Virginia Form 502 PDF Details

Are you a resident of the Commonwealth of Virginia and need to file your taxes? Filing taxes can be complicated, but it's important to make sure you've got all the right forms, deductions, and credits applied correctly. That's why it's essential for you to understand how Virginia Form 502 works -- this is the form used for filing state income tax returns in Virginia. In this blog post, we'll explain exactly what type of information is required when filling out Form 502 and provide helpful tips on getting your annual return completed accurately so that there are no errors or potential red flags that could lead to an IRS audit. Read on to learn more!

QuestionAnswer
Form NameVirginia Form 502
Form Length2 pages
Fillable?No
Fillable fields0
Avg. time to fill out30 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

 

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%  . . .

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b. c. d.

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%

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 . . . . . . . . . . . . . . . . . . . . . . . . .

1.

2.

3.

4.

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.00

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 . . . . . . . . . . . . . . . .

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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.

How to Edit Virginia Form 502 Online for Free

You can prepare Virginia Form 502 instantly by using our online PDF tool. The editor is consistently maintained by our team, receiving new functions and growing to be better. With some easy steps, it is possible to begin your PDF journey:

Step 1: Firstly, access the pdf editor by clicking the "Get Form Button" above on this page.

Step 2: The editor will allow you to customize PDF files in many different ways. Enhance it by writing customized text, adjust original content, and add a signature - all within the reach of several mouse clicks!

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.

Writing segment 2 of Virginia Form 502

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.

Completing part 5 in Virginia Form 502

Step 3: After proofreading the filled out blanks, press "Done" and you are good to go! Make a free trial account with us and acquire instant access to Virginia Form 502 - download or modify in your FormsPal account page. FormsPal is devoted to the personal privacy of our users; we make certain that all personal data processed by our editor stays secure.

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