WV Senior Citizens Tax Credit process

NOTE: As of March 25, 2020, West Virginia’s personal income tax filing deadline is July 15, 2020.

When it’s tax time, everybody appreciates a little help, especially when tax credits are available. Each dollar of a credit eliminates a dollar of tax.

West Virginia’s Senior Citizens Tax Credit helps certain older residents pay lower income taxes, as does the Homestead Excess Property Tax Credit.

To claim either or both credits, a person does not have to itemize expenses on their return.

Both income tax credits are tied to owning residential property. The Homestead Exemption program reduces property taxes on owner-occupied property for those age 65 and older or disabled who sign up at their county assessor’s office for the exemption.

Under the state program, the first $20,000 of the home‘s assessed value is exempt, or non-taxable, for property tax purposes.

For annual income tax purposes, those who are eligible for the Senior Citizens Tax Credit receive Form SCTC-1 in the mail from the West Virginia State Tax Department each January.

The form lists the amount of the tax credit that can be claimed when preparing the West Virginia tax return. Be sure to save it for tax return preparation purposes.

There is also a low income requirement for Senior Citizens Tax Credit eligibility that is determined when calculating the numbers for the tax return.

Further, for those receiving the Homestead Exemption on their residential property taxes, there is the Homestead Excess Property Tax Credit to reduce income taxes.

When a person’s residential property taxes exceed 4% of their income, he or she may receive a state income tax credit for the excess amount. The maximum credit is $1000.

If a person is eligible for both of these state income tax credits, the amount of the Senior Citizens Tax Credit will reduce the amount of the Homestead Excess Property Tax Credit that can be claimed.

Neither of these state tax credits affect or reduce the federal taxes owed.

More information is available on the https://tax.wv.gov/Individuals/SeniorCitizens/Pages/SeniorCitizensTaxCredit.aspx page.