Arizona form 140 impact on Fed / SALT / safe harbor / aka where on fed would credits that go beyond tax witholding ?
So - after days of research... please help.
scenario:
A) itemized deductions on Fed
B) did not include charities on fed that AZ will give $1 to $1 credit
C) AZ tax withholding is 3K
D) AZ tax liability is 4K
E) donated to AZ credit charities $3,500 (500 more than withholding)
Questions:
1) what changes if any should be made to fed (what form / line)?
1a) how does SALT / Safe Harbor play into this
2) What impact does this scenario have on AZ return?
2a) impact on AGI for AZ
2b) generally?
2b) specifically answering lines 6 & 7 on 140 Schedule A
Please answer question with given scenario to help clarify SALT with Safe harbor impacts as relates to state credits & deductions & federal deductions thus also feeding back in to state AGI & Deductions starting base in Fed. As part of research I reviewed :
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