Get Quick Arkansas State Tax Refund 2015 – 2016
The State of Arkansas, like other states, requires that you follow their specific rules regarding filing a State of Arkansas Income Tax return. You can find the State of Arkansas income tax form online, along with other tax documents you may need.
You will need to file a Income Tax return if you meet the following requirements:
You are a full time resident of the state of Arkansas
As a single filer, your gross income is at least $10,941
As the Head of Household with one or no dependents, your gross income is at least $15,553
As the Head of Household with 2 or more dependents, your gross income is at least $18,540
You are married and filing jointly with one or no dependents and your gross income is at least $18,449
Remember, if you file your State of Arkansas Income Taxes online, you can expect to receive your refund within 15 business days! However, if you file your taxes by paper, it will usually take around 10-12 weeks to have your refund deposited into your account. In addition, if you’ve made an error on a previously submitted tax return, you are able to amend your old tax returns online! This is another reason we highly recommend you file your State of Arkansas Income Taxes online.
If you are ready to file your return then the easiest way will be to e-file your return. Check out our e-filing page to guide you through the process.
2015 – 2016 Arkansas State Income Tax
Arkansas assesses an individual income tax and the state tax structure is designed similar to the federal income tax system. There are a few key differences between state and federal taxes, forms, and tax filing. Arkansas allows either Joint or Combined filing for married couples. Under the combined tax return system, the income of each spouse is taxed separately. For two income families, this system allows each spouse to benefit from the low tax rates at the beginning of the tax rate schedule. Taxpayer can calculate the state taxes based on joint and combined and choose to file return which is advantageous to them. Major differences from Federal Taxes are given below.
Interest/Divident Income: Interest and Divident income from U.S. government bonds are exempt from State Taxes.
Rent Income: Same as federal.
Capital Gain: Arkansas capital gain and loss taxes are similar to federal taxes, but you can adjust the amount of gain or loss for any federal/state depreciation differences. In Arkansas only 70% of net long term capital gain is taxed.
Unemployment Income: Unemployment income is exempt from state taxes.
Social Security Benefits: All social security income is exempt from state taxes.
State Bond Interest: Taxable except Arkansas obligations.
Health Savings Accounts: Same as federal.
Disability: Same as federal.
Federal Income Tax: Not deductible.
Other Taxes: Border city exemption. Deductions for support of a permanently disabled dependent, long-term inter generational trusts, organ donor expenses, and contribution to a deferred tuition savings plan.
Arkansan State Tax Forms 2015 – 2016
AR1000ADJ – Adjustments Schedule
AR1000-CO – Check Off Contributions Schedule
AR1000D – Capital Gains Schedule
AR1000DC – Disabled Individual Certificate
AR1000ES – 2015 Individual Estimated Tax Declaration Vouchers
AR1000-OD – Organ Donor Donation
AR1000RC5 – Individuals With Developmental Disabilities Certificate
AR1000V – Individual Income Tax Payment Voucher
AR1055 – Extension of Time to File Request
AR1075 – Deduction for Tuition
AR1113 – Phenylketonuria & Other Metabolic Disorders Credit
AR2210 – Penalty for Underpayment of Estimated Tax
AR2210A – Annualized Penalty for Underpayment of Estimated Tax
AR3 – Itemized Deduction Schedule
AR4 – Interest and Dividend Schedule
AR4506 – Request for Copies of Arkansas Tax Return(s)
ARDD – Direct Deposit Information for Paper Returns