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Form 1065 (Schedule C) Arizona: What You Should Know

Tax filing and record keeping requirements for a limited liability company or a partnership (including the provision of a tax accounting system) is determined by the filing entity when creating its tax return. Limited liability companies and partnerships should also consider using online state returns in addition to or instead of the paper form when filing. NOTE: If the filing agent is located in Arizona, the Arizona Department of Revenue will issue an electronic return (e-Return) and add an electronic payment option to help taxpayers file at an acceptable speed. Federal and Arizona IRS Form 1065 Nonresident Trusts and Estates Note: Form 1065 is used to report the income of every domestic trust or estate. The 1065 is required by law if the trust or estate has income that exceeds the federal definition of gross income.  If trust income is between the maximum amounts, it is taxed under federal income Tax Code sections 1128 and 2634 and is reported on the nonresident tax return. The 1065 must be filed annually or as agreed by a trust or estate with the federal or state taxpayer. Arizona Nonresident Trust and Estate Tax Return Requirements. Nonresident trust income includes interest, dividends or other income from qualifying interests. Interest income from qualifying interests is not reportable by Arizona as income. Arizona resident trust and estate tax return filing (Form 1043): Form 1023 is used to report the income of your foreign qualified investment partnership as shown on Schedule C (Form 1043). FEDERAL AND ARIZONA TAXES For nonresident trusts and estates, the Arizona nonresident trust (Nonresident Trust), Estate and Marital Trust (Form 1075) income is taxed at the federal rate of 8.25%. For each nonresident trust and estate, the Arizona state estate tax rate starts at 10% of the Arizona tax liability, the least of: 10% of a resident's Arizona net income, or 1% of Arizona's average of taxable income over a three-month period (36,500 for 2014). A state income tax liability of over 6,250 (16,500 for 2014) is due for each taxable year.

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