Schedule 1: Separate Entity Filer—WV Corporations Wholly in West Virginia (2025)
West Virginia · WV Tax Division · Used for tax years 2025
Schedule 1 of Form CIT-120 W is for separate entity filers that are West Virginia corporations wholly in West Virginia. It calculates West Virginia net taxable income and adjusted corporate net income tax using federal taxable income, state adjustments, net operating loss carryfo
Who files this form
The 2025 Schedule 1 of 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: Attach it and use its federal taxable income on line 1.
- Schedule B: Use line 12 for increasing adjustments and line 24 for decreasing adjustments.
- Schedule NOL: Use the Column 7 total for the net operating loss carryforward.
- Form CIT-120TC: Use the Total Credit Line, Column 2, for corporate net income tax credits.
Questions people ask
How do I calculate West Virginia adjusted taxable income?
On line 4, add federal taxable income from line 1 to increasing adjustments from line 2, then subtract decreasing adjustments from line 3.
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 from line 7 to get line 8.
What tax rate is printed on the 2025 schedule?
Line 9 shows .065, or 6.5%. Multiply line 8 by that rate to calculate corporate net income tax on line 10.
Where do I put the final amount?
Subtract the tax credits on line 11 from the tax on line 10. Enter the result on Schedule 1, line 12, and on Form CIT-120, page 2, line 9.