Elder Form With Decimals In Virginia
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In addition, Virginia allows an exemption of $800 for each of the following: Age 65 or over: Each filer who is age 65 or over by January 1 may claim an additional exemption. When a married couple uses the Spouse Tax Adjustment, each spouse must claim his or her own age exemption.
For single taxpayers, the maximum allowable age deduction of $12,000 is reduced dollar for dollar for the amount the taxpayer's AFAGI exceeds $50,000. For all married taxpayers, the maximum allowable age deduction of $12,000 each is reduced dollar for dollar for any amount that the joint AFAGI exceeds $75,000.
However, a single 65-year-old taxpayer will get a $16,550 standard deduction for the 2024 tax year. The extra $1,950 will make it more likely that you'll take the standard deduction on your 2024 return rather than itemize. (The extra standard deduction amount is $1,600 for 2025).
Higher standard deduction. If you don't itemize deductions, you are entitled to a higher standard deduction if you are age 65 or older at the end of the year. You are considered age 65 at the end of the year if your 65th birthday is on or before January 1 of the following year.
You would file on the 760 Resident form. If you are not a domiciliary resident of Virginia, you are taxed in Virginia on income from Virginia sources, including income from property owned or from any business, trade, profession, or occupation carried on during the period you were in Virginia.
Taxpayers Age 65 & Older If you, or your spouse, were born on or before January 1, 1958, you may qualify to claim an age deduction of up to $12,000 each for 2022. The age deduction you may claim will depend upon your birth date, filing status and income.
VA Form 760CG is the Virginia Resident Income Tax Return for individuals.
If you live in another state and have rental property and/or business income from Virginia, file Virginia Form 763, a nonresident tax return. If you moved into or out of Virginia six months ago from another state, file Virginia Form 760PY, a Virginia part-year resident return.
If you live in another state and have rental property and/or business income from Virginia, file Virginia Form 763, a nonresident tax return.
Where do I get Virginia State Income Tax Forms? You may download forms from the Virginia Department of Taxation's website. You can request forms and instructions from the Virginia Department of Taxation's Forms Department by calling 804-440-2541.