Tax Type
Individual Income Tax
General Provisions
Description
1992 ESTIMATED FILERS INFORMATION
Topic
Basis of Tax
Computation of Tax
Date Issued
04-15-1992
IMPORTANT INFORMATION FOR 1992 ESTIMATED FILERS
Beginning with taxable year 1992, the age deduction amounts for taxpayers age 62 and over will be increased annually in each taxable year by the most recent percentage increase in the social security wage base. Taxpayers age 62 and over should pay special attention to this change in completing their Virginia estimated tax declarations, which are due by May 1, 1992.
In computing the age deduction for 1992, taxpayers should use the following amounts
Age by midnight,
January 1,1993 Age deduction base
Age 62, 63, 64 $ 6,236
Age 65 and over $ 12,472
These indexed deduction amounts must be reduced by social security benefits and/or railroad retirement benefits received in computing the tax benefit allowed.
The information regarding the percentage increase in the social security wage base was not available prior to the time that the estimated income tax return instructions went to press.
The indexed age deduction base does not affect the individual income tax returns for taxable year 1991. However, it will affect the 1992 estimated tax declarations which are due May 1, 1992.
Individuals who have questions regarding the age deduction should contact either the department's Taxpayer Assistance Section, Post Office Box 1115, Richmond. Virginia 23208, phone (804)367-8031, or their local Commissioner of Revenue, Director of Finance or Supervisor of Assessments.
Rulings of the Tax Commissioner