The Schedule VK-1 form, integral to the tax landscape in Virginia, primarily serves individuals and businesses with income from Virginia sources through their involvement with Pass-Through Entities (PTEs). This document meticulously details an owner's share of income, modifications, and credits pertinent to Virginia tax regulations. Not inherently straightforward, its sections encompass a myriad of financial specifics: the owner and PTE's identifying information, the temporal context of ownership, detailed breakdowns of distributive shares of income and deductions, as well as a complex array of Virginia-specific additions and subtractions. Furthermore, the form delves into allocation and apportionment of income within and outside Virginia, echoing the state's approach to fair taxation. Critical to note are the segments dedicated to various Virginia tax credits - both nonrefundable and refundable - that offer a lens into the state's fiscal incentives designed to encourage specific economic activities. Among these are credits for agricultural best practices, clean energy investments, and job creation efforts in strategic sectors, painting a picture of Virginia's economic development priorities. For those navigating this form, whether due to direct ownership or as beneficiaries of income from Virginia-based PTEs, the Schedule VK-1 is a pivotal component of tax preparation and planning, underscored by its requirement for detailed financial reporting and the potential implications on one's tax obligations. Its completion and submission are not merely procedural but critical in ensuring compliance with Virginia's tax statutes, emphasizing the importance of accuracy and thoroughness in its preparation.
| Question | Answer |
|---|---|
| Form Name | Form 502 Schedule Vk 1 |
| Form Length | 2 pages |
| Fillable? | No |
| Fillable fields | 0 |
| Avg. time to fill out | 30 sec |
| Other names | schedule vk 1 instructions 2020, Subtractions, vk 1, 502A |
Schedule |
Virginia Modiications And Credits *VA0VK1109888* |
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2009 Virginia |
Owner’s Share of Income And |
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(Form 502) |
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Check If - |
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Final |
Check Here if Owner is Participating in an Individual Uniied Nonresident Return W |
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Amended Return W |
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Owner Information
Name |
Federal Employer ID Number or SSN |
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Name |
Federal Employer ID Number |
Address
Address
Tax Year End Date
Address
Address
City or Town, State And ZIP Code
City or Town, State And ZIP Code
Additional Owner Information
a. |
Date Owner Acquired Interest In The |
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b. |
.........................................................................................................Owner’s Entity Type (Enter code; see instructions) |
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c. |
..............................................................................................Owner’s Participation Type (Enter code; see instructions) |
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d. |
Owner’s Participation Percentage (Example: 47.35% - see instructions.) |
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% W |
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e. |
..............................................................................................................................Amount Withheld by PTE for Owner |
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f. |
.............................................If Owner or Entity is exempt from withholding enter exemption code (see instructions) |
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Distributive or Pro Rata Income and Deductions |
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See instructions. |
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1. |
Total of Taxable Income Amounts |
. 1. |
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2. |
Total of Deductions |
. 2. |
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W |
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3. |
. 3. |
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Allocation and Apportionment |
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4. |
Income Allocated To Virginia (Owner’s Share From PTE’s Schedule 502A, Part A, Line 2) |
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5. |
Income Allocated Outside Of Virginia (Owner’s Share From PTE’s Schedule 502A, Part A, Line 3e) |
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6. |
Apportionable Income (Owner’s Share From PTE’s Schedule 502A, Part A, Line 4) |
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7. |
Virginia Apportionment Percentage (From PTE’s Schedule 502A, Part B or Part C or 100%) |
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% W |
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Virginia Additions - Owner’s Share |
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8. |
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.00 |
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9. |
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.00 |
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10. |
Net Income Tax Or Other Tax Used As A Deduction In Determining Taxable Income (See Instructions) |
10. |
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.00 |
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11. |
Interest On Municipal Or State Obligations Other Than From Virginia |
11. |
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.00 |
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12. |
Other additions |
(see instructions for addition codes) |
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Code |
Amount |
Code |
Amount |
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12A
12C
.00 12B
.00 12D
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.00
13. Total additions (add lines |
13. |
.00 W |
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Virginia Subtractions - Owner’s Share
14.
15.
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17.
