Supported Forms

The following Virginia forms are supported in Drake Tax 2024. Forms denoted with can be e-signed.

Form	Description	IND	CRP	SCRP	PTR	FID	e-File	Paper File
	Schedule VK-1 Consolidated			t	t		1/24	1/24
500	Virginia Corporation Income Tax Return		t				P	P
500C	Underpayment of Virginia Estimated Tax by Corporations		t				P	P
500CP	Virginia Corporate Income Tax Automatic Extension Payment Voucher		t				P	P
500ES	Virginia Estimated Tax Declaration for Corporations		t				P	P
500NOLD	Corporation Application for Refund Carryback of Net Operating Loss		t				P	P
500T	Telecommunications Companies Minimum Tax		t				P	P
500V	Virginia Corporation Income Tax Payment Voucher		t				P	P
502	Pass-Through Entity Return of Income and Return of Nonresident Withholding Tax			t	t		P	P
502PTET	Pass-Through Entity Elective Income Tax Form			t	t		P	P
760C	Underpayment of Virginia Estimated Tax by Individual, Estates and Trusts	t					1/24	1/24
760ES	Virginia Estimated Income Tax Payment Voucher for Individuals	t					P	P
760F	Underpayment of Virginia Estimated Tax by Farmers, Fishermen and Merchant Seamen	t					1/24	1/24
760IP	Automatic Extension Payment	t					P	P
760-PMT	Payment Coupon	t					P	P
760PY	Virginia Part-Year Resident Income Tax Return	t					P	P
762	Return of Tangible Personal Property, Machinery and Tools, and Merchants’ Capital – For Local Taxation Only	t					P	P
763	Virginia Nonresident Income Tax Return	t					P	P
763-S	Virginia Special Nonresident Claim for Individual Income Tax Withheld	t					P	P
765	Unified Nonresident Individual Income Tax Return (Composite Return)			t	t		P	P
770	Virginia Fiduciary Income Tax Return					t	P	P
770ES	Virginia Estimated Income Tax Payment Voucher for Estates, Trusts and Pass-Through Entities Filing Unified Nonresident Returns			t	t	t	P	P
770IP	Automatic Extension Payment			t	t	t	P	P
770-PMT	Payment Coupon					t	P	P
8454P	Paid Tax Preparer Hardship Waiver Request	t					P	P
PAR 101	Virginia Power of Attorney and Declaration of Representative	t	t	t	t	t	P	P
PTE	Virginia Pass-Through Credit Allocation			t	t		P	P
R-7	Application for Enrollment as a Virginia Authorized Agent	t	t	t	t	t	P	P
Schedule 500A	Corporation Allocation and Apportionment of Income		t				P	P
Schedule 500AB	Schedule of Related Entity Add Backs and Exceptions		t	t	t		P	P
Schedule 500AC	Affiliated Corporations Consolidated and Combined Filers		t				P	P
Schedule 500ADJ	Corporation Schedule of Adjustments		t				P	P
Schedule 500ADJS	Corporation Income Tax Supplemental Schedule of Adjustments		t				P	P
Schedule 500AP	Modified Apportionment Schedule for VEDP-Certified Companies		t	t	t		P	P
Schedule 500CR	Credit Computation Schedule for Corporations		t				P	P
Schedule 500EL	Electric Suppliers Corporation Minimum Tax and Credit Schedule		t				P	P
Schedule 500FED	Corporation Schedule of Federal Line Items		t				P	P
Schedule 500HS	Home Service Contract Provider Minimum Tax Computation		t				P	P
Schedule 502A	Pass-Through Entity Allocation and Apportionment of Income			t	t		P	P
Schedule 502ADJ	Pass-Through Entity Schedule of Adjustments			t	t		P	P
Schedule 502ADJS	Pass-Through Entity Supplemental Schedule of Adjustments			t	t		P	P
Schedule PTET ADJ	Virginia Pass-Through Entity Elective Income Tax Schedule of Adjustments			t	t		P	P
Schedule 760PY ADJ	Schedule of Adjustments	t					P	P
Schedule 763 ADJ	Schedule of Adjustments	t					P	P
Schedule 770-VK-1	Virginia Beneficiary Schedule					t	P	P
Schedule A/CG	Itemized Deductions	t					P	P
Schedule ADJ/CG	Adjustments Schedule	t					P	P
Schedule ADJS/CG	Supplemental Schedule for Additions, Subtractions & Deductions	t		t	t		P	P
Schedule CR/CG	Credit Computation Schedule	t					P	P
Schedule FED/CG	Schedule C and/or Schedule F Information	t					P	P
Schedule HCI	Health Care Information Schedule	t					P	P
Schedule INC/CG	W-2s, 1099s, & VK-1s with VA Withholding	t					P	P
Schedule L (765)	Unified Nonresident Individual Income Tax Return List of Participants			t	t		P	P
Schedule OSC/CG	Credit for Taxes Paid to Other State	t					P	P
Schedule PY ADJS	Supplemental Schedule of Adjustments	t					P	P
Schedule SVK-1 (502)	Virginia Pass-Through Entity Supplemental Schedule of Owner’s Share of Virginia Modifications			t	t		P	P
Schedule VAC/CG	Virginia Contributions Schedule	t					P	P
Schedule VK-1 (502)	Virginia Pass-Through Entity Owner’s Share of Income and Virginia Modifications and Credits	t		t	t	t	P	P
VA760CG	Individual Income Tax Return	t					P	P
VA-8453	Virginia Individual Income Tax Declaration for Electronic Filing	t					P	P
VA-8453C	Virginia Corporation Income Tax Declaration for Electronic Filing		t				P	P
VA-8453F	Virginia Fiduciary Income Tax Declaration for Electronic Filing					t	P	P
VA-8879	Virginia Individual Income Tax e-File Signature Authorization	t					P	P
VA-8879C	Virginia Corporation Income Tax e-File Signature Authorization		t				P	P
VA-8879F	Virginia Fiduciary Income Tax e-File Signature Authorization					t	P	P
VA-8879P	Virginia Pass-Through Entity Return of Income and Return of Nonresident Withholding Tax e-File Signature Authorization e-File Signature Authorization			t	t		P	P

