Schedule 1: Separate Entity Filer—WV Corporations Wholly in West Virginia (2024)
West Virginia · WV Tax Division · Used for tax years 2024
Schedule 1 calculates the 2024 West Virginia corporate net income tax for separate entity filers that are West Virginia corporations wholly in the state. It reports federal taxable income, West Virginia adjustments, net operating loss carryforward, other taxable income, and tax c
Who files this form
The 2024 Schedule 1 for Form CIT-120 is for separate entity filers that are West Virginia corporations wholly in West Virginia.
What you'll need
The schedule calls for your corporation name and FEIN and references these documents:
- Federal return: Line 1 uses federal taxable income from the attached federal return.
- Schedule B: Lines 2 and 3 use the increasing adjustments from line 12 and decreasing adjustments from line 25.
- Schedule NOL: Line 5 uses the net operating loss carryforward from the Column 7 total.
- Form CIT-120TC: Line 11 uses corporate net income tax credits from the Total Credit Line, Column 2.
Questions people ask
How do I calculate West Virginia adjusted taxable income?
Add federal taxable income on line 1 to increasing adjustments on line 2, then subtract decreasing adjustments on line 3. Enter the result on line 4.
How do I calculate West Virginia net taxable income?
Subtract the net operating loss carryforward on line 5 from line 4 to get line 6. Then add REIT inclusion and other taxable income on line 7 to line 6. Enter the result on line 8.
What tax rate does the 2024 schedule use?
Line 9 shows a rate of .065, or 6.5%. Multiply line 8 by that rate to calculate corporate net income tax on line 10.
Where does the final amount go?
Subtract the tax credits on line 11 from the tax on line 10. Enter the result on line 12 as adjusted corporate net income tax, then enter it on Form CIT-120, page 2, line 9.