RitaB Posted March 26, 2021 Report Share Posted March 26, 2021 Line 5 Instructions - Social Security Act and Equivalent Tier 1 Railroad Retirement Act Benefits Enter Social Security and equivalent Tier 1 Railroad Retirement Act benefits reported as taxable income on your federal return and attributable to your period of residence in Virginia. My client moved to VA on 11/20/20. Filing Status 2. SS Benefits 33,686. Taxable SS Benefits 28,633 On Line 5 A, I'll enter the quotient of 28,633 and 12 = 2,386, correct? It's strange to me that Line 10, VA Adjust Gross Income turns out to be negative for these folks, but I see that I'm subtracting the Qualifying Age Deduction twice, so ok. Quote Link to comment Share on other sites More sharing options...
Possi Posted March 26, 2021 Report Share Posted March 26, 2021 Yes, so it will come off their income. Quote Link to comment Share on other sites More sharing options...
RitaB Posted March 26, 2021 Author Report Share Posted March 26, 2021 1 hour ago, Possi said: Yes, so it will come off their income. ATX put 28,633 which REALLY got it down there. No warning that I might need to adjust since they are part year residents. Would Taxwise warn you? Or make the adjustment? I know it's ultimately on me, but things like this are kinda why I gave up pencils and the carbon paper. 1 Quote Link to comment Share on other sites More sharing options...
TAXMAN Posted March 26, 2021 Report Share Posted March 26, 2021 Just be sure you complete the income and adjustments section of the PY. Software does a good job at getting numbers right. Quote Link to comment Share on other sites More sharing options...
Pacun Posted March 26, 2021 Report Share Posted March 26, 2021 36 minutes ago, TAXMAN said: Just be sure you complete the income and adjustments section of the PY. Software does a good job at getting numbers right. For the unemployment, it is not doing a good job. Rita, I think you have to devide all income by 12 and use that amount (on month) as income received while a Virginia resident. Then pay attention to any subtraction for unemployment. That amount should be 100% of that 1/12 and no more than that. 1 Quote Link to comment Share on other sites More sharing options...
RitaB Posted March 26, 2021 Author Report Share Posted March 26, 2021 1 hour ago, TAXMAN said: Just be sure you complete the income and adjustments section of the PY. Software does a good job at getting numbers right. Yes, I completed Form 1 correctly, just caught that I needed to adjust Page 1, Line 5 when Line 10 was -30,000 ish. 1 Quote Link to comment Share on other sites More sharing options...
RitaB Posted March 26, 2021 Author Report Share Posted March 26, 2021 25 minutes ago, RitaB said: Yes, I completed Form 1 correctly, just caught that I needed to adjust Page 1, Line 5 when Line 10 was -30,000 ish. "Yes, I completed Virginia Schedule of Income, Page 1 correctly..." is what I should have said. 1 Quote Link to comment Share on other sites More sharing options...
Possi Posted March 26, 2021 Report Share Posted March 26, 2021 3 hours ago, RitaB said: ATX put 28,633 which REALLY got it down there. No warning that I might need to adjust since they are part year residents. Would Taxwise warn you? Or make the adjustment? I know it's ultimately on me, but things like this are kinda why I gave up pencils and the carbon paper. No, no warnings at all. I had to know ahead of time, and I had to figure out the adjustment. Quote Link to comment Share on other sites More sharing options...
RitaB Posted March 26, 2021 Author Report Share Posted March 26, 2021 31 minutes ago, Possi said: No, no warnings at all. I had to know ahead of time, and I had to figure out the adjustment. I guess that’s why they pay us the big bucks. I do realize all I had to do was read. 2 1 Quote Link to comment Share on other sites More sharing options...
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