Get CREDIT COMPUTATION SCHEDULE - See Schedule CR Instructions For Required Attachments - Ncbi Nlm Nih

Virginia also offers a non-refundable Low Income Individuals Credit (CLI) to families with adjusted gross incomes below the federal poverty guidelines. The credit is worth $300 for each personal and dependent exemption claimed on the taxpayers' Virginia tax return.

Publication 111, Illinois Schedule CR for Individuals, provides guidance on how to complete Schedule CR, Credit for Tax Paid to Other States. provide additional guidance for taxpayers completing Schedule CR for both current and prior tax years.

Schedule CR, Schedule of Tax Credits, is used to summarize the total refundable and nonrefundable tax credits claimed. Schedule CR and the applicable tax credit form(s) MUST be properly completed and attached immediately behind your tax return to claim, apply or carryover the tax credits listed on the form.

What is the purpose of Schedule CR? Schedule CR, Credit for Tax Paid to Other States, allows you to take a credit for income taxes you paid to other states on income you received while a resident of Illinois. You are allowed this credit only if you filed a required tax return with the other state.

The total nonrefundable credits claimed on Schedule CR may not exceed the amount of tax shown on your return less the total amount reported for the spouse tax adjustment, credit for tax paid to another state, and credit for low-income individuals or Virginia Earned Income Credit.

Refundable Credit: Occurs when the amount of a credit is greater than the tax owed. Taxpayers not only can have their tax reduced to zero; they can also receive a "refund" of excess credit.

Virginia law imposes individual income tax filing requirements on virtually all Virginia residents, as well as on nonresidents who receive income from Virginia sources. The correct method for filing your income tax return and reporting Virginia taxable income depends on your residency status.

Schedule 3 includes two main sections: nonrefundable credits, and other payments and refundable credits.