Browse articles

This topic contains information regarding the calculation of credits and credit carryovers on the Virginia Credit Carryover Report.

• Onvio Tax applies the credits in the order listed on the worksheet.
• You should enter credits in the order they expire, so that the credit expiring first is listed first. If you don’t, a credit may expire before it is used.
• Onvio Tax distributes only current year credits to beneficiaries; it does not distribute credit carryovers.
• Only the fiduciary portion of current year credits go to the Carryover Worksheet.
• Form 770:
  • The 5n(i) amounts only go to page 1. Amounts come from the credit form 306B in the Non Calculating folder.
  • The 5n(iii), 5n(iv), 5o(i) amounts go to page 3. Amounts come from the credit form 306B in the Non Calculating folder, then go through the fiduciary / beneficiary allocations.
  • The input for credits on the VAPay screen is split into two fields – one statement where the credits carry over and one where they do not. The items that are in the carryover statement are 5g, 5h, 5i, 5l, 5m, 5q.

Virginia overview (1041)