The Virginia Schedule ADJ (Form 760-ADJ) is a document used by taxpayers in Virginia to report adjustments to their federal adjusted gross income. This form allows individuals to add or subtract specific amounts that may affect their state tax liability. Understanding how to complete this form is essential for ensuring accurate tax reporting and compliance with Virginia tax laws.
The Virginia Schedule ADJ form, officially known as Form 760-ADJ, serves as a crucial document for taxpayers seeking to make adjustments to their Virginia income tax returns. This form allows individuals to report various additions and subtractions to their Federal Adjusted Gross Income (AGI), which ultimately impacts their Virginia tax liability. Key sections include the reporting of income from obligations exempt from federal tax but subject to state tax, as well as disability income and other specified subtractions. Additionally, taxpayers can claim deductions and credits, such as those for low-income individuals and earned income credits. Completing this form accurately is essential to avoid delays in processing, as it directly ties into the main Form 760. By understanding the components of the Schedule ADJ, taxpayers can ensure they are fully compliant and take advantage of any potential tax benefits available to them.
2012 Virginia Schedule ADJ
(Form 760-ADJ)
Your Social Security Number
-
Name(s) as shown on Virginia return
whole dollars only
Additions to Federal Adjusted Gross Income
1.
Interest on obligations of other states, exempt from federal income tax but not from state tax
............ 1
,
.
00
2.
Other additions to federal adjusted gross income
2a. FIXED DATE CONFORMITY ADDITION - SEE INSTRUCTIONS
2a
2b - 2c. Refer to the Form 760 instructions for Other Addition Codes
Enter Code
2b
2c
3. Total Additions. Add Lines 1 and 2a - 2c. Enter here and on Form 760, Line 2
3
Subtractions from Federal Adjusted Gross Income
4.Income (interest, dividends or gains) from obligations or securities of the U.S. exempt
from state income tax, but not from federal tax
4
5.Disability income reported as wages (or payments in lieu of wages) on your federal return.
5a.
Enter YOUR disability subtraction
5a
5b.
Enter SPOUSE’s disability subtraction
5b
6. Other subtractions as provided in instructions
6a.
FIXED DATE CONFORMITY SUBTRACTION - SEE INSTRUCTIONS
6a
6b - 6d. Refer to the Form 760 instructions for Other Subtraction Codes
Enter
Code
6b
6c
6d
7. Total subtractions. Add Lines 4, 5a, 5b and 6a - 6d. Enter here and on Form 760, Line 7. ................. 7
Enter Addition Amount
Enter Subtraction Amount
Deductions from Virginia Adjusted Gross Income
Enter Deduction Amount
8.Refer to the Form 760 instructions for Deduction Codes
8a
8b
8c
9.Total Deductions. Add Lines 8a - 8c. Enter here and on Form 760, Line 12.
LOSS
........................................ 9
Continue with Line 10 on Page 2
Avoid delays - If completed, attach Schedule ADJ to Form 760
2012 Virginia Schedule ADJ Page 2
Credit for Low Income Individuals or Virginia Earned Income Credit
10.
Family VAGI
Name
Social Security Number
Virginia Adjusted Gross Income (VAGI)
You
Spouse
Dependent
Total
If more than 4 exemptions, attach schedule listing the name, SSN & VAGI.
Enter total Family VAGI here.
11.Enter the total number of exemptions reported in the table above. Next, go to the Poverty Guidelines
Table shown in the Form 760 instructions for this Line to see if you qualify for this credit
11
12. If you qualify, enter the number of personal exemptions reported on your Form 760
12
13.Multiply Line 12 by $300. Enter the result on Line 13 and proceed to Line 14. If you do not qualify for the Tax Credit for Low Income Individuals but claimed an Earned Income Credit on your federal
return, enter $0 and proceed to Line 14
13
14.
Enter the amount of Earned Income Credit claimed on your federal return. If you did not claim an
Earned Income Credit on your federal return, enter $0
..........................................................................
14
15.
Multiply Line 14 by 20% (.20)
15
16.
Enter the greater of Line 13 or Line 15 above
16
17.
Compare the amount on Line 16 above to the amount of tax on Line 17 of Form 760 and enter the
lesser of the two amounts here and on Line 21 of Form 760. This is your credit amount
17
Adjustments and Voluntary Contributions
18.
Addition to tax. Fill in oval if addition came from:
Form 760C
Form 760F ....
18
19.
Penalty
Late Filing Penalty
Extension Penalty
19
20.
Interest (interest accrued on the tax you owe)
.........................................................................
20
21.
Consumer’s Use Tax
21
22.
Voluntary Contributions.
See instructions.
22a
Amended Return
22b
22c
23.
If contributing to a School Foundation,
23a
or a Library Foundation enter the code
for the foundation(s) and the contribution
amount(s) in boxes 23a - 23c. If contributing 23b
to more than 3 school or library foundations,
see Form 760 instructions.
23c
24.
Total Adjustments (add Lines 18, 19, 20, 21, 22a-c and 23a-c).
Enter here and on Line 28 of Form 760
24
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..
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