2017 Form 760 Resident Individual Income Tax Booklet .Resident Individual Income Tax Booklet. ...

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Transcript of 2017 Form 760 Resident Individual Income Tax Booklet .Resident Individual Income Tax Booklet. ...

  • Va. Dept. of Taxation 2614089 Rev. 2/18

    V I R G I N I A

    2017 Form 760Resident Individual Income Tax Booklet

    www.tax.virginia.gov

    We all have roles to play in preventing refund fraud.

    The Virginia Department of Taxation is committed to stopping refund fraud and protecting your information.

    When you file your tax return, it will be processedusing selection criteria intended to detectpossible fraud.

    Our Refund Review Team examinesdocumentation to verify a taxpayers identity iffraud is suspected.

    We issue personal identification numbers (PINs)to victims of identity theft to use when they filetheir Virginia individual income tax returns.

    Tax Refund Fraud Prevention

    Last fiscal year we requested additional information on 181,000 returns and denied or reduced refunds on approximately 67,000 refunds.

    By verifying information on tax returns before issuing the refunds, we prevented a total of over $50 million in fraudulent and erroneous refunds from being issued.

  • Virginias Fixed Date Conformity with the Internal Revenue CodeTaxable Year 2017

    Under emergency legislation enacted by the 2018 General Assembly, Virginia's date of conformity to the terms of the Internal Revenue Code (IRC) will advance from December 31, 2016 to February 9, 2018. This allows Virginia to conform to the Disaster Tax Relief and Airport and Airway Extension Act of 2017, as well as most provisions of the Tax Cuts and Jobs Act (TCJA) and the Bipartisan Budget Act of 2018 that are effective for Taxable Year 2017. However, there is an exception for the TCJA provision related to the medical expenses deduction.

    While Virginia will continue to allow the federal itemized deduction for medical expenses, Virginia will not conform to the TCJA provision that temporarily increases the medical expenses deduction. The TCJA lowers the percentage used to compute the deduction floor from 10% to 7.5% of federal adjusted gross income. As a result, taxpayers claiming a medical expenses deduction will be required to report an addition on the Virginia return that is equal to the difference between the amount of the medical expenses deduction reported on their federal income tax return and the amount computed using a deduction floor equal to 10% of federal adjusted gross income. This addition must be reported on Line 2b of Virginia Schedule ADJ, Schedule 760PY ADJ or Schedule 763 ADJ using addition code 99. See the worksheet below to compute the Virginia medical expenses addition.

    Worksheet: Virginia Medical Expenses Addition

    1 Medical and dental expenses from federal Form 1040, Schedule A, Line 1 ....................................................................................................

    2 Enter the amount of federal adjusted gross income from Form 1040, Line 38 ................................................................................................

    3 Enter the net amount of any fixed date conformity additions and subtractions reported on Lines 2a and 6a of Schedule ADJ, Schedule 760PY ADJ or Schedule 763 ADJ ......................................................

    4 Add Lines 2 and 3...............................................................................

    5 Multiply Line 4 by 10% (0.10) .............................................................

    6 Subtract Line 5 from Line 1. If Line 5 is more than Line 1, enter 0. ...

    7 Deductible medical and dental expenses from Form 1040, Schedule A, Line 4 ..................................................................................................

    8 Subtract Line 6 from Line 7. This is your Virginia medical expense addition. Enter this amount and the code 99 on Line 2b of Schedule ADJ, Schedule 760PY ADJ or Schedule 763 ADJ ..............................

    Taxpayers should consult the instruction booklets to determine whether they are required to make any fixed date conformity adjustments on their Virginia return. After consulting the instruction booklets, many taxpayers will find that they do not have any fixed date conformity adjustments, and those taxpayers should enter 0 in Line 3 above. For those taxpayers required to make fixed date conformity modifications, they should enter the net amount of the modifications in Line 3 above. They should also use 7.5% as the multiplier on Line 8 of the FDC worksheet in the instruction booklet.

    Refer to Tax Bulletin 18-1 for more information on this legislation.

