New Virginia Tax Update: Military Benefits

[shamashsolutions]

Hello!

I am just wondering when ProConnect Tax Online will update the Virginia State Tax Forms to adhere to the new tax law regarding military benefits. I attempted to add a client's military benefits amount to the correct Subtractions line and it gave me a Critical Diagnostic: "The taxpayer and/or spouse does not qualify for the Military Benefit subtraction due to being under the age of 55 VA - Ref #57852"

From the Form 760 Instructions for TY24:

Military Benefits Subtraction
"For taxable years beginning on and after January 1, 2024,
certain military benefits received by an individual may be
subtracted from Virginia taxable income. The maximum
amount of the subtraction is $30,000 for Taxable Year
2024; and $40,000 for Taxable Year 2025 and after. If a
joint return is filed by two married members of the military
both receiving qualifying benefits, each spouse would
be able to take advantage of the maximum subtraction
amount for his or her qualifying benefits. “Military
benefits” are defined as any military retirement income
received for service in the Armed Forces of the United
States; qualified military benefits received pursuant to
§ 134 of the Internal Revenue Code regarding certain military benefits; benefits paid to the surviving spouse of
a veteran of the Armed Forces of the United States under
the Survivor Benefit Plan program established by the
U.S. Department of Defense; and military benefits paid
to the surviving spouse of a veteran of the Armed Forces
of the United States. This subtraction is not allowed if a
credit, exemption, subtraction, or deduction is claimed
for the same income pursuant to any other provision of
Virginia or federal law. "