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