    FDC Worksheet Rev. 03/18

  • Refund Fraud Prevention

    The Virginia Department of Taxation takes the protection of your information seriously.

    Additional Steps to Protect You and the CommonwealthAs identity theft and refund fraud become more widespread, we are enlisting the support of taxpayers, tax preparers, employers, and payroll providers to stop tax fraud. Due to these changes, we may request additional information from you. In addition, we may take longer than in previous years to process your tax return.

    We are committed to safeguarding taxpayer information.

    WHAT YOU CAN DOTake these steps to protect yourself from related identity theft and refund fraud:

    Do not provide personal information by mail, phone, email, or text to an unknown person

    File your taxes early and file electronically

    Be sure you have all W-2s and other withholding statements before you file

    Include your Virginia Drivers License Identification number and Issue Date on your return

    If you think that you are a victim of identity theft, we suggest you take the following steps:

    Submit Form 14039 Identity Theft Affidavit to the IRS

    Contact the Virginia Department of Taxations Identity Theft Information line at (804) 404-4185

    Contact the three credit bureaus and your bank(s) to notify them

    Contact your local police or sheriffs department to file a criminal complaint

    Thank you for helping us prevent refund fraud.

    For additional information, please see our website at www.tax.virginia.gov

  • Virginia Tax Online Serviceswww.tax.virginia.gov

    Get Your Tax Refund Faster Using e-File Last year, over 3.2 million Virginia taxpayers used IRS e-File services to file their state and federal income tax returns. e-File is faster, safe and convenient. Use one of these Electronic Filing (e-File) options offered by participating software companies:

    Free File - A free federal and state income tax preparation and electronic filing program available to taxpayers based on income and other eligibility requirements.

    Free Fillable Forms - Online versions of the Virginia resident return and schedules that allow you to enter tax information just as you would if you were completing a paper form and then submit the return electronically through e-File.

    Paid e-File - Commercial tax preparation and e-File software available online or over-the-counter for personal use and through tax preparers.

    Visit www.tax.virginia.gov to find out more about these options, including links to e-File providers.

    Look Up Your Form 1099-G/1099-INT Information Online Form 1099-G/1099-INT may be downloaded securely and printed from www.tax.virginia.gov.

    Check Your Refund Status e-File combined with Direct Deposit is the fastest way to receive your refund. To check your status, visit www.tax.virginia.gov or call (804) 367-2486. See below for approximate refund turnaround time frames. To reduce the risk of refund fraud, the Virginia Department of Taxation uses various processes to validate tax refunds prior to issuance. These processes could delay the receipt of your refund.

    If you e-File your return, your refund will generally be processed in up to 4 weeks. If you file a paper tax return, your refund will generally be processed within 8 weeks. If you mail your tax return using Certified Mail, it could take an additional 3 weeks.

    Make Online Payments Make an Estimated Tax Payment, a Filing Extension Payment, a Return Payment or pay a Tax

    Bill online using Bank Debit or EFT Debit. Visit www.tax.virginia.gov. Pay by credit or debit card at www.officialpayments.com or call 800-2PAY-TAX.

    Need Help?The Departments website contains valuable information to help you.

    Laws, Rules & Decisions For easy access to the Code of Virginia, Tax Regulations, Legislative Summaries, Rulings by the Tax Commissioner, Tax Bulletins and Attorney General Opinions.

    Online Calculators Use the Departments online Age Deduction Calculator, Spouse Tax Adjustment Calculator or Tax Calculator to help you with your taxes.

    Email Updates - Sign up and stay informed. By subscribing, you will periodically receive automatic email notifications regarding legislative changes, filing reminders and other relevant information.

  • Health Insurance for Uninsured ChildrenDoes your child need health insurance?

    Call 1-866-873-2647, contact your local Department of Social Services, or visit www.FAMIS.org to learn if your children might qualify.

    Table of ContentsWhats New .....................................................................................................................................1 Reminders .......................................................................................................................................1 Filing Options, Forms and Assistance .............................................................................................3Do You Need to File a Virginia Income Tax Return? .......................................................................3When to File Your Return ................................................................................................................3Where to File ............................................................