Va Form 502V – Fill Out and Use This PDF

Purpose of form: Use Form 502V to pay withholding tax, penalties and interest when payment is made with Form 502, Pass-Through Entity Return of Income and Return of Nonresident Withholding Tax. Form 502V should only be

used when sending a payment with the return. Form 502W is used to make a withholding payment prior to iling the return

of income, Form 502. This will occur most often when the PTE utilizes the automatic extension to ile. Do not enclose

Form 502W with your return (Form 502). Instead use Form 502V to make payment with your return.

Penalties

Extension Penalty - The pass-through entity must pay at

least 90% of the withholding tax due by the return due date to avoid a penalty. If the return is iled within the six month

extension and less than 90% of the tax was paid by the original return due date, then the pass-through entity owes

an extension penalty.The penalty is 2% per month of the tax due with the return from the iling due date through the

date of payment, up to a maximum of 12%.

Late Filing Penalty - If the return is iled after the extended

due date, the extension is not valid, and the entity is subject to the late iling penalty of 30% of the tax due or $1,200,

whichever is greater.

Late Payment Penalty - If the return is iled within the

extended period and full payment is not included with the return, the entity is subject to the late payment penalty of

6% per month from the date the return is iled through the date of payment, up to a maximum of 30%.

Interest - Interest is due on any unpaid tax at the underpayment rate under IRC Section 6621, plus 2%, from the due date until paid.

When to File: The withholding tax payment is due on the

due date of the pass-through entity’s return regardless of whether the extension to ile the income return (Form 502) is used. For calendar year ilers, the withholding tax payment is

due April 15 following the close of the entity’s taxable year.

Where to ile:

Mail returns and payments to:

Virginia Department of Taxation

P.O. Box 1500

Richmond, VA 23218-1500.

Change of Ownership: If there has been a change of ownership, send a notice of change to the Virginia

Department of Taxation, P.O. Box 1114, Richmond, Virginia 23218-1114. You can register a new dealer and/ or locations, by either completing a Form R-1, Business

Registration Application, or electronically using iReg on the Department’s website, www.tax.virginia.gov. The

Form R-1 can be obtained from the Department’s website or by calling the Department’s Forms Request Unit at (804) 440-2541.

Change of Address/Out-of-Business: If you change

your business mailing address or discontinue your business, either send a completed Form R-3, Registration

Change Request or a letter to the Virginia Department

of Taxation, P.O. Box 1114, Richmond, Virginia 23218- 1114. A Form R-3 can be obtained from the Department’s website, www.tax.virginia.gov, or by calling the

Department’s Forms Request Unit at (804) 440-2541.

Questions: If you have any questions about this return, please call (804) 367-8037 or write the Virginia

Department of Taxation, P.O. Box 1115, Richmond, Virginia 23218-1115

Preparation of Voucher: Complete the pass-through entity’s federal employer identiication number (FEIN),

entity type, ending month and year and name and address information. Enter the date and telephone number.

Compute the total income amount (including additions and subtractions) on all nonresident owners based on the best available information of their expected share of Virginia source income for 2010. Multiply the total income amount by 5% to determine the withholding tax due. Apply any tax credits available to the nonresident owners’

withholding tax. The remaining amount of withholding tax is the amount due with the return. If the return is iled after

the due date, complete Page 2 of Form 502 to calculate penalty and interest due with the return.

FORM	VIRGINIA PASS-THROUGH ENTITY TAX PAYMENT VOUCHER
502V	VIRGINIA DEPARTMENT OF TAXATION

	(DOC ID 532)	P.O. BOX 1500, RICHMOND, VA 23218-1500
		FOR INFORMATION CALL (804) 367-8037
	You must ile this voucher with your Form 502

Check type of return  original  amended