SchVAC-080:
Total Savings Plan Contributions on Schedule VAC/CG Section I must not exceed the Balance of Total Overpayment available on Schedule VAC/CG Section I.
SchVAC-130:
The Balance of Remaining Overpayment available on Schedule VAC/CG Section II, Line 1, must equal:
Balance of Total Overpayment available on Schedule VAC/CG Section I minus Total Savings Plan Contributions on Schedule VAC/CG Section I.
Explanation:
This error occurs when there’s a discrepancy between the overpayment amount on Schedule VAC/CG (Virginia Contributions Schedule) and the savings plan contributions made on the same schedule.
The issues arise when:
Contributions claimed in Section I exceed the total overpayment available.
The remaining balance of the overpayment, as calculated in Section II, Line 1, does not match the expected amount after subtracting contributions from the total overpayment.
Solution Steps:
1. Verify Total Overpayment on Schedule VAC/CG Section I:
Review the total overpayment amount carried over to Section I of Schedule VAC/CG.
Ensure the contributions to the savings plan do not exceed the overpayment amount.
2. Recalculate Contributions in Section I:
Check the total contributions entered in Section I for savings plans.
Ensure the contributions are less than or equal to the overpayment available.
3. Adjust Remaining Overpayment in Section II, Line 1:
Calculate the remaining overpayment:
Remaining Overpayment = Total Overpayment (Section I) − Total Savings Plan Contributions (Section I).
Ensure that this matches the value entered in Section II, Line 1.
4. Resubmit Return
Save the changes and resubmit the return.
Common Issues:
Exceeding Overpayment:
Contributions in Section I are higher than the total overpayment.
Data Entry Error:
Incorrect remaining overpayment entered in Section II, Line 1.
Misreported Overpayment:
The total overpayment carried to Schedule VAC/CG does not match the actual overpayment on the main return.
Final Check:
Review the amounts on Schedule VAC/CG carefully, ensuring all totals align with the tax software’s calculated values.
If necessary, amend the contributions or double-check the overpayment from the main return.
By addressing these points, the error should be resolved.