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Screen VAAdjC — Virginia Modifications to Federal Taxable Income (1120)
Show all hidden content
Additions
Net income taxes and other taxes based on net income
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.Interest on state obligations other than Virginia
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.Method used to compute federal deduction for bad debts
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. |
Savings and loan association’s federal bad debt deduction
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
Income from obligations of U.S. exempt from state but not federal income taxes
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. Refund or credit of income taxes
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.Foreign source income
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.