Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 03-02-2015, 08:24 PM
Junior Member
 
Join Date: Mar 2015
Posts: 1
Virginia Income Tax Return

Hello all. This is my first post, and it's about some confusion with Virginia's income tax return. The instructions for filling out their form 760 can be found here:

http://www.tax.virginia.gov/sites/ta...structions.pdf

On page 3, you'll find the following section:

Quote:
Do You Need to File a Virginia Income
Tax Return?

Every Virginia resident whose Virginia adjusted gross
income is at or above the minimum threshold must file.
Complete Form 760, Lines 1 through 9, to determine
your Virginia adjusted gross income (VAGI). If the
amount on Line 9 is less than the amount shown below
for your filing status, your Virginia income tax is $0.00
and you are entitled to a refund of any withholding or
estimated tax paid. You must file a return to receive a
refund. To claim a refund in these cases, skip to Line
19 and enter “0” as your tax, and then complete Lines
20 through 38. You must file if you are:
  • Single and your VAGI is $11,950 or more
  • Married filing jointly and combined VAGI is $23,900 or more
  • Married filing separately and your VAGI is $11,950 or more
This seems to pretty clearly say that my tax is $0 if I made less than $11,950.

If you go to page 36, however, you'll see the tax tables, and rules that seem to directly contradict that statement. Here, people who make as little as $25 owe a buck for income tax. Now this is taxable income vs gross income, but the standard deduction and single exemption only add up to $3,930, so there is still an $8,000 discrepancy here.

Could someone help me understand what the rules are here? Thanks!



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Part Year Resident Maryland and Virginia Income Allocaton Matthew K Income 0 02-07-2010 09:16 PM
How long is a Virginia taxpayer required to keep his State Income tax returns? TaxGuru Virginia 0 10-22-2008 09:14 AM
How many Individual Income Tax Rates does Virginia State have for Tax Year 2008? TaxGuru Virginia 0 08-30-2008 12:27 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning