140X-SBI: Small Business Amended Income Tax Return (2024)

Who files this form

Use Form 140X-SBI to amend an Arizona small business income tax return filed on Form 140-SBI, 140NR-SBI or 140PY-SBI. This version covers calendar year 2024 or a fiscal year beginning in 2024.

If you are rescinding your small business election, check box 70R, complete both Form 140X-SBI and Form 140X, and include Form 140X-SBI with Form 140X when you file.

What you'll need

Have these records and documents available, as applicable:

• Your original return or most recent amended return, for the amounts previously reported.
• Federal Schedules B, C, D, E and F, and federal Form 4797, for the income entries that apply to you.
• Arizona schedules and forms supporting your adjustments and credits, such as Form 141AZ Schedule K-1 and Form 301-SBI.
• Records of your 2024 Arizona estimated tax payments, extension payment, payments with or after the original return, and any previous overpayment.
• Your bank routing and account numbers if requesting direct deposit.

Place any required federal and Arizona schedules or other documents after Form 140X-SBI. Do not staple any items to the return.

How to file

1. Enter your identifying information and Social Security number(s). Your filing status must match Form 140, 140NR or 140PY.
2. Complete the income, adjustment, tax, credit and payment entries that apply to you.
3. Complete page 3, Parts 1(A), 1(B), 2 and 3, to report changes and the reasons for them. Show the original amount, the amount added or subtracted, and the corrected amount for each changed item.
4. Sign and date the return. A paid preparer must also sign and date it and provide their street address, preparer TIN and phone number.

If sending a payment, include it with Form 140X-SBI and mail to:

Arizona Department of Revenue

PO Box 52016

Phoenix, AZ 85072-2016

Write your SSN, “Form 140X-SBI” and the tax year on your payment.

If expecting a refund, owing no tax, or owing tax but not sending a payment, mail to:

Arizona Department of Revenue

PO Box 52138

Phoenix, AZ 85072-2138

Common mistakes

• Do not mark the area labeled “REVENUE USE ONLY.”
• Do not use a filing status different from the one on Form 140, 140NR or 140PY.
• Do not staple documents to the return. Place required supporting documents after Form 140X-SBI.
• Remember to sign and date the return and obtain the paid preparer's signature and required details, if applicable.
• If your address differs from your original or latest return, check box 73a and complete Part 3 with your current address.
• If rescinding your small business election, remember to check box 70R and include the completed Form 140X-SBI with Form 140X.

Questions people ask

What tax rate does the 2024 form use?

Line 54 calculates small business income tax by multiplying Arizona small business taxable income on line 53 by 2.5% (.025).

How do I explain my changes?

List changed income, deductions and credits in Part 1(A). Report changes to the listed capital gain or loss amounts in Part 1(B). Give the reason for each change in Part 2, line 72.

Can I apply an overpayment to next year's estimated tax?

Yes. Line 67 lets you enter the amount of your overpayment to apply to 2025 estimated tax.

Can I request direct deposit of my refund?

The form provides a direct deposit option. Select checking or savings and enter your routing and account numbers. Check box 68A if the deposit will ultimately be placed in a foreign account; the form directs you to the instructions for that situation.

Official sources

• https://azdor.gov/forms