2014 Arizona: Section 179 Depreciation
In 2014, Arizona allows individuals to expense up to $120,000 in allowable Section 179 deduction on their state tax return.
Certain taxpayers, who had federal Section 179 for 2014 from an S Corporation and/or Partnership K-1, may have filed an incorrect state tax return.
TurboTax has fixed this issue.
How to tell if you may be impacted
You may be affected if ALL of the following apply to you:
- You filed your Arizona state tax return prior to March 6, 2015 AND
- You did not have an amount on Arizona Form 140, Line 15, Total federal depreciation AND
- You did have an amount on Arizona Form 140, Line 24, recalculated Arizona depreciation
If you are affected, you may have underpaid your state tax. You may need to amend your 2014 Arizona return.
To amend your return:
- Follow these amend instructions for the TurboTax Online product.
- Follow these amend instructions for the TurboTax CD Download product.
- After you make the changes to your tax return, you will need to mail a copy of your amended state return.
- Your printed return will include instructions on how and where to mail it.
If you need to contact us, please use the phone number in the email from TurboTax and tell the representative you’re calling about the 2014 Arizona: Section 179 Depreciation.