Personal exemptions
(6,300)
Arizona taxable income
37,400
Arizona tax
1,020
Credit for Contributions to Public Schools
(300)
Arizona tax liability
720
As Reported on State XY Return
As Reported on State XY Income Allocation Schedule
Column A
Column B
Income from
Income from Column
1. Federal adjusted gross
federal return
A from State XY
income
$ 58,000
sources
2. Plus State XY additions
0
1. Wages
3. Less State XY
0
2. Interest
38,000
subtractions
4. State XY adjusted gross
$ 58,000
3. Dividends
4,000
income
5. Itemized Deductions
(11,000)
4. Farm Income
16,000
16,000
6. Exemptions
(3,000)
5. Capital Gains
7. State XY taxable
$ 44,000
6. Rents, Sub S, Royalties,
income
Partnership
8. State XY tax
1,760
9. Percentage from
0.2759
7. Other Income
Income Allocation
Schedule
10. State XY tax on income
$
486
8. Total income
58,000
16,000
sourced to State XY.
Multiply line 8 by line
9.
9. Tax proration Divide line
16,000/58,000 = .2759
8 Column B by Line 8,
Column A
6

ADVERTISEMENT

00 votes

Related Articles

Top 20 Happy Easter Cards And Gift Tags To Download For Free
Top Ten Easter Arts And Crafts Activities For Your Kids
Free Easter Coloring Pages And Easter Printables For Your Kids

Related forms

Arizona Form 309 - Credit For Taxes Paid To Another State Or Country - 2014 Arizona Form 309 - Credit For Taxes Paid To Another State Or Country - 2014 Financial
Arizona Form 309 - Credit For Taxes Paid To Another State Or Country - 2012 Arizona Form 309 - Credit For Taxes Paid To Another State Or Country - 2012 Financial
Arizona Form 309 - Credit For Taxes Paid To Another State Or Country - 2015 Arizona Form 309 - Credit For Taxes Paid To Another State Or Country - 2015 Financial
Az Form 309, 2014, Credit For Taxes Paid To Another State Or Country Az Form 309, 2014, Credit For Taxes Paid To Another State Or Country Financial
Form 511tx - Oklahoma Credit For Tax Paid To Another State - 2014 Form 511tx - Oklahoma Credit For Tax Paid To Another State - 2014 Financial
Form Sc1040tc Worksheet Instructions - Credit For Taxes Paid To Another State - South Carolina Department Of Revenue Form Sc1040tc Worksheet Instructions - Credit For Taxes Paid To Another State - South Carolina Department Of Revenue Financial
Form Pa-40 G-s - Pa Schedule G-s - Calculation Of Credit For Taxes Paid To Other States Or Countries Form Pa-40 G-s - Pa Schedule G-s - Calculation Of Credit For Taxes Paid To Other States Or Countries Financial
Form Pa-40 G-s - Pa Schedule G-s - Calculation Of Credit For Taxes Paid To Other States Or Countries Form Pa-40 G-s - Pa Schedule G-s - Calculation Of Credit For Taxes Paid To Other States Or Countries Financial
Form Tc-40abc - Credit For Tax Paid To Another State - State Of Utah - 2003 Form Tc-40abc - Credit For Tax Paid To Another State - State Of Utah - 2003 Financial
Form Tc-40a - Credit For Tax Paid To Another State Form Tc-40a - Credit For Tax Paid To Another State Financial

Related Categories

Parent category: Financial
Download
Go
Page of 10