I was expecting near $700 according to Turbo tax. I tend to always over pay VA taxes. Why and how would something change that now I am due nothing??? That does not make sense. I just updated Turbo tax with the 3/14 just to see if that would make a difference and see if it all of a sudden says I am not due a refund. But nothing seemed to change. Supposedly I should get a letter in the mail in 10 business according to VA website. How do I know that this is legit or even accurate, I ALWAYS have gotten refunds for VA. I know with the changes in tax laws that lots of people are owing on federal as am I but that has not been the case with VA taxes. Any advice and how to proceed? Thanks
As you may have heard or read, there was a late change to the Commonwealth of Virginia's tax laws, advancing the date of conformity so that the Virginia tax laws reflect the changes made at the federal level by the Tax Cuts and Jobs Act of 2017.
TurboTax is fully up to date with respect to the recent Virginia conformity change. As this was a change that mostly effects processing of tax returns, there were no significant forms changes.
Many taxpayers are finding that their federal and state refunds are smaller than expected, or that they even owe taxes, largely due to less withholding being taken from paychecks in 2018 and the features of the revised tax law.
The changes recently enacted into law in Virginia, for the most part, simply advanced the date of Virginia's conformity to the Internal Revenue Code to fully incorporate the features of the Tax Cuts and Jobs Act of 2017. As has been true in recent history, Virginia still deconforms from federal law with respect to Bonus Depreciation, NOL carrybacks, and cancellation of debt income.
For more information, please refer to this Bulletin from the Virginia Department of Taxation:
Virginia 2018 Tax Conformity Legislation