It 140 Form – Fill Out and Use This PDF

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It 140 Form – Fill Out and Use This PDF

The IT-140 form serves as a crucial document for residents of West Virginia, offering a method to adjust their gross income by accounting for specific deductions and additions. It lists various modifications that either decrease or increase Federal Adjusted Gross Income (AGI), including but not limited to interest on U.S. or state obligations, federal retirement benefits, social security benefits modifications, and contributions to the West Virginia Prepaid Tuition/Savings Plan. For individuals aiming to navigate their state tax obligations accurately, familiarizing themselves with the IT-140 form's specifications is imperative. Ensure to streamline your tax filing process by clicking the button below to fill out your IT-140 form accurately.

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It 140 Form PDF Details

Navigating the intricacies of tax documents is crucial for ensuring accurate filings and optimizing one’s financial situation, and the IT-140 form is a staple in this process for many. Serving primarily as a vehicle for modifications to adjusted gross income, this form plays a significant role in the tax preparations for residents within its jurisdiction. It addresses a range of modifications, both increasing and decreasing federal adjusted gross income, encapsulating items like interest or dividends received on U.S. or state obligations that are exempt from state tax, benefits received from certain retirement systems, military pay adjustments, and contributions to specific savings plans. Additionally, it covers various deductions, such as those for long-term care insurance and autism modifications, and includes provisions related to the ABLE Act and Qualified Opportunity Zone business income. Understanding the specifics of these modifications, who qualifies for them, and how they apply can substantially impact the accurate reporting of income and ultimately affect one’s taxable income and tax liabilities. By breaking down the form's sections, taxpayers can gain insights into potential tax benefits and ensure compliance with state tax laws.

Question	Answer
Form Name	It 140 Form
Form Length	2 pages
Fillable?	No
Fillable fields	0
Avg. time to fill out	30 sec
Other names	west virginia schedule m form, wv m form, wv m, west virginia schedule form

	SCHEDULE																			2020
		M						Modiﬁcations to Adjusted Gross Income
	F		IT-140		W			Modiﬁcations to Adjusted Gross Income

Modiﬁcations Decreasing Federal Adjusted Gross Income																		Column A (You)		Column B (Spouse)
27.	Interest or dividends received on United States or West Virginia obligations, or
	allowance for government obligation income, included in federal adjusted gross income																27		.00		.00
	but exempt from state tax																27		.00		.00
28.	Total amount of any beneﬁt (including survivorship annuities) received from certain																28
	federal retirement systems by retired federal law enforcement oﬃcers																28		.00		.00
29.	Total amount of any beneﬁt (including survivorship annuities) received from WV state or local
29.																	29
	police, deputy sheriﬀs’ or ﬁremen’s retirement system, WV DNR. Excluding PERS –see page 22																29		.00		.00
30.	.....................................................................................Military Retirement Modiﬁcation																30		.00		.00
																	30		.00		.00
31.	Other Retirement Modiﬁcation											Column A (You)			Column B (Spouse)
(a) West Virginia Teachers’ and Public
	Employees’ Retirement													.00		.00		Add lines 31 (a) and (b). If that sum is greater than $2000, enter $2000
(b) Federal				Retirement					Systems
	(Title 4 USC §111)													.00		.00	31		.00		.00
32.	Certain assets held by subchapter S Corporation bank													..................................................			32
33.	Social Security Beneﬁts Modiﬁcation
(a) TOTAL Social Security Beneﬁts.														.00		.00		You cannot claim this modiﬁcation if your Federal AGI exceeds
(b) Beneﬁts exempt for Federal tax																		$ 50,000 for SINGLE or MARRIED SEPARATE ﬁlers
																		$ 50,000 for SINGLE or MARRIED SEPARATE ﬁlers
																		$100,000 for MARRIED JOINT ﬁlers
	purposes													.00		.00		Multiply 33 (c) by 0.35
(c) Beneﬁts taxable for Federal tax
	purposes (line a minus line b)													.00		.00	33		.00		.00
34.	Active Duty Military pay for personnel with West Virginia Domicile																34		.00		.00
	(See instructions on page 22)									........................................................................................							34		.00		.00
35.	Active Military Separation (see instructions on page 22)																35		.00		.00
	Must enclose military orders and discharge papers																35		.00		.00
36.	Refunds of state and local income taxes received and reported as income to the IRS ...																36		.00		.00

37.	Contributions to the West Virginia Prepaid Tuition/Savings Plan Trust Funds																37		.00		.00

38.	Railroad Retirement Board Income received												..................................................................				38		.00		.00

39.	Long-Term Care Insurance																39		.00		.00

40.	IRC 1341 Repayments							.........................................................................................................									40		.00		.00

41.	Autism Modiﬁcation (instructions on page 22)												.....................................................................				41		.00		.00

42.	ABLE Act			.......................................................................................................................													42		.00		.00
43.	.....................PBGC Modiﬁcation													.00		.00
(a) retirement beneﬁts that would have been														.00		.00		Subtract line 43 (b ) from (a)
	paid from your employer-provided plan
	paid from your employer-provided plan
(b) retirement beneﬁts actually received														.00		.00	43		.00		.00
	from PBGC													.00		.00	43		.00		.00
44.	Qualiﬁed Opportunity Zone business income																44		.00		.00
																	44		.00		.00
		(a)	Year of		birth		(b)		Year	of	(c) Income not included in				(d) Add lines 27 through 31
45.			(65 or older)					disability				lines 32 and 34 to 44			and 33
			(65 or older)					disability				lines 32 and 34 to 44			and 33			Subtract line 45 column (d) from (c) (If less than zero, enter zero)
												(NOT TO EXCEED $8000)
YOU														.00		.00			.00
														.00		.00			.00
SPOUSE														.00		.00	45				.00
														.00		.00	45				.00
	P40202003W													46. Surviving spouse deduction			46		.00		.00
	P40202003W													Continues on next page
														(instructions on page 23)
														Modiﬁcations Decreasing Federal Adjusted Gross Income
		P		4	0	2		0	2	0	0	3	W
															–3–
															–3–

47. Add lines 27 through 46 for each column	47	.00
48.TOTAL SUBTRACTIONS (line 47, Col A plus line 47,Col B) Enter here and on line 3 of FORM IT-140.	48

.00

Modiﬁcations INCREASING Federal Adjusted Gross Income
49.	Interest or dividend income on federal obligations which is exempt from federal tax but subject to state tax	49
50.	Interest or dividend income on state and local bonds other than bonds from West Virginia sources	50
51.	Interest on money borrowed to purchase bonds earning income exempt from West Virginia tax	51
52.	Qualifying 402(e) lump-sum income NOT included in federal adjusted gross income but subject to state tax	52
53.	Other income deducted from federal adjusted gross income but subject to state tax	53
54.	Withdrawals from a WV Prepaid Tuition/SMART529© Savings Plan NOT used for payment of qualifying expenses	54
55.	ABLE ACT withdrawals not used for qualifying expenses	55
56.TOTAL ADDITIONS (Add lines 49 through 55). Enter here and on Line 2 of Form IT-140		56

.00

*P40202004W*

–4–

Modiﬁcations to Adjusted Gross Income

Modiﬁcations to Adjusted Gross Income

Modiﬁcations Decreasing Federal Adjusted Gross Income

Column A (You)

Column B (Spouse)