Virginia State Tax Calculation

Forum|Forum|5 years ago
February 27, 2021
1 reply
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The tax calculation for Virginia computed my Tax Amount as 0.00 for a Taxable Income of 4424.00, when it should have been 102.72, according to the state's instructions.

ErnieS0

Level 15

TurboTax is correct. Your Virginia tax amount on $4,424 is $0.

Assuming you are single, VA gives you a standard deduction of $4,500 and a personal exemption of $930, resulting in VA taxable income of -$1,086.

$4,424 - $4,500 - $930 = -$1,086

Check Form VA760CG lines 9 through 16

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JohnStephenMunroAuthor

Level 2

Turbo Tax is not correct.

Line 9 - Adj Gross Income 20668

Line 11 - Standard Deduction 9000 (married filing jointly)

Line 12 - Exemptions 3460 (2: 65 and over)

Line 13 - Deductions 3784 (529 and LTC)

Line 14 -Subtotal 16244

Line 15 - Taxable Income 4424

Line 16 - Tax Amount TurboTax says zero.

Per VA760 instructions tax table on page 33: 103.00

There is only one tax table, regardless of filing status

AnnetteB6

Level 15

Thank you for sharing the additional information. If you would be willing to share a diagnostic copy of your tax file, it could be helpful to examine the situation in more detail.

To do so, follow the instructions below and post the token number along with which version of TurboTax you are using in a follow-up thread.

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Select Tools.
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Post the token number here.