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West Virginia Schedule FTC1 Family Tax Credit Schedule
Extracted from PDF file 2023-west-virginia-form-it140-schedule-ftc1.pdf, last modified December 1969Schedule FTC1 Family Tax Credit Schedule
2023 Schedule FTC-1 B Form IT-140 A Family Tax Credit is available to certain individuals or families that may reduce or eliminate their West Virginia personal income tax. You may be entitled to this credit if you meet certain income limitations and family size. Individuals who file their income tax return with zero exemptions cannot claim the credit. Persons who pay the federal alternative minimum tax are not eligible to claim this credit. In order to determine if you are eligible for this credit, complete the schedule below and attach to Form IT-140. If filing status is married filing separate use Family Tax Credit Table 2. If this schedule is not enclosed with Form IT-140, the credit will be disallowed. FAMILY TAX CREDIT 1. Federal Adjusted Gross Income (enter the amount from line 1 of Form IT-140)................................................. 1 .00 2. Increasing West Virginia modifications (enter the amount from line 2 of Form IT-140)....................................... 2 .00 3. Tax-exempt interest reported on federal tax return (enter the amount shown on Federal Form 1040 that is not already included on line 2 of Form IT-140).......................................................................................................... 3 .00 4. Add lines 1 through 3. This is your Modified Federal Adjusted Gross Income for the Family Tax Credit............ 4 .00 5. Enter the number of exemptions claimed from Form IT-140, sum of boxes a, b, and c (This is your Family Size for the Family Tax Credit)............................................................................................................................ 5 6. Enter the Family Tax Credit Percentage for your family size AND Modified Federal Adjusted Gross Income level from the tables on page 12. If the exemptions on line 5 are greater than 8, use the table for a family size of 8 6 7. Enter your income tax due from line 8 of Form IT-140........................................................................................ 7 .00 8. Multiply the amount on line 7 by the percentage shown on line 6 This is your Family Tax Credit. Enter this amount on line 2 of Form IT-140 RECAP ..................................... 8 .00 *P40202310A* P –11– 4 0 2 0 2 3 1 0 A
Form IT140 Schedule FTC1
More about the West Virginia Form IT140 Schedule FTC1 Individual Income Tax Tax Credit TY 2023
A Family Tax Credit is available to certain individuals or families that may reduce or eliminate their West Virginia personal income tax. You may be entitled to this credit if you meet certain income limitations and family size. Individuals who file their income tax return with zero exemptions cannot claim the credit. Persons who pay the federal alternative minimum tax are not eligible to claim this credit. In order to determine if you are eligible for this credit, complete the schedule below and attach to Form IT-140.
We last updated the Schedule FTC1 Family Tax Credit Schedule in February 2024, so this is the latest version of Form IT140 Schedule FTC1, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form IT140 Schedule FTC1 directly from TaxFormFinder. You can print other West Virginia tax forms here.
Related West Virginia Individual Income Tax Forms:
TaxFormFinder has an additional 75 West Virginia income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the West Virginia Form IT140 Schedule FTC1.
| Form Code | Form Name |
|---|---|
| Form IT140 Schedule HEPTC1 | Schedule HEPTC1 Homestead Excess Property Tax Credit |
| Form IT140 Schedule A | Schedule of Income for Non- or Part-Year-Residents |
| Form IT140 Schedule UT | Schedule UT Purchaser's Use Tax Schedule |
| Form IT140 Schedule F | Statement of Claimant to Refund Due Deceased Taxpayer |
View all 76 West Virginia Income Tax Forms
Form Sources:
West Virginia usually releases forms for the current tax year between January and April. We last updated West Virginia Form IT140 Schedule FTC1 from the Department of Revenue in February 2024.
Form IT140 Schedule FTC1 is a West Virginia Individual Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.
About the Individual Income Tax
The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.
Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!
Historical Past-Year Versions of West Virginia Form IT140 Schedule FTC1
We have a total of ten past-year versions of Form IT140 Schedule FTC1 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2013 Form IT140 Schedule FTC1
IT-140-Schd-FTC1
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