Get VA 760-ADJ 2020

Income from Virginia Obligations The amount to be subtracted is the amount of income included in federal adjusted gross income, less related expenses deducted on the federal return.

Family Virginia adjusted gross income includes the total Virginia adjusted gross income for you, your spouse, and your dependents, even if they do not file their own Virginia returns. ... The maximum credit you may claim is $300 for each personal and dependent exemption claimed on your Virginia return.

Dependents who have unearned income, such as interest, dividends or capital gains, will generally have to file their own tax return if that income is more than $1,050 for 2017 (income levels are higher for dependents 65 or older or blind).

A return must be filed if you received Virginia source income and meet the following general requirements: are required to file a federal income tax return; are single with income in excess of $11,950; or. are married filing jointly with combined income in excess of $23,900; or.

The standard deduction, which Virginia has, is a deduction that is available by default to all taxpayers who do not instead choose to file an itemized deduction. Essentially, it translates to $3,000.00 per year of tax-free income for single Virginia taxpayers, and $6,000.00 for those filing jointly.

If they use the standard deduction on the federal return, they must also use the state's standard deduction. This has not been a huge issue in the past but will become a significant issue for 2018 taxes. Virginia's standard deduction for a married couple filing jointly is $6,000.

Age Deduction for Taxpayers Age 65 and Over The age deduction you may claim will depend upon your birth date, filing status, and income. If you were born: On or before Jan. 1, 1939: You may claim an age deduction of $12,000.

Contributions to a Virginia 529 plan of up to $4,000 per account per year are deductible in computing Virginia taxable income, with an unlimited carryforward of excess contributions. Contributions are fully deductible in the year of contribution for taxpayers at least 70 years of age.

Virginia is one of only nine states which requires taxpayers who take the federal standard deduction (now a generous $12,200 for single filers and twice that for married couples) to also take the state's standard deduction.

If they use the standard deduction on the federal return, they must also use the state's standard deduction. This has not been a huge issue in the past but will become a significant issue for 2018 taxes. Virginia's standard deduction for a married couple filing jointly is $6,000.

Virginia's tax code does not permit taxpayers to itemize deductions on their state return if they use the standard deduction on their federal taxes. ... Making the wrong choice can be costly for taxpayers.

The state of Virginia has a progressive income tax, with rates ranging from 2% to a top rate of 5.75%. Of the 43 states with a personal income tax, that top rate is slightly lower than average, ranking 24th overall.

Spouse Tax Adjustment. ... The STA allows married couples to file joint returns without paying higher taxes than if they had filed separately.

If you are married and living with your spouse, you must file as married filing jointly or married filing separately. You cannot choose to file as single or head of household. However, if you were separated from your spouse on December 31, 2018 by a separate maintenance decree, you may choose to file as single.

To put it even more bluntly, if you file as single when you're married under the IRS definition of the term, you're committing a crime with penalties that can range as high as a $250,000 fine and three years in jail.