Forms & instructions - State of West Virginia

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L L I I N 4 N 5 E E Add lines 2 and 3 in each column and enter the result on line 4. Add lines 7 and 8 from the previous column and enter the result in each column. Section B. If there is an underpayment shown in any other column on line 8, complete lines 10 and 12 in a similar fashion. L I N 10 E Enter in column (a) the total number of days from April 15, 2012 to the date of the first payment. If no payments enter 365. L L L I I I N 6 N 7 N E E E Subtract line 5 from line 4 in each column and enter the result on line 6. If line 5 is equal to or more than line 4 in any column, enter zero on line 6 in that column. Subtract line 4 from line 5 for any column where line 5 is more than line 4; otherwise, enter zero. Subtract line 6 from line 1 for any column where line 1 is more 8 than line 6; otherwise, enter zero. If line 8 is zero for all payment periods, you do not owe a penalty. However, if you checked any box in PART I, you must file Form IT-210 with your return. L I N 9 E Subtract line 1 from line 6 for any column for which line 6 is more than line 1; otherwise, enter zero. Be sure to enter the amount from line 9 on line 3 of the next column. Section B – Compute Your Penalty CAUTION: Read the following instructions before completing Section B. Compute the penalty by applying the appropriate rate against each underpayment on line 8. The penalty is computed for the number of days that the underpayment remains unpaid. The rates are established twice during each calendar year, on January 1 and July 1. If an underpayment remains unpaid for more than one rate period, the penalty for that underpayment may be computed using more than one rate. The annual rate is nine and one-half percent (9.5%) for 2012 and will require only one rate for all underpayments. Use line 10 to compute the number of days the underpayment remains unpaid. Use line 12 to compute the actual penalty amount by applying the proper rate to the underpayment for the number of days it was unpaid. Each payment must be applied to the oldest outstanding underpayment. It does not matter if you designate a payment for a later period. For example, if you have an underpayment for April 15 installment period, the payment you make June 15 will first be applied to pay off the April 15 underpayment; any remaining portion of the payment will be applied to the June 15 installment. Also, apply the following rules: 1. Show the West Virginia withholding tax attributable to each installment due date; do not list the withholding attributable on or after January 1, 2013. 2. Any balance due paid on or before April 15, 2013 with your personal income tax return is considered a payment and should be listed on line 2, column (d). For the payment date, use the date you file your return, or April 15, 2013, which ever is earlier. Chart of Total Days Per Rate Period Rate Period Line 10 (a) 365 (b) 303 (c) 212 (d) 90 For example, if you have an underpayment on line 8, column (a), you would enter 365 in column (a) of line 10. The following line-by-line instructions apply only to column (a) of 30 — 2012 West Virginia Personal Income Tax L I N E The daily penalty rate is equal to the annual interest rate applied 11 to tax underpayments divided by 365. The annual interest rate for underpayments is nine and one-half percent (9.5%) for 2012, resulting in a daily rate of .000260. L I N E Make the computation requested and enter the result. Note 12 that the computation calls for the “underpayment on line 8”. The amount to use as the “underpayment” depends on whether or not a payment is listed. If there is a payment – if the payment is more than the underpayment, apply only an amount equal to the underpayment and apply the remainder to the tax due for the next quarter. If the payment is less than your underpayment, the penalty for the remaining underpayment will require a separate computation. Use a separate sheet of paper to show any additional computations. If there are no payments – the “underpayment” is the entire amount shown on line 8. The following conditions determine if additional computations are needed for Column (a): 1. The first payment was enough to reduce the underpayment to zero. There are no further computations for column (a): 2. No payments. Only one computation is needed. The penalty for column (a) is line 8 multiplied by the number of days in the chart on this page multiplied by line 11. 3. The payment did not reduce the underpayment to zero. Compute the penalty on the remaining underpayment on a separate sheet of paper. If additional payments apply, reduce the underpayment for each installment and compute the penalty on the remainder of tax due until paid or April 15, 2013, whichever is earlier. Enter the total penalty calculation on line 12 and proceed to the next column. Columns (b) through (d) To complete columns (b) through (d), use the same procedures as for column (a). However, apply only those payments in each column which have not been used in a previous column. L I N 13 E Add all figures from line 12. Enter the sum on line 13 and on the appropriate PENALTY DUE line of your personal income tax return.
