AZ

[skeramidas]

MI tax preparer needs help with AZ private school credit contribution.  Client (my daughter family return) got transferred to AZ. Is a part-year resident for 2019. She, and spouse, contributed $2,269 to private school. The credit is a maximum of 1,138 for MFJ. They were told to contribute $2,269--why if the credit is a maximum of $1,138? Will the $1,131 amount be a carry over to 2020? If so, I don't see the excess carry over anywhere, except to apply to 2018 ($1,301), or will this be carried to 2020 that can be applied? As you can see, I am completely confused. Thanks in advance, sorry I'm not at all versed in AZ returns.

[RandyAZ]

Complete AZ Credit Form 323 first, listing the entire amount contributed.  At the bottom of Form 323, in Part 4, it states "do I have excess contributions available to claim on Form 348.  Then complete AZ Credit Form 348.  I have several of these every year.  

[dsocpa]

I had a heck of a time getting the form 323 to go through.  No error message just efile rejects.

[dsocpa]

K-1 box17 code AC* keeps popping up on the S Corp returns.  Just started happening.  The returns I filed earlier did not populate with this code.  There are no foreign reporting issues with these entities, so no K-3 entries are required. Getting an error message on the entity's shareholder personal returns.  Confused?  

[qbteachmt]

@dsocpa 

It seems unlikely that this, a topic for School Credit from Feb 2020, likely relating to 2019 tax year, has much applicability to your S Corp issue. You should start your own topic, use a title that highlights your issue, and put content in that will help others understand your issue. Updating a 2 year old topic, just because it is "AZ" doesn't really get your issue much attention.

[dsocpa]

Will do.  Thanks!

[dsocpa]

LOL, just realized the issue was not the AZ school credit at all, I meant to post to the S Corp AC code auto populating on K-1 box 17.  Will post accordingly.  Thanks again.