AZ folks: I would NOT file the regular 140 now and then amend after April 18 to include the SBI as the SBI election will likely get disallowed. Per the AZ DOR, the SBI return must be received at the same time and in the same envelope / filing as the personal 140 return. If they are not received together, then the DOR can disallow the SBI return election. If filing a paper return, they also have a different address to use.
Note: if you have already filed the 140 personal return without the SBI return and you want to amend to elect the SBI, then you MUST file an amended 140X by April 18 together with a 140-SBI (new form not the 140-SBIX form as you have no SBI return to amend). This is clearly stated in the AZ DOR Q&A's on SBI. If you try do this after April 18, then your amendment to include the SBI may get disallowed.
If you can not fill out both forms and file on time, I would recommend you file for an extension and then you have time to figure this out and wait for TurboTax to get the forms incorporated. I plan to file for an extension on 2 that I am doing for friends and see if TurboTax can get the form figured out. My guess is that the first release of the SBI form by TurboTax will have issues so my plan is to wait a month to let it settle down.
You can file for an extension on Federal (not needed for the AZ forms) and this automatically grants a 6 month extension for the AZ regular 140 form as well as the SBI form. Or you can just request an AZ extension and this will cover for AZ both the 140 and the SBI forms. IF you file an extension, make sure you pay the taxes you estimate will be due for both the regular140 and the SBI returns by April 18. Note: you also will need to make quarterly estimated tax payments for BOTH the 2022 SBI tax year and also your personal 140 2022 tax year (if applicable). The SBI estimated tax form is a different number (204 I believe). There is a lot of good info on the AZDOR.GOV website including Q&A, etc. I also emailed the DOR with a question on the SBI and what to include and they responded via email within 2 hours. On the phone they have also been very helpful.
If it is of interest to anyone, my email question today was on the definition of Schedule C profit and if it was before or after the 50% self-employment tax and self-employed medical insurance premiums. They told me that it is schedule C profit before the deductions for SE tax and health insurance. Made no sense to me that it is before but does lower the tax bill. they said it is specifically laid out in the statutes that way.
