Individuals may claim a credit equal to 15% of the amount paid
by the individual during the taxable year in eligible long-term care insurance
premiums for long-term care insurance coverage for himself, but
the total credits for any policy may not exceed 15% of the amount
of premiums paid for the first 12 months of coverage. Any unused
credit may be carried forward for the next five taxable years. In
order to determine the amount of eligible premiums that may be used as a
basis for this credit, the individual must subtract any amount actually
included as a deduction on Line 4 of Schedule A of the individual's
federal income tax return. In addition, the individual may not claim
this credit to the extent the same premiums have been used to
claim the Virginia deduction for long-term health care premiums. It
may be possible, however, for an individual to claim this credit and
the Virginia deduction in the same year. Please see the example
This credit is based on the amount paid during the taxable year,
even if the months covered by the policy extend into the following
taxable year. For example, if an individual purchased a policy on
July 1 and paid for 12 months, he would base his credit on the entire
payment, even though only six months of the coverage period would
fall in the taxable year in which he claimed the credit. If however,
the individual made payments on a monthly basis, he would claim
a credit in the current taxable year for 6 months of premiums and
a credit in the second year for the next six months of premiums
in order to reach the allowed total of 12 months. In that case, the
individual could also claim a deduction in the second year for the
6 months of premiums that were not used as a basis for the credit.
For more information, contact:
Virginia Department of Taxation
Tax Credit Unit
P.O. Box 715
Richmond, VA 23218-0715
or call 804-786-2992
The Political Contribution Credit establishes a tax credit for individuals who make contributions to candidates for state or local political office equal to 50 percent of the amount of the contribution, subject to a $25 limit for individuals and a $50 limit for married taxpayers filing jointly.
- Enter any estimated tax payments you made for 2012.
- Enter any amounts credited from your 2011 return.
- Enter any amount prepaid with extension requests.
Do NOT enter any amount of your 2012 Virginia Income Tax withheld by your employer(s) as shown on any wage or tax statements.
The credit for low income may NOT be claimed if you, your spouse, or any dependents claimed on your return or on your spouse's return claim any of the following:
- Age deduction
- Exemption for taxpayers who are blind or age 65 and over
- Virginia National Guard subtraction
- Basic Military pay subtraction
- Federal & State employee subtraction for earnings of $15,000 or less
- You are claimed as a dependent on another taxpayer's return.
Contributions will be used by eligible public school foundations established for the express purpose of implementing a public/private partnership to fund public school improvement projects approved by the local school board.
If your Virginia adjusted gross income is less than $11,950 ($23,900 if married), then your Virginia tax is automatically zero if you were a full-year resident of Virginia last year. You do not need to file a Virginia return unless you have a refund. If you have any Virginia tax withheld from your wages or any credits that will give you a Virginia refund, you need to file a Virginia return to get your refund.