What Is Form 760 Virginia Individual Income Tax Return
The Virginia Resident Form 760 Individual Income Tax Return is the foundational document residents of the Commonwealth of Virginia use to report their annual income tax. The form is designed to collect taxpayers' financial details for the relevant tax year, enabling the Virginia Department of Taxation to assess tax liability accurately, ensure correct tax payments, and process any refunds due to the taxpayer.
When to Use Virginia Income Tax Return Form 760
Residents of Virginia must file Form 760 when they:
- Have earned income in Virginia during the tax year.
- Have a certain gross income exceeding Virginia's filing threshold.
- Need to claim tax credits or adjustments that are specific to the state of Virginia.
Understanding when to file this form is essential to comply with state tax laws and avoid potential penalties.
How To Fill Out Virginia Resident Form 760 Individual Income Tax Return
Virginia Income Tax Return Form 760 for the year 2021 is a document that residents of Virginia use to file their state income tax.
Personal Details:
Fill in your first and middle initial and last names. Include your Social Security Number and, if you're filing jointly, your spouse's first name, middle initial, last name, and Social Security Number.
Address:
Enter your address, including the city, state, and ZIP code. If this is a change from last year, indicate so.
Birth Dates and Deceased Indication:
Fill out the birth dates for you and your spouse. Mark any applicable ovals if you or your spouse passed away during the tax year.
Customer ID and Driver’s License Information:
Enter your Customer ID and Virginia Driver’s License information, including the issue date.
Filing Status:
Indicate your filing status by entering the number corresponding to your situation (1 for single, 2 for married filing jointly, 3 for married filing separately).
Adjusted Gross Income:
Start with your federal adjusted gross income.
Additions and Subtractions:
Add any income not reported on your federal return and subtract qualifying deductions as instructed, using Schedule ADJ if required.
Age Deduction:
Calculate any age deduction you're eligible for, ensuring you've provided your date of birth.
Virginia Taxable Income:
Subtract your deductions and exemptions from your Virginia Adjusted Gross Income to determine your Virginia Taxable Income.
Tax Calculation:
Compute the amount of tax due based on the Virginia Tax Table or Tax Rate Schedule.
Spouse Tax Adjustment:
Calculate the Spouse Tax Adjustment and subtract it from your tax amount if filing jointly.
Tax Payments:
Enter any Virginia income tax withheld, estimated tax payments made, overpayments from the previous year applied to this year, and payments with any extension filed.
Credits:
Claim any applicable credits for low-income individuals, taxes paid to another state, other tax credits from Schedule CR, and voluntary contributions.
Consumer’s Use Tax:
Include any applicable Consumer’s Use Tax for internet or out-of-state purchases, indicating with an oval if none is due.
Calculating Tax Due or Refund:
Determine if you owe additional tax or have an overpayment by comparing the total tax calculated with the total payments and credits.
Direct Deposit:
If you're due a refund and wish to have it directly deposited, provide your bank's routing number your account number, and indicate whether it's a checking or savings account.
Signature:
Sign and date the return. If filing jointly, have your spouse also sign and date.
Related Content - Virginia Income Tax Return Form 760 (2021)
