Skip to main content

Legal

Tax & Accounting

Trade & Supply

Risk & Fraud

News & Media

Books

Developers

Screens

Screen VAAdjC — Virginia Modifications to Federal Taxable Income (1120)

Additions

Amounts transfer from
Taxes and licenses
 statement window on the federal
Inc screen
 and
Taxes
 on the federal
F-3 screen
. Amounts in the
Federal Amount
 column won’t be used on the Virginia return. Enter Virginia taxable amount in the
State Amount
 column of the statement window.
Tax-exempt interest and expenses attributable to tax-exempt interest transfer to this statement window from the federal return. To include tax exempt interest and expenses in the return, enter adjustments in the
State Amount
 column of the statement window.
Enter a code to determine the calculation of the savings and loan association’s bad debt deduction on Page 2 of Form 500 and Page 1 of Form 500ADJ. The codes are listed in the dropdown list and in the table that follows.
Code
Description
Calculation
1
Percent of income method
Amount on Form 500, Page 2, line 5 is multiplied by 40 percent and entered on line 6 of the form.
2
Percent of loans or experience method
Amount entered in the
Savings and loan association’s federal bad debt deduction
 field transfers to Form 500, Page 2, line 6 and Form 500ADJ, Section A, line 6.
The amount entered here transfers to the
Other additions
 line on Form 500ADJ, Page 1, Section A as a Code 13 adjustment. In addition, if the
Percent of loans or experience method
 is selected as the method to calculate the federal bad debt deduction, this amount also transfers to Form 500, Page 2 as the Virginia savings and loan association’s bad debt deduction.

Subtractions

Amounts in this statement transfer from
US obligation interest
 in the federal
Inc screen
 and the
K1 screen
. To exclude an item from the state return, delete the amount or the entire line item from the statement. The application displays the modified column in black and won't replace the new data with subsequent federal-to-state data transfers.
The application transfers amounts from the
State tax refunds
 statement on the federal
Inc screen
 and
H screen
. The application assumes these amounts are not deductible in Virginia. Enter adjustments to state tax refunds in the
State Amount
 column of the statement.
Amounts in this statement transfer from Form 1120, Page 2, Schedule C. To exclude an item from the state return, delete the amount or the entire line item from the statement. The application displays the modified column in black and won't replace the new data with subsequent federal-to-state data transfers.
Chat now

error-icon

Triva isn't available right now.

Check out the support page for our phone number and hours

error-close