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Wv Tax Form it 140es

Wv Tax Form it 140es

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today i want to go over the virginia state earned income tax credit so the earned income credit eic or eitc is it's abbreviated is generally known as the federal earned income tax credit right so if you're a lower income taxpayer and you have qualifying children or in some cases you don't have qualifying children you might qualify for an earned income credit which is a reduction to your overall tax liability in a lot of cases it's refundable so for example here we have a federal earned income credit of 521 now in addition to the federal piece a lot of states have their own version of this earned income tax credit virginia is one of them so there's about 30 states they all have their different versions different computations different eligibility but virginia has its own version of the eic and the way virginia computes its credit is it's a percentage of the federal amount so it's 20 percent of the federal amount of the credit so in order to do uh the virginia eic computation you first

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