Modified Forms

• Form 500C, Underpayment of Virginia Estimated Tax by Corporations and Electing Pass-Through Entities – Title now includes “and Electing Pass-Through Entities”

• Form 760, Resident Individual Income Tax Return

  • Added check box to release tax return information to the Department of Medical Assistance Services (DMAS) and the Department of Social Services (VDSS) to determine eligibility for medical assistance services.

  • Added check box to release tax return information to the Virginia Health Benefit Exchange (VHBE) to determine eligibility for health coverage through Virginia’s Insurance Marketplace.

• Form 760PY, Part-Year Resident Income Tax Return

  • Added check box to release tax return information to the Department of Medical Assistance Services (DMAS) and the Department of Social Services (VDSS) to determine eligibility for medical assistance services.

  • Added check box to release tax return information to the Virginia Health Benefit Exchange (VHBE) to determine eligibility for health coverage through Virginia’s Insurance Marketplace.

• Form 763-S, Virgina Special Nonresident Claim For Individual Income Tax Withheld – Residency changes have been included

• Form 765, Unified Nonresident Individual Income Tax Return (Composite Return) – Added “include overpayment credited from the prior tax year” to line 7.

• Schedule 500CR, Credit Computation Schedule for Corporations – Updated Part 17, to “Communities of Opportunity Tax Credit” (formally known as Community of Opportunity Tax Credit).

• Schedule A, Itemized Deductions

  • Removed line 8d, "Mortgage Insurance Premiums"

  • Updated line 8e to “Add Line 8a-8c"

• Schedule CR, Credit Computation Schedule

  • Added input for “Carryover credit from prior year(s)” to line B, Part 33, Firearm Safety Device Tax Credit.

  • Removed input for “Carryforward credit from taxable year 2021” from Line B, Part 6, Pass-Through Entity Elective Tax Payment Credit.

  • Updated Part 19, to “Communities of Opportunity Tax Credit” (formally known as Community of Opportunity Tax Credit).

• Schedule HCI, Health Care Information Schedule

  • Added check box to release tax return information to the Department of Medical Assistance Services (DMAS) and the Department of Social Services (VDSS) to determine eligibility for medical assistance services.

  • Added check box to release tax return information to the Virginia Health Benefit Exchange (VHBE) to determine eligibility for health coverage through Virginia’s Insurance Marketplace.

Tax Law Changes

• Business Interest Deduction Increase - Effective for taxable years beginning on or after January 1, 2024, the Business Interest Deduction has increased from 30% to 50%

• Credit Changes:

  • Agricultural Best Management Practices Tax Credit - The sunset date has been extended from January 1, 2025, to January 1, 2030.

  • Conservation Tillage and Precision Agriculture Equipment Tax Credit - The sunset date has been extended from January 1, 2026, to January 1, 2030.

  • Communities of Opportunity Tax Credit - The sunset has been extended from January 1, 2025 to January 1, 2026. Several changes have been made to the credit limitations and allocations.

  • Firearm Safety Device Tax Credit - was expanded to include any device that, when installed on a firearm, is designed to prevent the firearm from being operated without first deactivating the device. Under current law, “firearm safety device” is defined to include only firearm storage devices, such as gun safes, gun cases, and lock boxes.

  • Land Preservation Tax Credit - effective for taxable years beginning on or after January 1, 2024, the amount that may be claimed by each taxpayer, including amounts carried over from prior taxable years, cannot exceed $20,000.

• Residency Status changes for Military Personnel and Spouses of Military Personnel - For Taxable Year 2023 and after, if you are a servicemember serving in compliance with military orders or the spouse of such servicemember, the federal Servicemember Civil Relief Act (“SCRA”), as amended by the Veterans Auto and Education Improvement Act, allows you to elect to use the following locations for purposes of taxation:

  • The residence or domicile of the member,

  • The residence or domicile of the spouse, or

  • The permanent duty station of the member. Servicemembers and spouses are not required to elect the same residence for state tax purposes. No form is required to be filed with the Department of Taxation to make this election; however, you should maintain any records needed to show that the elected state met the requirements of SCRA.

• Standard Deduction increase – Legislation enacted during the 2023 General Assembly session increased the standard deduction for Taxable Year 2024 from $8,000 to $8,500 for single filers and from $16,000 to $17,000 for married filers filing jointly. The increase in the standard deduction is scheduled to sunset after Taxable Year 2025 and revert to the standard deduction amounts that applied prior to Taxable Year 2019: $3,000 for single filers and $6,000 for married couples filing jointly