Arkansas Administrative Code
Agency 006 - Department of Finance and Administration
Division 05 - Division of Revenues
Regulation 1997-4 - Comprehensive Individual Income Tax Regulations
Rule 26-51-909 - ANNUAL WITHHOLDING STATEMENT
Rule 1.26-51-909(b) - Filing Requirement - Due Date
Current through Register Vol. 49, No. 9, September, 2024
The Annual Withholding Tax Reconciliation statement with attached W-2's shall be filed with the Department on or before February 28 following the close of the income year.
The statement from the employer for the employee (Form W-2) shall be provided to the employee on or before January 31 following the close of the income year. However, if the employment of the employee is terminated during the calendar year, the employer shall furnish the W-2 to the employee at the time of termination of the employment.
The Form 1096 Transmittal with attached Form 1099's shall be filed with the Department on or before February 28 following the close of the income year.
Act 1309 of 1997
1.26-51-___ Tuition Savings Program -- Generally
The Arkansas Tax-Deferred Tuition Savings Program Act of 1997 will become effective on August 1, 1997. This Act is based closely upon the federal law regarding qualified state tuition programs, found at IRC Sec. 529. For purposes of administering Arkansas' Tuition Savings Program Act, the provisions of IRC Sec. 529 regarding qualified state tuition programs should be considered to have been adopted as Arkansas law.
Arkansas residents or nonresidents may make cash contributions to a special tax-deferred account for the purpose of accumulating funds to pay the expenses of attending a post-secondary institution of higher education located either inside or outside of Arkansas. The contributions will be held, invested and accounted for by the Arkansas Teacher Retirement System.
"Expenses" shall be limited to tuition, fees, books, supplies and equipment required for enrollment or attendance at the post-secondary institution.
"Post-secondary institutions of higher education" shall include two and four year: colleges; universities; technical schools; and institutes. Institutions that meet all of the following criteria would also qualify:
a) the institution provides not less than a 6-month program of training to prepare students for gainful employment in a recognized occupation;
b) the institution is licensed by the Arkansas State Board of Private Career Education or accredited by a nationally recognized accrediting agency;
c) the institution has been in existence for at least two (2) years; and
d) admits as regular students persons who are beyond the age of compulsory school attendance within the State of Arkansas. IRC Sec. 135(c)(3); 20 U.S.C. Sec. 1201a(10); 20 U.S.C. Sec. 1088.
The account must have a designated beneficiary, which must be either the contributor to the account or a member of the contributor's family. Qualifying family members are limited to the following:
a) an ancestor of the contributor;
b) a contributor's spouse;
c) a lineal descendant of:
d) the spouse of any lineal descendant falling within the scope of (c) above. IRC Sec. 2032A(e)(2). Act 1309 of 1997
2.26-51-___ Tuition Savings Program -- Tax Consequences
* Any distributions made to the contributor or beneficiary that are not used as qualifying expenses at a qualifying post-secondary institution of higher education must be included in the taxpayer's taxable income.
** Contributions to a tax-deferred tuition savings program account are not deductible "above the line" as an adjustment to the contributor's gross income.
Arkansas' tuition savings program is based upon IRC Sec. 529 which does not allow contributions to such programs to be taken as deductions.
Arkansas Individual Income Tax Regulations
Issued and hereby effective this 2nd day of October, 1997 in the City of Little Rock, Pulaski County, Arkansas.
Richard Weiss, Director
Arkansas Department of Finance and Administration
Tim Leathers, Commissioner of Revenue and Deputy Director
Arkansas Department of Finance and Administration
