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dlandauer
New Member

For Virginia Estimated tax " 2022 Amounts" section Expected 2022 "Itemized Deductions", would I enter the standard deduction $25000.00 used on my federal return?

 
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2 Replies

For Virginia Estimated tax " 2022 Amounts" section Expected 2022 "Itemized Deductions", would I enter the standard deduction $25000.00 used on my federal return?

If you are calculating your VA estimated tax, you need to use VA's rules for income and deductions.  VA's standard deductions are here. https://www.tax.virginia.gov/deductions

 

Note that in VA, if you use the federal standard deduction you must also use the state standard deduction, even though it is much less.  If your itemized deductions would be more than your state standard deduction but less than your federal standard deduction, you might want to prepare 2 test tax returns, one with itemizing on both and one with standard on both.  It is possible in some situations that using the itemized deduction on your state return will save more money than you would lose by itemizing on your federal return. 

DMarkM1
Expert Alumni

For Virginia Estimated tax " 2022 Amounts" section Expected 2022 "Itemized Deductions", would I enter the standard deduction $25000.00 used on my federal return?

It depends, as @Opus17 mentions, if you use the standard deduction on your federal return you would not want to enter anything higher than the VA standard deduction otherwise you may underpay your quarterly taxes for the year and be subject to penalties. 

 

 

[edited:  3/30/2022 1:32pm PDT]   

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