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Estimating Your Tax LiabilityAZ Tax Form 140 Line 48 Your tax liability is the amount the state of Arizona received from you. Quickly estimate your tax liability by looking at your previous year's tax forms. Line 48 of Arizona State Tax Form 140 is your tax liability; the amount of taxes the state of Arizona received from you. This is your tax liability for that year. If your circumstances are similar, your liability may be unchanged or, at least, very close to that amount this year. If you over estimate your liability by a few dollars, no problem! You can claim 'carryover' additional funds donated to CCSTO next tax season! Check out our FAQ and the Arizona Department of Revenue (DOR) brochure on the DoR website Common Misunderstanding about REFUNDS!Are you getting a refund? This money may already be yours! Taxpayers sometimes believe that because they will receive a tax refund they are not eligible for Arizona state tax credits. A tax refund can also be from taxpayers withholding. A withholding is pre-paid taxes that are held in reserve by Arizona Department of Revenue (DoR) until the taxpayer claims it on his or her AZ state tax form the following year. Taxpayers choose the percentage of income withheld on AZ Form A-4 prompting their employer withhold money from each paycheck. When a taxpayer's withholding is greater than the tax liability, Arizona DoR issues a refund. Your tax liability is the amount of tax you actually owe to the state, no matter the amount withheld. Your tax liability is based on your taxable income and can be found on AZ Form 140, line 48. |