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 760 Virginia Tax Form 2016

760 Virginia Tax Form 2016

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Payments from Form 760IP. 23 24. Tax Credit for Low-Income Individuals or Earned Income Credit from Sch. ADJ Line 17. 24 20. Virginia income tax withheld for 2016. Enclose copies of Forms W-2 W-2G 1099 and/or VK-1. 20a. Your Virginia withholding. 20a 25. Credit for Tax Paid to Another State from Schedule OSC Line 21. You must enclose Schedule OSC and a copy of all other state returns. 25 26. Credit for Political Contributions. State Income Tax refund or overpayment credit reported as income on...
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Hi I'm Scott my Ski 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 is taxpayer this is a couple filing jointly on the schedule a're able to write off $20,000 of itemized deductions

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