Arkansas Individual Income Tax Forms And Instructions - 2013 Page 20
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25MORTGAGE INSURANCE PREMIUMS (PMI) WORKSHEET
Some taxpayers may not be able to deduct all of their mortgage insurance premiums. If the combined AGI amount on Form
AR1000F/AR1000NR, Lines 24A and 24B, is more than $109,000 ($54,500 if filing status 5) you cannot deduct your mortgage
insurance premiums. If the combined AGI amount on Form AR1000F/AR1000NR, Lines 24A and 24B, is more than $100,000
($50,000 if filing status 5), use the worksheet below to figure the amount you may deduct.
1.
Enter the total premiums you paid in 2013 for
qualified mortgage insurance for a contract issued after December 31, 2006 ...................................1 ______________
2.
Enter the combined amount on Form AR1000F/AR1000NR, Line 24A and 24B ...............................2 ______________
3.
Enter $100,000 ($50,000 if filing status 5) .........................................................................................3 ______________
4.
Is the amount on Line 2 more than the amount on Line 3?
NO. Your deduction is not limited. Enter the amount from Line 1 above on Form AR3, Line 8B.
YES. Subtract Line 3 from Line 2. If the result is not a multiple of $1,000 ($500 if filing status 5),
increase it to the next multiple of $1,000 ($500 if filing status 5).
For example, increase $425 to $1,000, increase $2,025 to $3,000;
or if filing status 5, increase $425 to $500, increase $2,025 to $2,500, etc .......................4 ______________
5.
Divide Line 4 by $10,000 ($5,000 if filing status 5).
Enter the result as a decimal. If the result is 1.0 or more enter 1.0 ...................................................5 ______________
6.
Multiply Line 1 by Line 5 .....................................................................................................................6 ______________
7.
Qualified mortgage insurance premiums deduction.
Subtract Line 6 from Line 1. Enter the result here and on Form AR3 Line 8B ..................................7 ______________
Page 20
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