Virginia Form 502 – Fill Out and Use This PDF

The Virginia Form 502 serves as the Income and Return document for pass-through entities, detailing nonresident withholding taxes in accordance with the guidelines set by the Virginia Department of Taxation. It is designed for entities such as partnerships, S corporations, and limited liability companies (LLCs) that opt to pass through their income, deductions, and credits to their investors or members. To ensure compliance and proper reporting of income and deductions, entities must accurately complete and submit this form, alongside any required schedules and documents, by the specified deadline. Ensure accuracy and timeliness in filling out Form 502 by clicking the button below.

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Virginia Form 502 PDF Details

Understanding the intricacies of tax obligations is crucial for entities operating within Virginia, and the Virginia 502 form plays a pivotal role in this process. This form, officially titled the Return of Income and Return of Virginia Pass-Through Entity Nonresident Withholding Tax, is required for pass-through entities, such as partnerships, S-Corporations, and limited liability companies, that allocate income to Virginia or to nonresident members. It encompasses various aspects, including income reporting, tax deductions, and credits specific to Virginia, along with the reconciliation of withholding payments for nonresident owners. Entities must also report changes like amendments, fiscal year adjustments, or entity type transitions. The form provides a method for electing large partnership final returns and outlines the processes for calculating and reporting Virginia-specific additions and subtractions to income. It also includes sections dedicated to penalty and interest calculations for late filings or payments, offering a comprehensive framework to ensure compliance with Virginia’s tax laws. The careful preparation of this form is essential to accurately fulfill tax obligations, avoid penalties, and ensure that the entity and its owners are correctly reporting their income and taxes due to the Commonwealth of Virginia.

Question	Answer
Form Name	Virginia Form 502
Form Length	2 pages
Fillable?	No
Fillable fields	0
Avg. time to fill out	30 sec
Other names	Form 502 "Pass-Through Entity Return of Income and Return ...

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Form 502	Return of Income and Return of VA0PTE121888
2021 Virginia	Pass-Through Entity
Department of Taxation	Nonresident Withholding Tax
P.O. Box 1500	Nonresident Withholding Tax
P.O. Box 1500		Official Use Only
Richmond, VA 23218-1500		Official Use Only
Richmond, VA 23218-1500
FISCAL or
SHORT Year Filer: Beginning Date ___________________ 2021; Ending Date _________________ , 20_______

Check if Schedules VK-1 were filed by Web Upload

By checking the box to the right, I (we) authorize the Department to discuss this return with the undersigned tax preparer.

Check if:

Initial return

Change in fiscal year

Amended return: Enter Reason Code____________

Unified nonresident return filed

Electing large partnership

Final return

Name change

Subject to Bank Franchise Tax

Address change

Certified Company Apportionment

FEIN	Date of Formation	Entity Type (see instructions)

Entity Name	Date Operations Began in Virginia	NAICS Code

Number and Street	State or Country Where Incorporated	Description of Business Activity
	or Organized

City or Town, State, and ZIP Code

Number and Types of Owners (See instructions) Count all of the owners who were issued a federal Schedule K-1 for the taxable year and enter:

a. The total number of owners (include individuals and any other entity types) . . . . . . . . . . . . . . . . . . . . . . . . . . . .

b. The total number of nonresident owners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

c. Total amount withheld for nonresident owners (total of Line e from all Schedules VK-1) . . . . . . . . . . . . . . . . . . .

d. If the entity is exempt from withholding, enter the exemption code . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Distributive or Pro Rata Income and Deductions (See instructions)

1.Total taxable income amounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2.Total deductions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3.Tax-exempt interest income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Allocation and Apportionment: Check if electing the manufacturer’s alternative method of apportionment

4.Income allocated to Virginia from Schedule 502A, Section C, Line 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5.Income allocated outside of Virginia from Schedule 502A, Section C, Line 3(e) . . . . . . . . . . . . . . . . . . . . . . . . .

6.Apportionable income from Schedule 502A, Section C, Line 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7.Virginia apportionment percentage from Schedule 502A, Section B, percent from Line 1 or Line 2(f) or 100% . . .

b. c. d.

.00

Virginia Additions – See Schedule 502ADJ for Other Additions

8. Fixed date conformity – depreciation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.

9. Fixed date conformity – other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.

10. Net income tax or other tax used as a deduction in determining taxable income (see instructions) . . . . . . . . . . . 10.

11. Interest on municipal or state obligations other than from Virginia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.

12. Total additions from enclosed Schedule 502ADJ, Section A , Line 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.

13. Total additions. Add Lines 8 through 12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.

Virginia Subtractions – See Schedule 502ADJ for Other Subtractions

14. Fixed date conformity – depreciation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.

15. Fixed date conformity – other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.

16. Income from obligations of the United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.

17. Total subtractions from enclosed Schedule 502ADJ, Section B, Line 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.

18. Total subtractions. Add Lines 14 through 17 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.

Virginia Tax Credits Passed Through to Owners

19. Total nonrefundable credits from enclosed Schedule 502ADJ, Section C, Part II, Line 1 . . . . . . . . . . . . . . . . . . . 19.

20. Total refundable credits from enclosed Schedule 502ADJ, Section C, Part IV, Line 1 . . . . . . . . . . . . . . . . . . . . . 20.

