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Old 08-04-2009, 09:38 PM
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What are some of the 2008 Tax Law Changes for Arizona Personal Income Tax Returns

The State of Arizona Department of Revenue has announced the following as some of the 2008 Tax Law Changes to the Arizona Personal Income Tax Returns as follows;

1.For 2008, taxpayers may pay thieir personal income taxes by e-check or credit card.
This option is available to electronic and paper filers. A taxpayer may use an e-check or credit card to pay any of the following:

• Your quarterly estimated payment
• The amount due on the original income tax return
• A payment made with your extension request
• The amount due on an amended return
• Any notice issued to you by the department for a
tax-due amount

Also, when a taxpayer pays their estimated income tax by e-check or credit
card, they are not required to file a coupon (Form 140ES).

If you make an extension payment using an e-check or credit card and you are filing under a federal extension, you do not need to file a paper extension request (Form 204).

For more information about paying by e-check or credit card, taxpayers can visit the Arizona Department of Revenue web site at www.azdor.gov.


2.New Subtraction for Contributions to 529 College Savings Plans
For taxable years 2008 through 2012, taxpayers may take a subtraction for amounts contributed to 529 college savings plans during the taxable year. Taxpayers may subtract the amount that has been contributed during the year up to a total of $750 ($1,500 for a married couple filing a joint return).

If taxpayers file married filing separate returns, either the taxpayer or the spouse may take the subtraction, or they may divide the subtraction between themselves. The total subtraction allowed to both the taxpayer and his or her spouse cannot be more than $1,500.

3.New Addition for Nonqualified Withdrawals From 529 College Savings Plans
The taxpayer must make an addition to income if he or she received a nonqualified withdrawal from a 529 college savings plan and the withdrawal was not included in his or her federal adjusted gross income. The amount that the taxpayer must add is the amount withdrawn, but no more than the difference between the amount of contributions subtracted in prior years and the amount added in any prior years.

4.For 2008, Taxpayers may now E-File their Arizona Extension Request.
Taxpayers can now "leave the paper behind and e-file their Arizona extension request." Taxpayers can visit www.azdor.gov for e-file requirements.

5.For 2008, the Standard Deduction is Indexed for Inflation.
For 2008, the standard deduction for a single taxpayer or a married taxpayer filing a separate return has increased from $4,373 to $4,521. The standard deduction for a head of household or a married couple filing a joint return has increased from $8,745 to $9,042.

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