S e n i o r C i t i z e n s R e f u n d a b l e C r e d i t I n f o r m a t i o n If you recently received a WV/SCTC-1 in the mail from the West Virginia State Tax Department for the Homestead Exemption program administered at the county level, you may be entitled to claim a refundable state income tax credit. The credit is based on the amount of ad valorem property taxes paid on the first $20,000, or portion thereof, of the taxable assessed value over the $20,000 Homestead Exemption. Persons who pay the federal alternative minimum tax are not eligible to claim this credit. The refundable income tax credit eligibility is restricted to those who participate in the Homestead Exemption Program through the County Assessor’s office and meet the following criteria: 1. You must owe and pay a property tax liability on the homestead exemption eligible home (i.e. the assessed value of the eligible home must be greater than $20,000 prior to the application of the homestead exemption) and; 2. Your Federal Adjusted Gross Income must meet the low-income test. FEDERAL ADJUSTED GROSS INCOME means the income reported on your federal tax return (e.g., Form 1040, 1040A, or 1040EZ). If you were NOT required to file a federal tax return, complete the following income worksheet to determine your income for the year. Do not include social security benefits. INCOME WORKSHEET A. Wages, salaries, tips received............................................................................................................................................... A.______________________________ B. Interest and dividend income............................................................................................................................................. B.______________________________ C. Alimony received................................................................................................................................................................. C.______________________________ D. Taxable pensions and annuities........................................................................................................................................... D.______________________________ E. Unemployment compensation............................................................................................................................................. E.______________________________ F. Other income (include capital gains, gambling winnings, farm income, etc.)...................................................................... F.______________________________ G. Add lines A through F........................................................................................................................................................ G.______________________________ H. Adjustments to income (i.e. alimony paid, IRA, etc.)......................................................................................................... H.______________________________ I. Line G minus line H (calculated Federal Adjusted Gross Income)..................................................................................... I.______________________________ Compare the amount of your Federal Adjusted Gross Income or the calculated Federal Adjusted Gross Income (line I above) to the number of people in your household listed on the table below to determine if you meet the low-income test. If your income is equal to or less than the amounts shown below, you may be allowed to claim the credit. Enter the number of people in your household and your income amount in the spaces indicated on the WV/SCTC-1 # of People in Household 150% of Poverty Guidelines # of People in Household 150% of Poverty Guidelines 1 $16,755 3 $28,635 2 $22,695 4 $34,575 ** For each additional Person, add $5,940 If you meet all of the required criteria as listed above, you may claim this refundable credit by completing the West Virginia income tax return (Form IT-140). INSTRUCTIONS If you are entitled to claim the refundable Senior Citizen Tax Credit, you must file the West Virginia tax return to receive your refund. 1. Complete the top half portion of the West Virginia IT-140 (page 5 or 11). 2. Enter the credit amount from your SCTC-1 on lines 13, 17, 19, 21, 23, 26 and 30 of the IT-140 (page 6 or 12). 3. Sign and date your return and enclose Form SCTC-1. 4. Mail to the address for “Refund” shown beneath the signature lines (page 6 or 12). 2012 West Virginia Personal Income Tax —31
Page 1 and 2: West Virginia Personal Income Tax F
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Page 5 and 6: IT-140 REV 10-12 W West Virginia Pe
Page 7 and 8: IT-140W REV. 10-12 W West Virginia
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Page 17 and 18: performed in West Virginia if all t
Page 19 and 20: The American Jobs Creation Act This
Page 21 and 22: L L I N 23 I N E E INCOME TAX OVERP
Page 23 and 24: Department may request documentatio
Page 25 and 26: Business Conducted Within and Witho
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Page 29: L I N E West Virginia MODIFICATIONS
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Page 45 and 46: IT-140NRS REV. 9-12 W West Virginia
Page 47 and 48: SCHEDULE L (Form IT-140) W Applicat
Page 49 and 50: IT-210 REV. 3-12 PRIMARY LAST NAME
Page 51 and 52: I n d e x A Amended Return 15, 19 A

Forms & instructions - State of West Virginia

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