I'm in NC, so don't know alot about VA will research. I'm do a partyear resident form for VA and would like to know if there is any special credits for VA that I should know about. Like in NC we can deduct $4,000 if they take education credits on Fed., was wondering if VA has something like that?
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If this is your first time to do a PY Virginia return, you are going to have an experience. They have revised the form, and it may be that it can be efiled now, but the completion looks the same as the old one. I have not yet done one this year. If you have this in your software, it will help immensely. First, use Filing Status 4 for a MFJ couple, it will usually result in a lower tax. For personal exemptions, it is a ratio based on time in the state for each person (figured separately.) For itemized deductions, you used to be able to put on the highest income person, same with dependent exemptions, except each TP must claim their own exemption. If there is child care, you get a deduction, not a credit. If there is EIC, you get a percentage of federal EIC. There are deductions for some lottery prizes, certain Natl Guard income, active duty combat pay, Va College Savings Plan payments (nothing for education credits), unemployment benefits, some military pay, and some federal and state employee low-income pay, and long-term care ins prems, continuing teacher education, upgrade on charitable mileage to 18 cents. Other more estoteric deductions only apply to a few. There are five pages of credits, but the only one most people get is a political credit to a local or state candidate for office. Also deductions for railroad retirement, social security, and people over 65. It is not easy. Don't worry about Fixed Date Conformity adjustments unless you have bonus depreciation, or 5-yr carryback of NOL, CODI, or DPD. If you need help, post.
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I'm in VA
Originally posted by Burke View PostIf this is your first time to do a PY Virginia return, you are going to have an experience. They have revised the form, and it may be that it can be efiled now, but the completion looks the same as the old one. I have not yet done one this year. If you have this in your software, it will help immensely. First, use Filing Status 4 for a MFJ couple, it will usually result in a lower tax. For personal exemptions, it is a ratio based on time in the state for each person (figured separately.) For itemized deductions, you used to be able to put on the highest income person, same with dependent exemptions, except each TP must claim their own exemption. If there is child care, you get a deduction, not a credit. If there is EIC, you get a percentage of federal EIC. There are deductions for some lottery prizes, certain Natl Guard income, active duty combat pay, Va College Savings Plan payments (nothing for education credits), unemployment benefits, some military pay, and some federal and state employee low-income pay, and long-term care ins prems, continuing teacher education, upgrade on charitable mileage to 18 cents. Other more estoteric deductions only apply to a few. There are five pages of credits, but the only one most people get is a political credit to a local or state candidate for office. Also deductions for railroad retirement, social security, and people over 65. It is not easy. Don't worry about Fixed Date Conformity adjustments unless you have bonus depreciation, or 5-yr carryback of NOL, CODI, or DPD. If you need help, post.
There is an anemic watered down credit for energy star appliances. 20% of the SALES TAX. I know, it's a joke, but I've taken it a few times this year.
If you need more help, you can email me at dsmtax@cox.net.
~donna"I am proud to pay taxes in the United States. The only thing is I could be just as proud for half the money." Arthur Godfrey
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Originally posted by Burke View PostIf this is your first time to do a PY Virginia return, you are going to have an experience. They have revised the form, and it may be that it can be efiled now, but the completion looks the same as the old one. I have not yet done one this year. If you have this in your software, it will help immensely. First, use Filing Status 4 for a MFJ couple, it will usually result in a lower tax. For personal exemptions, it is a ratio based on time in the state for each person (figured separately.) For itemized deductions, you used to be able to put on the highest income person, same with dependent exemptions, except each TP must claim their own exemption. If there is child care, you get a deduction, not a credit. If there is EIC, you get a percentage of federal EIC. There are deductions for some lottery prizes, certain Natl Guard income, active duty combat pay, Va College Savings Plan payments (nothing for education credits), unemployment benefits, some military pay, and some federal and state employee low-income pay, and long-term care ins prems, continuing teacher education, upgrade on charitable mileage to 18 cents. Other more estoteric deductions only apply to a few. There are five pages of credits, but the only one most people get is a political credit to a local or state candidate for office. Also deductions for railroad retirement, social security, and people over 65. It is not easy. Don't worry about Fixed Date Conformity adjustments unless you have bonus depreciation, or 5-yr carryback of NOL, CODI, or DPD. If you need help, post.
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