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Va. Dept. of Taxation 2601015-W Rev. 07/21

Form 502	FEIN	_________________________	VA0PTE221888
2021 Virginia Name		____________________________________

Page 2

Section 1 – Withholding Payment Reconciliation

1. Total withholding tax due for nonresident owners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2. Total withholding tax paid (Entity’s own payments only – see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3. Overpayment. If Line 2 is greater than Line 1, subtract Line 1 from Line 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4. Withholding tax due. If Line 2 is less than Line 1, subtract Line 2 from Line 1 . . . . . . . . . . . . . . . . . . . . . . . . .

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Section 2 – Penalty and Interest Charges on Withholding Tax

5.Extension penalty (may apply to returns filed within extension period if 90% of Line 1 is not paid timely) . . . .

6.Late payment penalty on tax due (will apply if there is a balance due on Line 4 and Form 502 is being filed more than 6 months after the original due date). Enter 30% of the amount on Line 4 . . . . . . . . . . . . . . . . . . .

7.Interest (may apply if there is a balance due on Line 4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

8.Penalty and interest charges due. Add Line 5 or Line 6 (whichever applies) to Line 7 . . . . . . . . . . . . . . . . . . .

Section 3 – Penalty for Late Filing of Form 502

9.If Form 502 is being filed more than 6 months after the original due date, or more than 30 days after the federal extended due date, enter $1,200. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Section 4 – Withholding Overpayment

10.Net overpayment. If Line 8 or Line 9 exceeds Line 3, go to Line 13 below to compute the total payment due.

Compare Line 6 and Line 9. If Line 6 is greater than Line 9, subtract Line 8 from Line 3. If Line 9 is greater than Line 6, subtract Line 7 plus Line 9 from Line 3. Otherwise, enter overpayment amount from Line 3 . . . .

11.Amount of withholding overpayment to be credited to 2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

12.Amount of withholding overpayment to be refunded . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Section 5 – Tax, Penalty, and Interest Due

13.Balance of tax due plus extension penalty, if applicable. If there is an amount due on Line 4, enter Line 4 plus Line 5. If there is an overpayment on Line 3 and Line 8 or Line 9 is greater than Line 3, enter Line 5 minus Line 3 . . . . . . .

14.Interest charges on withholding tax from Line 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

15.Late filing penalty. Enter the greater of Line 6 or Line 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

16.Total payment due. Add Line 13, Line 14, and Line 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Section 6 – Amount Due or Refund

17.Motion Picture Production Tax Credit to be refunded directly to PTE (see instructions) . . . . . . . . . . . . . . . . . .

18.Research and Development Expenses Tax Credit to be refunded directly to PTE (see instructions) . . . . . . . .

19.Credit to be refunded directly to PTE. Add Line 17 and Line 18 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

20.Amount Due. If there is an amount due on Line 16 and the amount exceeds the amount on Line 19, subtract Line 19 from Line 16. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

21.Amount of Refund. If there is an amount due on Line 16 and the amount is less than the amount on Line 19, subtract Line 16 from Line 19. If there is an amount on Line 12, add Line 12 and Line 19 . . . . . . . . . . . . . . . .

10.

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I, the undersigned owner and authorized representative of the pass-through entity for which this return is made, declare under the penalties provided by law that this return (including any accompanying schedules, statements, and enclosures) has been examined by me and is, to the best of my knowledge and belief, a true, correct, and complete return, made in good faith, for the taxable year stated, pursuant to the tax laws of the Commonwealth of Virginia. A preparer other than the authorized representative declares the same, and such declaration is based on all information of which he or she has any knowledge.

Signature of Owner or Authorized Representative	Title	Date

Printed Name of Owner or Authorized Representative	Phone

Individual or Firm, Signature of Preparer, Phone Number, and Address		Date

Printed Name of Individual or Firm	Preparer’s FEIN, PTIN, or SSN	Approved Vendor Code

Include a copy of your federal return with Form 502. Important: do not include a federal Schedule K-1 for each owner. If you filed

a Schedule VK-1 for each owner online using Web Upload, do not include copies of Schedules VK-1 with the Form 502.

Do not submit Form 765 with this return – Mail it to the address on Form 765.

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This PDF will need specific data to be filled in, therefore ensure you take whatever time to fill in precisely what is requested:

1. To start off, when filling in the Virginia Form 502, begin with the page with the following blank fields:

Part number 1 for filling out Virginia Form 502

2. Once the last array of fields is completed, it is time to include the essential details in Number and Types of Owners See so you can proceed to the third stage.

3. Completing Virginia Form Page, Name, FEIN, VAPTE, Section Withholding Payment, If Form is being filed more than, and Section Withholding Overpayment is essential for the next step, make sure to fill them out in their entirety. Don't miss any details!

Virginia Form 502 completion process outlined (step 3)

4. To move onward, this step requires filling out several form blanks. These include Section Withholding Overpayment, and I the undersigned owner and, which you'll find key to going forward with this process.

Best ways to fill out Virginia Form 502 stage 4

Those who work with this PDF generally make some errors while completing I the undersigned owner and in this part. Be sure to read twice everything you type in here.

5. Finally, this final segment is what you have to wrap up before submitting the PDF. The blanks in question are the next: Signature of Owner or Authorized, Printed Name of Owner or, Individual or Firm Signature of, Title, Phone, Date, Date, Printed Name of Individual or Firm, Preparers FEIN PTIN or SSN, Include a copy of your federal, a Schedule VK for each owner, and Do not submit Form with this.

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