Are Virginia Turbotax forms up to date?

[pumbu]

Virginia signed into law some tax changes on 15 February 2019.  Do Turbotax's Virginia tax forms and computations incorporate what was signed?  The forms are dated December 2018.

[Ashby · Accepted solution]

I live in Virginia and the legislation that went into effect today has conformed to the federal tax reform changes. So, there's really not very much to update with the forms. Virginia is now processing returns, but there could be a delay within TurboTax to make sure the Virginia Schedule A (Itemized Deductions) is correct. The standard Virginia 760 tax return should be fine to file.

[pumbu]

Thank you for the clarification and incredibly fast response.  I read in the Washington Post on February 9 that, "State and local taxes will continue to be deductible at current rates instead of being capped, as they are in the federal plan."  But, when you go into the forms in Turbotax, the SALT appears to be capped like the Federal forms.  Is this correct?  Further, the article fails to say what the current rate is.

[Ashby]

You're very welcome. Virginia ended up conforming to the SALT cap of $10k as well. It's nearly the exact same. The only thing I saw is that they weren't going to allow the 100% bonus depreciation. Here's the link to today's bulletin concerning the legislation directly from department of taxation.
<a rel="nofollow" target="_blank" href="https://tax.virginia.gov/sites/default/files/inline-files/tb-19-1-date-irc-conformity-advanced.pdf">...>

[pumbu]

Thanks.  The bulletin and the Post seem a little different, maybe it is just my interpretation of the Post article.  Again, thank you for the prompt reply.

[qcurtis]

What's the best way to know if the Virginia Schedule A is correct or if we should wait for an update?

[Ashby]

The program won't let you file if the VA Schedule A is not updated. That form has been on hold since the beginning of tax season.

[Anonymous]

I thought that I had read in several places that the VA standard deduction for a couple filing jointly would increase from $6000 to $9000 but Turbotax shows $6000 on my forms. It isn't obvious if this is because TT hasn't been updated or I read it wrong and the standard deduction change doesn't apply to 2018.

Do you have any clear information? The tax.virginia.gov website is as clear as mud and hardly acknowledges any change to the tax law. Then again the changes were voted in yesterday and it's the weekend with a holiday on Monday. I may just hold off filing for a few more weeks to let the dust settle.