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Get And Sign Form VA 8453 Virginia Department Of Taxation Tax Virginia 2013-2021

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hi I'm Scott my Oski Stafford County Commissioner of the revenue I want to talk to you briefly about an issue that may affect as many as 1.5 million hardworking Virginians if you itemize deductions on your federal income tax return you need to pay attention to this because you are potentially looking at a huge tax increase next spring when you fill out your state income tax form the tax cut and Jobs Act doubled the standard deduction to $24,000 that's going to cause hundreds of thousands if not upwards of a million Virginians to stop itemizing their deductions and to take advantage of the higher federal standard deduction the problem is a quirk in Virginia law that requires Virginia taxpayers to take the same deduction status at the state level as they took at the federal level I have an example that will illustrate the problem that this creates here is a standard Schedule A this is taxpayer this is a couple filing jointly on the schedule a they're able to write off $20,000 of itemized

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