John Heaton (jheaton) wrote,
John Heaton
jheaton

  • Music:

Ten random things: March 23

Ten kinds of income that may be subtracted from your Federal Adjusted Gross Income for purposes of calculating your Virginia Taxable Income:

  1. Unemployment compensation benefits
  2. Gains recognized on the sale or transfer of a Land Preservation Tax Credit
  3. Distribution of benefits or a refund from the Virginia College Savings Plan
  4. Death benefit payments received from an annuity contract that are subject to federal income taxation, for taxable years beginning on or after January 1, 2007
  5. Retirement plan income previously taxed by another state
  6. Military death gratuity payments made after September 11, 2001 to survivors of military personnel killed in the line of duty
  7. Military pay and allowances attributable to active duty service in a combat zone or a qualified hazardous duty area
  8. Indemnification payments received by qualified contract poultry growers and table egg producers as a result of the depopulation of poultry flocks because of avian influenza in 2002
  9. Operation Joint Endeavor combat pay
  10. Military retirement income received by Congressional Medal of Honor recipients

The first item on this list is, to my way of thinking, the most important. When I sat down this afternoon to do my taxes, I was aghast to find no state taxes had been deducted from my unemployment compensation. I was sure I'd end up owing the Commonwealth of Virginia hundreds of dollars, which would suck. But then I decided to look into the possibility that they had not withheld any taxes because I didn't owe any taxes on that income. A quick search of the 2009 Virginia 760 Resident Individual Income Tax Booklet revealed I could indeed subtract that income from my Federal Adjusted Gross Income. So instead of sending a wad of cash to Richmond, they'll be sending me a wad. The system works!

Incidentally, Operation Joint Endeavor was the codename assigned to the NATO force sent to Bosnia and Herzegovina to implement the Dayton Peace Accords. It's nice that Virginia doesn't tax that income, but considering that Operation Joint Endeavor ended in 1996, I have to wonder who exactly stands to benefit from this particular bit of largess. I'm also left to wonder why combat pay from Operations Joint Guard and Joint Forge, which replaced Operation Joint Endeavor, is not similarly exempt from taxation. It's a mystery.

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