![]() This addition must be reported on Line 2b of Virginia Schedule ADJ, Schedule 760PY ADJ or Schedule 763 ADJ using addition code “99”. As a result, taxpayers claiming a medical expenses deduction will be required to report an addition on the Virginia return that is equal to the difference between the amount of the medical expenses deduction reported on their federal income tax return and the amount computed using a deduction floor equal to 10% of federal adjusted gross income. "While Virginia will continue to allow the federal itemized deduction for medical expenses, Virginia will not conform to the TCJA provision that temporarily increases the medical expenses deduction. ![]() ![]() Per the VA 2017 Medical Expense Worksheet: Most individuals think of hospital, doctor. Any medical costs that exceed the 10 floor are eligible for the medical expense deduction on Schedule A of itemized deductions. Virginia requires that the difference between the federal medical expense deduction amount and the VA medical expense deduction amount be added back on the VA Schedule ADJ, line 2B with a code 99. NOTE: The percentage was lowered in 20 to 7.5, but went back to 10 in 2019 making it slightly harder to use the medical deduction. Section 11027 of the Tax Cuts and Jobs Act temporarily lowered the deduction floor to 7.5% of federal AGI while Virginia decided not to conform to federal guidelines and only allows for a 10% deduction floor. What Your Itemized Deductions On Schedule A Will Look Like After Tax Reform With all of the focus on new tax rates after Congress green-lighted tax reform, it's easy to forget that some of the. Expenses deductible as unreimbursed medical expenses are amounts paid for the diagnosis, cure, mitigation, treatment, or prevention of disease, or for the purpose of. ![]() This amount is being calculated on the VAWK_MED and carried to the VA Schedule ADJ, line 2B, code 99 due to Virginia decoupling from federal guidelines for medical expense deductions. Where is the amount on the VA Schedule ADJ, line 2B, code 99 coming from on this individual return? ![]()
0 Comments
Leave a Reply. |