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Arizona Form 323 Contributions to School Tuition Organizations Carry-over

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Arizona Form 323 Contributions to School Tuition Organizations Carry-over

Answer

 Available Credit Carryover

Use lines 6 through 11 to figure your total available credit carryover from taxable years 2009 through 2013. Complete lines 6 through 11 if you claimed this credit on a return for one of these years and the credit was more than your tax.

NOTE: You may carry over only that portion of the credit that you do not apply to tax. You cannot carry over any amount that you gave that was more than the amount allowed as a credit. See the example on the last page of these instructions.

For example: During 2014, Mary, a single person, gave $1,400 to a school tuition organization. For 2014, Mary is allowed a maximum credit on Form 323 of $528. Mary’s 2014 tax liability is $400. Mary may apply $400 of the $528 credit claimed on Form 323 against her 2014 tax liability. Mary may carryover the unused credit of $128 to her 2015 income tax return. Mary may not claim a credit on Form 323 for the $872 gift that was more than the allowable credit ($1,400 minus allowable credit of $528).

However, Mary may claim a credit on Arizona Form 348 for the contribution made to the school tuition organization that was more than the $528 allowable credit. The credit Mary may claim on Form 348 cannot exceed the maximum credit allowed on that form. To compute that credit, Mary must complete Form 348 in addition to Form 323. Mary must also complete Arizona Form 301.

AZ Form 323


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Views: 501 Created on: Jun 15, 2013
Date updated: Aug 26, 2015
Posted in: STATES, Arizona

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