Interest on US Government Obligations
You can enter the amount of any income from obligations of the U.S. that are included in your federal AGI, but are exempt from Virginia state tax.
Disability Income Exclusion
You may enter the amount of disability income reported as wages on your federal return for permanent and total disability. Individuals can claim a deduction of up to $20,000. If filing jointly, each spouse can qualify for the deduction.
Note: A taxpayer may not claim an age deduction on Form 760 and a subtraction for disability income. Claim the subtraction that benefits the taxpayer the most. For married taxpayers filing a joint return, each taxpayer may claim if applicable, an age deduction or a subtraction for disability income.
Fixed Date Conformity Adjustment for Special Depreciation
- Bonus Depreciation:
According to the instructions for Form 760, "If you claimed a federal depreciation deduction and one or more of the depreciable assets received the special 30% or 50% bonus depreciation deduction under IRC § 168(k) in any taxable year from 2001 through 2022, or the bonus depreciation under IRC §§ 168(l), 168(m), 1400L, or 1400N, then depreciation must be recomputed for Virginia purposes as if the assets did not receive such bonus depreciation. If your total 2022 VA depreciation calculation is more than your 2022 federal depreciation calculation, then the difference must be recognized as a subtraction."
- Other Fixed Date Conformity Subtractions: If you are required to make any Other Fixed Date Conformity subtractions, enter the total amount of such subtractions. Also, enclose a schedule ADJ and explanation of such subtractions.
Other Subtractions: See Other Subtractions Article for details.
Program Entry
To enter any of the above subtractions within your account, follow the steps below:
- State Section
- Edit
- Subtractions from Income