17a
17c
14. |
.00 |
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15. |
.00 |
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Income From Obligations Of The United States |
16. |
.00 |
Other subtractions (see instructions for subtraction codes) |
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Code |
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Amount |
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Code |
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Amount |
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17b |
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.00 |
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.00 |
17d |
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.00 |
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18. Total Subtractions (Add lines |
18. |
.00 W |
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Va. Dept. Of Taxation 2601024
2009 Virginia |
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*VA0VK1209888* |
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Page 2 |
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Schedule |
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Owner Federal Employer ID Number or SSN |
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PTE Federal Employer ID Number |
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SECTION C - Virginia Tax Credits |
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Nonrefundable Credits
1. |
State Income Tax Paid (See instructions) |
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. . . 1 |
.00 |
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2. |
Neighborhood Assistance Act Credit |
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. . 2 |
.00 |
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3. |
Enterprise Zone Act General Tax Credit |
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. . 3 |
.00 |
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4. |
Enterprise Zone Act Zone Investment Tax Credit |
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. . 4 |
.00 |
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5. |
Reserved for future use |
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. . 5 |
.00 |
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6. |
Conservation Tillage Equipment Credit |
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. . 6 |
.00 |
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7. |
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.00 |
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8. |
Fertilizer & Pesticide Application Equipment Credit |
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. . 8 |
.00 |
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9. |
Recyclable Materials Processing Equipment Credit |
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. . 9 |
.00 |
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10. |
Rent Reduction Program Credit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10. |
.00 |
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11. |
Vehicle Emissions Testing Equipment Credit |
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. . 11 |
.00 |
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12. |
Major Business Facility Job Tax Credit |
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. . 12 |
.00 |
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13. |
Clean Fuel Vehicle Job Creation Tax Credit |
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. . 13 |
.00 |
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14. |
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. . 14 |
.00 |
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15. |
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. . 15 |
.00 |
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16. |
Agricultural Best Management Practices Tax Credit |
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. . 16 |
.00 |
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17. |
Worker Retraining Credit |
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. . 17 |
.00 |
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18. |
Waste Motor Oil Burning Equipment Credit |
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. . 18 |
.00 |
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19. |
Riparian Forest Buffer Protection For Waterways |
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. . 19 |
.00 |
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. . . . .20. Virginia Coal And Production Incentive Tax Credit |
.20. |
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.00 |
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21. Enter the amount of credit assigned to another party |
.21. |
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.00 |
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22. |
Virginia Coal and Production Incentive Tax Credit available for use by owner (Subtract line 21 from line 20) . . . 22. |
.00 |
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23. |
Historic Rehabilitation Tax Credit |
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. . 23 |
.00 |
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24. |
Land Preservation Tax Credit |
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. . 24 |
.00 |
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25. |
. . . . .Qualiied Equity & Subordinated Debt Investments Tax Credit . . |
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. . 25 |
.00 |
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26. |
Total Nonrefundable credits (Total lines |
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. . 26 |
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Refundable Credits |
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27. |
100% Coalield Employment Enhancement and/or Virginia Coal Employment and Production Incentive Tax |
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Credits from Line 1 of your 2009 Schedule 306B |
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. . . 27 |
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.00 |
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28. |
Full credit: Enter amount from 2009 Form 306, Line 12a |
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. . 28 |
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.00 |
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29. |
Full credit: Enter amount from your 2009 Form 306, line 12b |
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. . 29 |
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.00 |
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30. |
85% Credit: Enter amount from 2009 Form 306, line 13a |
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. . 30 |
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.00 |
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31. |
90% Credit: Enter amount from your 2009 Form 306, line 13b |
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. . 31 |
.00 |
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32. |
Total Coal Related Tax Credits allowable this year: Add Lines 28, |
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29, 30 and 31 |
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. . 32 |
.00 |
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33. |
2009 Coalield Employment Enhancement Tax Credit earned to be used when completing your 2012 return. |
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Enter amount from your 2009 Form 306, Line 11 |
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. . 33 |
.00 |
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Notice
You have received this Schedule
passed through to you a portion of that Virginia source income based on your ownership of the PTE. A copy of this schedule has been iled with the Virginia Department of Taxation. Everyone who receives Virginia source income is subject to taxation by Virginia regardless of state of residency or domicile. You may be required to ile a Virginia tax return even though you may be a nonresident individual or a business domiciled outside of Virginia. To determine if you are required to ile a Virginia income tax return, consult your
tax professional. Information and forms may be obtained at www.tax.virginia.gov, or call the Virginia Department of Taxation at