Arizona Form 140x - 6 Individual Amended Income Tax Return

Arizona Form 140X

December 31, 2011, included in the instructions for Form

CAUTION: If the amount entered on line 27 includes any

140, or Form 140NR or Form 140PY, to determine the

long-term capital gain from an investment made after

allowable subtraction. Keep the worksheet for your records.

December 31, 2011, you cannot include that portion of the net

capital gain in your computation of the allowable subtraction

NOTE: If you are changing an amount previously reported

for any net long-term capital gain from assets acquired after

for any amount reported on lines 22 through 26, complete

December 31, 2011 and included in federal adjusted gross

page 2, Part 2, section (B) with the corrected amounts.

income.

Line 22 - Total Net Capital Gain or (Loss)

For more information, see the instructions included with Form

If you reported a net capital gain or (loss) on your federal

140, or Form 140NR, or Form 140PY, for the amount to enter

income tax return, enter the total net capital gain or (loss)

on line 13, column (c), of the net long-term capital gain

reported on the Capital Gain or (Loss) line on page 1 of your

worksheet.

federal return. This amount should be reported in your federal

adjusted gross income.

Line 28 - Reserved

Line 23 - Total Net Short-Term Capital Gain or (Loss)

Do not enter an amount on line 28.

Enter the total amount of net short-term capital gain or (loss)

Line 29 - Contributions to 529 College Savings Plans

reported on the Capital Gain or (Loss) line on page 1 of your

Enter the amount of allowable subtraction for contributions

federal return. This amount should be reported in your federal

made during 2016 to 529 College Plans. To determine the

adjusted gross income.

amount of the allowable subtraction, see the instructions for

NOTE:

If you are not required to report dividend

the form you are amending.

distributions and/or short-term capital gains from mutual

Line 30 - Arizona Adjusted Gross Income

funds on federal Form Schedule D, do not include the short-

Subtract lines 21, and 26 through 29 from line 20. Enter the

term capital gain distributed by the mutual fund on line 23.

difference.

Line 24 - Total Net Long-Term Capital Gain or (Loss)

Line 31 - Deductions

Enter the amount from the worksheet, line 14, column (a).

Standard Deduction

Line 25 - Net Long-Term Capital Gain from Assets

If you are taking the standard deduction on this amended

Acquired After December 31, 2011

return check box

Enter the amount from the worksheet, line 14, column (c).

Enter your standard deduction on line 31.

Only include net long-term capital gains on this line if it can

For standard deduction amounts see the instructions for the

be verified that the asset was acquired after December 31,

form you are amending. If you originally filed Arizona Form

2011. For purposes of this line, an asset acquired by gift or

140EZ, see the 2016 Arizona Form 140 instructions for the

inheritance is considered acquired on the date it was acquired

2016 standard deduction amounts.

by the gift-giver or the deceased individual.

Line 26 - Net Long-Term Capital Gain Subtraction

From Income for Assets Acquired After December

NOTE: Nonresident individuals, who claim the standard

31, 2011.

deduction, must prorate the deduction by the percentage

which the taxpayer’s Arizona gross income is of the taxpayer’s

Multiply the amount on line 25 by 25% and enter the result.

federal adjusted gross income.

Line 27 - Net Capital Gain from Investment in a

This will in effect prorate the standard deduction between

Qualified Small Business

income taxable to Arizona and income not taxable to Arizona.

You may subtract the amount of any net capital gain included

Only that portion of the deduction allocable to income taxable

in federal adjusted gross income for the taxable year derived

to Arizona is allowed.

To figure the correct amount of

from investment in a qualified small business as determined

standard deduction, see the 2016 Form 140NR instructions.

by the Arizona Commerce Authority (ACA) pursuant to

Itemized Deductions

A.R.S. § 41-1518.

If you are claiming itemized deductions on this amended

To qualify for this subtraction, your investment in the

return, check box

qualified small business must have been made after the ACA

certified the company as a qualified small business and before

Enter your itemized deductions on line 31.

the company’s certification expiration date. An investment

If you are changing itemized deduction amounts, be sure to

made prior to certification or after the expiration of

include a copy of the corrected Arizona Schedule A. Also

certification does not qualify for this subtraction. See the

include a copy of your corrected federal Schedule A.

ACA’s website, Small Business Incentives: Angel Investment,

For allowable itemized deductions, see the 2016 instructions

for a list of certified businesses and their certification dates.

for the form you are amending.

On line 27, enter the amount of the allowable subtraction.

Arizona Form 140x - 6 Individual Amended Income Tax Return - 2016 Page 5

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