Arizona Form 320 - Credit For Employment Of Tanf Recipients

Arizona Form 320

Part 7 – Available Credit Carryover

Enter the shareholder’s pro-rata share of the total amount of

qualifying wages used to compute the allowable current year

Lines 24 through 29 -

credit.

Use Part 7 to figure your total available credit carryover

For example:

from tax years 2009 through 2013. Complete lines 24

through 29 if you claimed the credit on a prior year return

(b)

Arizona Form 320 line:

and the credit was more than your tax.

Qualifying Wages



In column (b), enter the credit originally computed

12. Net new employees…

$15,000

for the taxable year listed in column (a).



13. Second-year employees…

$27,000

In column (c), enter the amount of the credit from

that taxable year which you have already used.

14. Third-year employees…

$38,000



Subtract the amount in column (c) from column (b)

Total Qualifying Wages

$80,000

and enter the difference in column (d).

An individual shareholder has a 20% pro-rata share.



Add the amounts entered on lines 23 through 27 in

The amount the S Corporation would enter on line

column (d).

19 for this shareholder is $16,000 ($80,000 X 20%).

Enter the total on line 29, column (d).

Part 8 – Total Available Credit

Line 20 – Individual Shareholder’s share of the

Line 30 -

Current Year Credit

Individuals, corporations, S corporations claiming the credit,

Enter the individual shareholder’s pro-rata share of the

or exempt organizations with UBTI, enter the amount from

amount on Part 4, line 15, column (d).

Part 4, line 15, column (d). S corporation shareholders,

The S corporation must furnish each shareholder with a copy

enter the amount from Part 5, line 20. Partners of a

of pages 1 and 2 of Form 320.

partnership, enter the amount from Part 6, line 23.

Each shareholder must complete Parts 7 and 8.

Line 31 -

Part 6 - Partner's Share of Credit

Enter the amount from Part 7, line 29, column (d).

Lines 21 through 23 -

Line 32 -

Partnerships must complete Form 320, Parts 1 through 4.

Add lines 30 and 31. Enter the total.

Then complete Part 6, lines 21 through 23, separately for

Individuals: Also, enter on Form 301, line 11, column (c).

each partner. Each partner may claim only a pro rata share of

Corporations, including S corporations that are claiming the

the credit based on the partner’s ownership interest in the

credit and exempt organizations with UBTI: Also, enter on

partnership. The partnership must furnish each partner with a

Form 300, line 8, column (c).

copy of pages 1 and 2 of Form 320.

Individual Shareholders of an S Corporation: If you are

Each partner must complete Parts 7 and 8.

claiming this credit, you must include the amount from Part

5, line 19, on your Arizona income tax return, under “Other

Additions”.

Arizona Form 320 - Credit For Employment Of Tanf Recipients - 2014 Page 4

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