The present work investigates how the vanadium (V) content in a series of Al50V (x) (Cr0.33Mn0.33Co0.33)((50-x)) (x = 12.5, 6.5, 3.5, and 0.5 at.%) high-entropy alloys affects the local magnetic moment and magnetic transition temperature as a step towards developing high-entropy functional materials for magnetic refrigeration. This has been achieved by carrying out experimental investigations on induction melted alloys and comparison to ab initio and thermodynamic calculations. Structural characterization by x-ray diffraction and scanning electron microscopy indicates a dual-phase microstructure containing a disordered body-centered cubic (BCC) phase and a B2 phase with long-range order, which significantly differ in the Co and V contents. Ab initio calculations demonstrate a weaker magnetization and lower magnetic transition temperature (T