Yes!
If the forms are part of the same solution, you simply write:
Dim MyVal1 As Integer = Form2.MyVal
MyVal1 exists in any form in which you write it, and MyVal2 - from form 2. These variables can only be used if the forms have the correct privacy settings.
If the two forms are part of separate applications, the only way I know to pass variables around is through constructors.
EDIT:
In your case with a text box, you can apply a similar solution:
Dim val As String = Form2.TextBox1.Text
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