MI Form 1065-X 2023-2024

MI Form 1065-X: What You Should Know

Federal Student Aid Instructions State Aid Tax Credit for Virginians The State Aid Tax Credit is a refundable credit that provides up to 3,000 of non-income tax relief to residents of Virginia who are qualifying for certain tax credits in their state of residence. You can claim this credit for the 2024 tax year. This is a one-time credit only, and you must be resident of Virginia in order to be eligible. The Virginian Education Tax Exemption The Virginia education tax exemption is a refundable educational assistance payment that provides up to 4,000 of educational assistance for high-need educational expenses for each qualified student. You may claim the Virginia education tax exemption on your federal tax return to benefit up to 2 high-need students. The Virginia Education Tax Credit cannot be claimed on federal income tax, self-employment tax or Social Security income tax returns. Use the Virginia education tax exemption in conjunction with the Virginia state income tax exemption to qualify the maximum tax relief as set forth in the Virginia State Assistance Grants chart below for those Virginia students that must attend school while having at least 4,000 of expenses that qualify for the education tax credit. Excel Spreadsheet The table below shows the federal and state education tax relief that applies to Virginia students. These state education tax grants may be claimed either as a credit or an exclusion against income tax. You may claim either a refundable tax credit or an exclusion of state education tax. You may use the chart below to find out the amount of tax relief or tax credits that apply to your specific circumstances.

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