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Arkansas Other Income

Article ID: 33609  

Question
Arkansas Other Income

Answer

Enter type (reforestation adjustment, depreciation, NOLs, foreign earned income exclusion, or contest winnings) and amount of all taxable income for which no other place is provided on the return. (If necessary provide additional information on an attached statement.)


Gambling winnings of any type should be entered here, with the following exception: Gambling winnings from Arkansas electronic games of skill are not included as income and the 3% tax withheld is excluded from Line 37.
You must report reimbursement of medical expenses from a previous year if you itemized deductions in that year and it reduced your tax.
Include amounts recovered on bad debts that you deducted in an earlier year.
Include any adjustment that arises from federal/state depreciation differences.
If you had a net operating loss (NOL) in an earlier year to carry forward to 2012, enter it as a negative amount on this line. Attach a statement showing how you calculated the amount of loss and the year the loss occurred. A net operating loss may be carried forward for five (5) years. (NOL carrybacks not allowed.)

Scholarships, fellowships, and stipends:
A scholarship or fellowship is exempt from tax only if:


1) You were a candidate for a degree at an educational institution, and
2) The grant was a qualified scholarship or fellowship. A qualified scholarship or fellowship is any amount you received as a scholarship or fellowship grant that was used under the terms of the grant for:

  1. Tuition and fees required for enrollment, or
  2. Fees, books, supplies and equipment required for the course(s) at the educational institution. (These items must have been required of all students in that course.)


Foreign students who are exempt from federal taxes because of a tax treaty must file and pay tax on all income including non-qualified scholarship or fellowship income.

Stipends are taxable.


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Views: 1035 Created on: Jun 15, 2013