Virginia State Tax Calculation

Forum|Forum|5 years ago
February 27, 2021
5 replies
42 views

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.

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