#Code of va. 58.1 322 code#
Income included in the FAGI of a Virginia resident is subject to taxation by Virginia, unless it is specifically exempt as a Virginia modification pursuant to Virginia Code § 58.1-322.01 through Virginia Code § 58.1-322.04. For individual income tax purposes, Virginia “conforms” to federal law, in that it starts the computation of Virginia taxable income with federal adjusted gross income (FAGI). Virginia Code § 58.1-301 provides that terminology and references used in Title 58.1 of the Code of Virginia will have the same meaning as provided in the Internal Revenue Code (IRC) unless a different meaning is clearly required. The Taxpayers filed an appeal, contending they received retirement income from the husband’s federal employment for approximately 21 years and claimed the subtraction in accordance with tax preparation software. Under audit, the Department denied the subtraction and issued assessments for additional tax and interest. The Taxpayers, a husband and wife, filed a Virginia resident individual income tax return and claimed a subtraction for pension contributions previously taxed by another state.
This will respond to your letter in which you seek correction of the individual income tax assessment issued to ***** (the “Taxpayers”) for the taxable year ended December 31, 2015.
Re: § 58.1-1821 Application: Individual Income Tax
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