Schedule VK-1 at a glance
What it is: Schedule VK-1 is the 2025 Virginia Pass-Through Entity Owner's Share of Income and Virginia Modifications and Credits.
Where to get it: Information and forms may be obtained at www.tax.virginia.gov, or by calling the Department at (804) 367-8031 (individuals) or (804) 367-8037 (businesses).
You receive this Schedule VK-1 because the named PTE earned income from Virginia sources and has passed through to you a portion of that Virginia source income based on your ownership of the PTE.
A filled-in Schedule VK-1 example: an owner reports Virginia income
How to fill out Schedule VK-1, box by box
CHECK IF
Under CHECK IF, mark Final/Close Account, or SHORT Period Return and enter its Beginning Date and Ending Date.
Mark Amended Return and enter the Reason Code, or mark Owner is Participating in a Unified Nonresident Individual Income Tax Return.
Owner Information
Under Owner Information, enter the Name, FEIN/SSN, Address, Address Continued, and City or Town, State, and ZIP Code.
Pass-Through Entity (PTE) Information
Under Pass-Through Entity (PTE) Information, enter the Name, FEIN, Address, Taxable Year End Date, Address Continued, and City or Town, State, and ZIP Code.
Additional Owner Information
Additional Owner Information: see the instructions.
Enter the Date owner acquired interest in the PTE (MM/DD/YYYY) on line a and the Owner's entity type (Enter code) on line b.
On line c, enter the Owner's participation type (Enter code).
On line d, enter the Owner's participation percentage (Example: 47.35%).
On line e, enter the Amount withheld by PTE for the owner.
If owner or entity is exempt from withholding, enter an exemption code on line f.
Distributive or Pro Rata Income and Deductions
Under Distributive or Pro Rata Income and Deductions (see instructions), enter Total taxable income amounts on Line 1, Total deductions on Line 2 and Tax-exempt interest income on Line 3.
Allocation and Apportionment
Enter the owner's share from PTE's Schedule 502A, Section C: Line 2 for Income allocated to Virginia (Line 4), Line 3(e) for Income allocated outside of Virginia (Line 5) and Line 4 for Apportionable income (Line 6).
Line 7, Virginia apportionment percentage, is from PTE's Schedule 502A, Section B - percent from Line 1 or Line 2(f), or 100%.
Virginia Additions - Owner's Share
Under Virginia Additions - Owner's Share, enter Conformity - depreciation on Line 8, Conformity - other on Line 9, Net income tax or other tax used as a deduction in determining taxable income (see instructions) on Line 10 and Interest on municipal or state obligations other than from Virginia on Line 11.
On Line 12, Other additions (see Form 502 instructions for addition codes.), enter a Code and Amount.
13. Total Additions (add Lines 8-11 and 12a-12d)
Virginia Subtractions - Owner's Share
Under Virginia Subtractions - Owner's Share, enter Conformity - depreciation on Line 14, Conformity - other on Line 15 and Income from obligations of the United States on Line 16.
On Line 17, Other subtractions (see Form 502 instructions for subtraction codes.), enter a Code and Amount.
18. Total Subtractions (add Lines 14-16 and 17a-17d)
Use Schedule SVK-1 if you are claiming more additions or subtractions than the Schedule VK-1 allows. Refer to the Form 502 Instructions for addition and subtraction codes. Check this box and enclose Schedule SVK-1.
Virginia Tax Credits
At the top of the second page, enter the Owner FEIN/SSN and the PTE FEIN.
See the Schedule CR Instructions (individuals) or Schedule 500CR Instructions (corporations).
Individual owners with taxes paid to other states, see Schedule OSC Instructions.
1. Total Nonrefundable Credits. Add Part I, Lines 1-8, 12-15, 17, 21, 23, and 25-27
1. Total Refundable Credits. Add Part III, Lines 1, 7, 9, and 10
More rules for Schedule VK-1
A copy of this schedule has been filed with the Department.
Common questions about Schedule VK-1
Does Virginia require you to file a tax return?
Everyone who receives Virginia source income is subject to taxation by Virginia regardless of state of residency or domicile. You may be required to file 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 file a Virginia income tax return, consult a tax professional.
Sources
[1] 2025 Form 502 Schedule VK-1 (Rev. 07/26), Virginia Department of Taxation (the Official source link on this page).