Schedule 760PY ADJ: Schedule of Adjustments for Part-Year Residents (2024)
Virginia · Virginia Tax · Used for tax years 2024
Virginia Schedule 760PY ADJ is the 2024 adjustment schedule for part-year residents filing Form 760PY. It reports additions, subtractions and deductions, calculates the tax credit for low-income individuals or Virginia earned income credit, and reports additions to tax, penalties
Who files this form
Virginia Schedule 760PY ADJ is the 2024 schedule of adjustments for part-year residents. It provides lines for reporting additions, subtractions, deductions, the tax credit for low-income individuals or Virginia Earned Income Credit, and additions to tax, penalties and interest with Form 760PY.
What you'll need
Have the following available for the parts of the schedule you complete:
- Your name and Social Security number, which are requested on both pages.
- Your federal return, for disability income reported as wages or payments in place of wages and any federal Earned Income Credit claimed.
- Form 760PY, for the exemptions and tax amounts used in the credit calculation and the lines where schedule totals are entered.
- Form 760PY instructions, for addition, subtraction and deduction codes, poverty guidelines and other referenced guidance.
- Family information for the credit calculation: names, Social Security numbers and Guideline Income for you, your spouse and each dependent. Enclose a separate schedule for additional dependents if you need more room.
- Schedule PY ADJS, if you are claiming more additions, subtractions or deductions than Schedule 760PY ADJ allows.
Common mistakes
- Claiming both the disability income subtraction and Age Deduction. The form says you cannot claim both. Claim the one that benefits you most.
- Leaving credit Lines 10–17 incomplete. The form warns that this may reduce or disallow the credit.
- Leaving additional dependents out of the credit totals. Include information from any enclosed dependent schedule in total Family Guideline Income on Line 10 and the exemption count on Line 11.
- Using the wrong column for a spouse’s disability subtraction. Enter it on Line 5b in Column B for Filing Status 4 or Column A for Filing Status 2.
- Not using an additional schedule when needed. If your additions, subtractions or deductions exceed the space available, use Schedule PY ADJS and check the box on page 1.
Questions people ask
Where do I enter my adjustment totals on Form 760PY?
Enter total additions from Schedule 760PY ADJ, Line 3, on Form 760PY, Line 2. Enter total subtractions from Line 7 on Form 760PY, Line 8, and total deductions from Line 9 on Form 760PY, Line 14.
What if I did not claim a federal Earned Income Credit?
Enter $0 on Line 14 of Schedule 760PY ADJ. If you are married filing separately, the form directs you to the instructions.
How is the credit amount on Line 17 determined?
Line 16 is the greater of Line 13, which is Line 12 multiplied by $300, or Line 15, which is 20% of the federal Earned Income Credit on Line 14. Compare Line 16 with the tax on Form 760PY, Line 18. Enter the smaller amount on Schedule 760PY ADJ, Line 17, and Form 760PY, Line 23.
Where do additions to tax, penalties and interest go?
Enter these amounts on Lines 18–20. Add them on Line 21, then enter that total on Form 760PY, Line 32.