![]() Foster Care Costsįoster parents in Virginia can deduct $1,000 for each child residing in their home under permanent foster care. ![]() Up to $3,000 can be deducted for one dependent, and up to $6,000 for two dependents. Those who are eligible to claim a credit for child and dependent care on their federal return can also claim it on their Virginia state tax return. You can claim most of the same itemized federal deductions on your Virginia return. Itemized DeductionsĪ taxpayer that itemizes deductions on their federal tax return must also itemize them on their Virginia return. If you claim the standard deduction on your federal tax return you must also claim it on your Virginia return. The 2021 standard deduction allows taxpayers to reduce their taxable income by $4,500 for single filers and $9,000 for married filing jointly filers. The state of Virginia offers a standard and itemized deduction for taxpayers. Income Tax Deductions for Virginia Standard Deduction Here is a list of our partners who offer products that we have affiliate links for.ģ% of your income amount over $3,000 + $60ĥ% of your income amount over $5,000 + $120ĥ.75% of your income amount over $17,000 + $720 While we work hard to provide accurate and up to date information that we think you will find relevant, Forbes Advisor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impact any of the editorial content on Forbes Advisor. Second, we also include links to advertisers' offers in some of our articles these “affiliate links” may generate income for our site when you click on them. This site does not include all companies or products available within the market. The compensation we receive for those placements affects how and where advertisers' offers appear on the site. First, we provide paid placements to advertisers to present their offers. ![]() This compensation comes from two main sources. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. ![]() The Forbes Advisor editorial team is independent and objective. ![]()
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