Virginia Form 500X – Fill Out and Use This PDF

	Consolidated Return	Department of Taxation, P.O. Box 1500
	Combined Return	Richmond, VA 23218-1500
	Capital Loss Carryback
	Federal Audit	IMPORTANT: ATTACH A COPY OF FEDERAL FORM 1120X
	Coalield Credit Claimed
	or Earned	UsE FORM 500-NOLD FOR NET OPERATING LOss CARRYBACks

FOR TAX YEAR ENDING IN

'

(Enter month and year.)

GENERAL INsTRUCTIONs

Purpose of Form: Use Form 500X to correct your Form 500, Virginia Corporation Income Tax Return, as you originally iled it or as it was later

adjusted by an amended return or an examination. Do not use this form for the carryback of a net operating loss; use Form 500-NOLD, Corporation

Application For Refund. If amending for a capital loss carryback in addition to other changes, ile two amended returns (Form 500X); one to report the

capital loss carryback and the second for all other changes.

When to File: File Form 500X only after you have iled your original return. Attach a copy of federal Forms 1120-X, 1139, the Revenue Agent's Report,

Statement of Adjustment to Your Account or other form or statement show- ing the nature of any federal change and the date that it became inal. If the

amount of a corporate taxpayer's federal taxable income as reported on its federal income tax return for any taxable year is changed or corrected by

the IRS (or other competent authority), or is changed as the result of a re- negotiation of a contract or subcontract with the United States, the taxpayer

must report this change to the Virginia Department of Taxation within one

year. A corporation may ile an amended return, Form 500X, and claim a refund within the later of:

(1)three years from the due date of the return or extended due date (whichever is later);

(2)one year from the inal determination of any change or correction in taxpayer liability for any federal tax upon which state tax is based, provided the refund does not exceed the amount of the decrease in Virginia tax attributable to such federal change or correction;

(3)two years from the iling of an amended Virginia return resulting in the payment of additional tax, provided that the amended return raises is- sues relating only to the prior amended return and the refund does not exceed the amount of the tax payment made with the prior amended return; or

(4)two years from the payment of an assessment, provided the amended return raises issues relating only to the prior assessment and the refund does not exceed the amount of tax paid on the prior assessment.

Where to File: Mail this form to Virginia Department of Taxation, P.O. Box 1500, Richmond, Virginia 23218-1500. Be sure to include a dated copy of Revenue Agent’s adjustments when applicable.

Information on Modiications: Refer to the instructions for the year you

are amending concerning adjustments to items of income or deductions that might constitute a Virginia modiication to federal taxable income for

that taxable year.

Note: The Department of Taxation will compute any interest due and will either include it in your refund or bill you.

For additional information, call (804) 367-8037 or write the Department

of Taxation, P.O. Box 1115, Richmond, VA 23218-1115. You can obtain most Virginia income tax forms at www.tax.virginia.gov. Tenemos ser- vicios disponible en Español.

sPECIFIC INsTRUCTIONs

Tax Year: In the space above the employer identiication number, enter the month and year in which the calendar or iscal year of the tax return you are

amending ends.

Column A

Line 1: Enter the amount from line 1 of your original return or as last ad- justed.

Line 2: (a) Enter the net Virginia Fixed Date Conformity Modiications based on depreciation as originally reported or adjusted.

(b)Enter the net of any other Virginia Fixed Date Conformity Modi- ications as originally reported or adjusted.

(c)Enter taxable addition for interest and intangible expenses as originally reported or adjusted (Schedule 500AB).

(d)Enter the total modiications, excluding ixed date conformity and the taxable addition for interest and intangible expenses, from your original return or as last amended. Savings and loan

associations must include their Virginia bad debt deduction from line 6 of Form 500 as part of this amount.

Line 3: Enter the Virginia taxable income from line 7 of your original return or as last amended.

Column B

Line 1: Enter the increase or decrease you are making. Explain any changes in Part II and attach appropriate veriication (1120X, RAR, etc.).

Line 2: (a) Enter the amount of increase or decrease of depreciation based on Virginia Fixed Date Conformity.

(b)Enter the amount of increase or decrease for other ixed date conformity modiications.

(c)Enter the amount of increase or decrease for the taxable addi- tion for interest and intangible expenses. Complete and attach Schedule 500AB.

(d)Enter the increase or decrease you are making and attach ex- planation.

Column C

Lines 1 and 2(a) - (d): Add the increase in column B to the amount in col- umn A or subtract the column B decrease from column A. Report the result in column C. For any item you do not change, enter the amount from column A in column C.

Line 3: Figure the corrected Virginia taxable income by adding the amounts

in column C, lines 1 and 2, and enter on line 3, column C.

Line 4: Corporations other than Multistate corporations, leave line 4 blank and go to line 5. Multistate corporations with no Virginia income must enter zeroes on line 4.

Otherwise:

(a)Multiply the amount on line 3, column C, by the appropriate

percentage from Schedule 500A, and enter here.Attach a copy of

Schedule 500A as originally iled for the year being amended.

(b)Enter the apportionment factor from Schedule 500A.

(c)& (d) Enter the amount of nonapportionable investment func- tion net income and loss as reported on the original return or the amended amount, as applicable. If the amount is being amended, documentation must be attached to support the

change. See Form 500 instructions for further information regarding these modiications and eligibility criteria.

Line 5: Multiply the amount on line 3 or line 4(a), as the case may be, by 6 percent and enter here.

Line 6: Enter the total nonrefundable tax credit amount from Form 500CR, line 100. Attach Form 500CR. Do not exceed the amount of tax on line 5.

Line 7: Subtract the total credits on line 6 from the amount of tax on line 5 and enter the difference here. If the credits on line 6 exceed the amount on line 5, enter zero.

Line 8: (a) Enter the amount of tax paid on the original return or as adjusted.

(b)Enter the refundable credits claimed from Form 500CR, line 108 with the original return or as later increased or adjusted. Do not include any litter tax.

(c)Enter the total of tax and refundable credits [Line 8(a) plus Line 8(b)].

(d)Enter the amount of any tax previously refunded from the amount entered on line 8(a) and/or 8(b).

Line 8: Subtract line 8(d) from line 8(c) and enter the difference in the space provided for Total Credits.

Line 9: If Line 7 is greater than line 8, subtract line 8 from line 7 and enter the difference here. This is the additional tax due.

Line 10: If line 8 is greater than line 7, subtract line 7 from line 8 and enter the difference here. This is your refund amount.

Line 11: Enter the amount of Coalield Employment Enhancement Tax Credit

earned.