LITTLE ROCK (KATV) - Homeowners could get an extra refund on their state taxes this year.
The American Taxpayer Relief Act of 2012 (ATRA) was signed into law by President Barack Obama on January 2. The ATRA extends individual tax deductions for mortgage insurance premiums (PMI) and tax free distributions from an IRA for charitable purposes for both tax years 2012 and 2013.
The State of Arkansas retroactively adopted those deductions. Any taxpayer who had already filed their 2012 returns but would qualify for either or both of these deductions can amend their 2012 returns using AR1000F for full year residents or AR1000NR for part year and nonresidents.
Taxpayers claiming a deductionfor PMI should report the amount on Line 26 of the Arkansas Itemized DeductionSchedule, Form AR3. Tax freedistributions from an IRA for charitable purposes should be reported on Line 51of Form AR1000F or AR1000NR.
You can get more information and download these forms by clicking here or calling (501)682-1100 or (800) 882-9275. Phoneassistance is available Monday through Friday from 8:00 a.m. until 4:30 p.m.