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Virginia Department of Taxation

Virginia Department of Taxation. 2007 Forms Changes. 2007 Subtractions vs. Deductions. This year we aligned subtractions to correctly be adjustments to Federal Adjusted Gross Income pursuant to Virginia Code § 58.1-321

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Virginia Department of Taxation

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  1. Virginia Department of Taxation 2007 Forms Changes

  2. 2007 Subtractions vs. Deductions • This year we aligned subtractions to correctly be adjustments to Federal Adjusted Gross Income pursuant to Virginia Code § 58.1-321 • We also aligned deductions to be adjustments to Virginia Adjusted Gross Income • There are no resulting adverse tax consequences

  3. SUBTRACTIONSFAGI Adjustments

  4. DEDUCTIONS VAGI Adjustments

  5. Forms Changes • Schedule ADJ – On page 1 the credit for low income has been moved down and a new deduction section has been added below the subtraction section; the credit for taxes paid to another state at the top of page 2 has been removed • The deductions are totaled and the sum entered on Form 760, line 12

  6. Forms Changes • 760 – The child and dependent care deduction on line 12 of the Form 760 has been replaced. The new line 12 is provided for total deductions • Claim using oval on line 12 or use ADJ

  7. Forms Changes • Schedule OSC – Formerly the Schedule OSC was used when taxpayers had credit for taxes paid to 2 or more other states • Beginning with tax year 2007, the form should be used even if calculating the credit for taxes paid to only one other state

  8. Forms Changes • 760 Instructions – The new deduction codes have been included in the 760 instructions • In cases where subtractions are now treated as deductions, they are included in this new section

  9. MLK JR Living History and Public Policy Center Fund • Schedule ADJ • This is a new contribution code - 90

  10. Neighborhood Assistance Act • Schedule CR • New instructions for applying to Virginia Department of Education for tax credits for donations to the Schools for Students with Disabilities

  11. Voluntary Contributions • Code 83, Virginia Commission for the Arts, removed this year

  12. 2008 Employer Withholding Changes • Monthly and seasonal employer withholding filers will be required to file all monthly returns on the 25th day of each month • Quarterly returns will still be due on April 30, July 31, September 30 and January 31 • New forms samples are on the following pages and include watermarks distinguishing monthly from quarterly returns

  13. All monthly returns are to be mailed to Post Office Box 27264, Richmond Virginia 23261-7264

  14. All quarterly returns are to be mailed to Post Office Box 26644 Richmond, Virginia 23261-6644

  15. Forms Assistance • www.tax.virginia.gov all forms are available for download • Package X is available in January for $8.00, download order form from: http://tax.virginia.gov/web_pdfs/orderf.pdf • Single copy forms may be obtained by downloading or by calling • Forms Request Unit (804) 440-2541

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