VA TAX NEWS - CHANGES TO INDIVIDUAL INCOME TAX RETURNS

11 Feb 2015 12:20 PM | Anonymous
  • A new Schedule VAC was created to allow taxpayers to contribute all or part of their income tax refunds to one or more of their Virginia529SM accounts. Virginia529SM is a college savings plan that offers tax-advantaged savings for qualified higher education expenses. Programs include Virginia529 prePAIDSM, Virginia529 inVESTSM, CollegeAmerica┬«, and CollegeWealth┬«. Other Voluntary Contributions, which were previously reported on the Schedule ADJ, have been moved to the Schedule VAC

  • The field for political contribution credit has been moved from the Schedule CR to the tax return.

  • Did you purchase merchandise by Internet, telephone or mail, or outside Virginia without being charged sales tax? If so, you may owe Consumer's Use Tax on those purchases. Use the new Consumer's Use Tax line in the return to report any amount you may owe. 
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