If your Virginia adjusted gross income is below the filing threshold, your tax is zero.
I earned about $18500 in investment interest and $3000 in long and short-term net capital loss, $0 in traditional IRA/HSA contributions (since I am ineligible for tax deductions due to$0 W2/1099 income), so my federal AGI should be $15500. I also contributed $4000 to pre-tax Virginia 529 (up to $4000 income tax deduction). I am not sure if my Virginia AGI is $15500 or $11500, which is below the filing threshold.
See https://www.tax.virginia.gov/sites/default/files/vatax-pdf/2022-760-instructions.pdf
Complete Form 760, Lines 1 through 9, to determine your Virginia adjusted gross income (VAGI).
The 2023 form is not yet available.
https://www.tax.virginia.gov/sites/default/files/taxforms/individual-income-tax/2022/760-2022.pdf
Q. Is my Virginia AGI is $15500 or $11500, which is below the filing?
A. $15,500. The $4000 deduction is used to determine your Virginia Taxable Income , not your VA AGI . The $4000 529Plan deduction goes on line 13 of form 760, which is after the calculation of Total Virginia Adjusted Gross Income on line 8. Virginia Taxable Income is, further down, on line 15 of form 760.
What about the first time home buyer savings account subtraction in Virginia?
https://www.tax.virginia.gov/first-time-home-buyer-savings-account-subtraction#
I am planning on buying a home in the next few years. I did open a performance savings account in 2023 but the amount is greater than $50k, and I also have a brokerage account since 2017 that is greater than $50k. If I open another $50k savings account now and designate it as my first time home buyer account, can I claim the deduction for 2023?