I think I do lines 20-24 wrong in turbo tax for the state of az.
It asks me about assets acquired after 12/31/2011. So I have assumed it was the assets (additional shares) I bought.
But I think that isn't really true.
https://azdor.gov/forms/individual/form-140-arizona-resident-personal-income-tax-booklet
"If you received Form 1099-DIV issued from a fund
Administrator and the 1099-DIV included long-term capital
gains from the sale of assets within the fund (for example a
mutual fund) for the current tax year and the form did not
include the acquisition date of each asset sold within the fund,
you cannot verify that the long-term capital gain was from an
asset acquired by the Fund was after December 31, 2011, for
the purpose of the allowable subtraction on line 23. In this case,
you may want to contact the Fund Administrator and request to
obtain the acquisition date of each asset sold within the fund. If
the Administrator does not provide you with the specific
date(s), then those assets cannot be included on line 23.
Same publication also says:
NOTE: Only include net long-term capital gains on this
line if it can be verified that the asset was acquired after
December 31, 2011. If the date of acquisition cannot be
determined, the asset is considered to have been acquired
before January 1, 2012.
For purposes of this line, an asset acquired by gift or
inheritance is considered acquired on the date it was acquired
by the gift-giver or the deceased individual.
The fund itself would not have gift or inheritance which kind of supports my theory that is it what I personally got/did but seems to contradict the first paragraph entirely.
Anyone else know for sure?? It bugs me every year what to use. I asked a tax volunteer person once and they did not know. TT for my state has always seemed a bit lacking but I find the return odd compared to the prior state I lived in so maybe just me.
I know asking here is kind of a long shot it just always bugs me. . . I don't think it makes a huge difference in my outcome either way but I have not played with the numbers in a long time.
It asks me about assets acquired after 12/31/2011. So I have assumed it was the assets (additional shares) I bought.
But I think that isn't really true.
https://azdor.gov/forms/individual/form-140-arizona-resident-personal-income-tax-booklet
"If you received Form 1099-DIV issued from a fund
Administrator and the 1099-DIV included long-term capital
gains from the sale of assets within the fund (for example a
mutual fund) for the current tax year and the form did not
include the acquisition date of each asset sold within the fund,
you cannot verify that the long-term capital gain was from an
asset acquired by the Fund was after December 31, 2011, for
the purpose of the allowable subtraction on line 23. In this case,
you may want to contact the Fund Administrator and request to
obtain the acquisition date of each asset sold within the fund. If
the Administrator does not provide you with the specific
date(s), then those assets cannot be included on line 23.
Same publication also says:
NOTE: Only include net long-term capital gains on this
line if it can be verified that the asset was acquired after
December 31, 2011. If the date of acquisition cannot be
determined, the asset is considered to have been acquired
before January 1, 2012.
For purposes of this line, an asset acquired by gift or
inheritance is considered acquired on the date it was acquired
by the gift-giver or the deceased individual.
The fund itself would not have gift or inheritance which kind of supports my theory that is it what I personally got/did but seems to contradict the first paragraph entirely.
Anyone else know for sure?? It bugs me every year what to use. I asked a tax volunteer person once and they did not know. TT for my state has always seemed a bit lacking but I find the return odd compared to the prior state I lived in so maybe just me.
I know asking here is kind of a long shot it just always bugs me. . . I don't think it makes a huge difference in my outcome either way but I have not played with the numbers in a long time.
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