TaxFormFinder
West Virginia Schedule HEPTC1 Homestead Excess Property Tax Credit
Extracted from PDF file 2023-west-virginia-form-it140-schedule-heptc1.pdf, last modified December 1969Schedule HEPTC1 Homestead Excess Property Tax Credit
Schedule HEPTC-1 Form IT-140 B 2023 HOMESTEAD EXCESS PROPERTY TAX CREDIT There is a personal income tax credit for OWNER-OCCUPIED residential real property taxes paid in excess of 4% of your income. The maximum refundable tax credit is $1,000. You must complete the schedule below to determine the amount of your credit. No credit may be taken for any homestead which is owned, in whole or in part, by any person who is not a low-income person. If this schedule is not enclosed with Form IT-140, the credit will be disallowed. Part I – Determine if your income falls within the financial guidelines needed to take this credit. Check here if you were required to pay Federal Alternative Minimum Tax. Are you required to file a federal return? YES – Your federal adjusted gross income reported to the IRS must meet the following guidelines for you to qualify for this credit: ► If there is only 1 person living in your home, your federal adjusted gross income must be $43,740 or less. ► If there are 2 people living in your home, your federal adjusted gross income must be $59,160 or less. ► If there are 3 people living in your home, your federal adjusted gross income must be $74,580 or less. ► If there are 4 people living in your home, your federal adjusted gross income must be $90,000 or less. **For each additional person add $15,420. NO – Your income less social security benefits must meet the following guidelines for you to qualify for this credit: ► If there is only 1 person living in your home, your income must be $43,740 or less. ► If there are 2 people living in your home, your income must be $59,160 or less. ► If there are 3 people living in your home, your income must be $74,580 or less. ► If there are 4 people living in your home, your income must be $90,000 or less. **For each additional person add $15,420. Part II – Determine the amount of your credit (complete this Part only if your income falls within the above guidelines) 1. Enter the total West Virginia property tax paid on your OWNER-OCCUPIED home during 2023 (Calculation to be used is after discount and before interest is added) ............................................................ 1 .00 2. If eligible for the Senior Citizen Tax Credit enter allowable credit from line 2 of Form SCTC-A. ....................... 2 .00 3. Subtract line 2 from line 1 and enter total (Total of property tax less Senior Citizen Tax Credit) ....................... 3 .00 4. Enter your Federal Adjusted Gross Income ....................................................................................................... 4 .00 a. Enter the amount of increasing income modifications reported on line 59 of Schedule M .............................. a .00 b. Enter federal tax-exempt interest income ............................................................................................................. b .00 c. Enter amount received in 2023 in the form of earnings replacement insurance (Workers’ Compensation Benefits) c .00 d. Enter the amount of Social Security benefits, including SSI and SSDI, received that are NOT included in your Federal Adjusted Gross Income .............................................................................................................. d .00 e. Enter the income of all individuals living in the household but would file a separate tax return .................... e .00 5 .00 6. Total Gross Income: Add amount entered on line 4 and line 5 .......................................................................... 6 .00 7. Multiply amount on line 6 by 4% (0.04) ............................................................................................................. 7 .00 5. Add amounts on lines 4a, 4b, 4c, 4d, and 4e ................................................................................................... 8. Is the amount on line 3 greater than the amount on line 7? Yes. Continue to line 9 below No. Stop — you are not eligible for this tax credit 9. Subtract the amount on line 7 from the amount on line 3 and enter the result or $1,000 whichever is lower and enter on line 19 of IT-140 ............................................................................................................................ 9 *P40202309A* P –9– .00 4 0 2 0 2 3 0 9 A
Form IT140 Schedule HEPTC1
More about the West Virginia Form IT140 Schedule HEPTC1 Individual Income Tax Tax Credit TY 2023
There is a personal income tax credit for OWNER-OCCUPIED residential real property taxes paid in excess of 4% of your income. The maximum refundable tax credit is $1,000. You must complete the schedule below to determine the amount of your credit. No credit may be taken for any homestead which is owned, in whole or in part, by any person who is not a low income person.
We last updated the Schedule HEPTC1 Homestead Excess Property Tax Credit in January 2024, so this is the latest version of Form IT140 Schedule HEPTC1, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form IT140 Schedule HEPTC1 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 HEPTC1.
| Form Code | Form Name |
|---|---|
| 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 |
| Form IT140 Schedule FTC1 | Schedule FTC1 Family Tax Credit Schedule |
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 HEPTC1 from the Department of Revenue in January 2024.
Form IT140 Schedule HEPTC1 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 HEPTC1
We have a total of nine past-year versions of Form IT140 Schedule HEPTC1 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 HEPTC1
IT-140-Schd-HEPTC1
TaxFormFinder Disclaimer:
While we do our best to keep our list of West Virginia Income Tax Forms up to date and complete, we cannot be held liable for errors or omissions. Is the form on this page out-of-date or not working? Please let us know and we will fix it ASAP.