IT-140 Schedule M: Modifications to Adjusted Gross Income (2024)
West Virginia · WV Tax Division · Used for tax years 2024
West Virginia Schedule M accompanies Form IT-140 and reports modifications that increase or decrease federal adjusted gross income for 2024. It calculates total additions and subtractions to enter on Form IT-140.
Who files this form
Schedule M reports adjustments that increase or decrease federal adjusted gross income on the 2024 West Virginia Form IT-140.
The form lists adjustments for certain retirement benefits, military pay, government-obligation income, savings program contributions and withdrawals, and other specified income. The supplied text does not give a separate rule stating who must file this schedule.
What you'll need
The form requires these attachments for the listed adjustments:
- Active Military Separation, line 37: Enclose military orders and discharge papers.
- West Virginia Prepaid Tuition/Savings Plan Trust Funds contributions, line 39: Include the annual statement.
- ABLE Act, line 44: Include the annual statement.
- West Virginia Jumpstart Savings Program deposits, line 45: Include the annual statement.
Common mistakes
- Do not enter negative amounts in the section for adjustments that increase federal adjusted gross income.
- Do not use the intentionally blank lines unless directed.
- For certain active duty military pay, the form says to complete Part II of Schedule A instead of line 36 if you are not domiciled in West Virginia.
- Do not include PERS benefits on line 31, which covers specified West Virginia police, deputy sheriffs’ and firemen’s retirement benefits.
- Do not claim gambling losses on line 48 that exceed your gambling winnings.
- Do not omit the military papers or annual statements required for the applicable adjustments.
Questions people ask
Where do I put the total subtractions?
Add lines 29 through 50 separately for Column A (you) and Column B (spouse), and enter each total on line 51. Add the two column totals on line 52, then enter that amount on line 3 of Form IT-140.
Where do I put the total additions?
Add lines 53 through 60 and enter the total on line 61. Also enter that amount on line 2 of Form IT-140.
Is there a limit on the Other Retirement Modification on line 33?
Yes. Add lines 33(a) and 33(b). If the sum is greater than $2,000, enter $2,000.
How much can I enter for Jumpstart Savings Program deposits?
Line 45 lists West Virginia Jumpstart Savings Program deposits, not to exceed $25,000. You must include the annual statement.
Where are savings program withdrawals not used for qualifying expenses reported?
The form lists these in the section for adjustments that increase federal adjusted gross income: West Virginia Prepaid Tuition/Savings Plan Trust Funds withdrawals on line 58, ABLE Act withdrawals on line 59, and West Virginia Jumpstart Savings Program withdrawals on line 60.