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Virginia Pass-Through Entity Return of Income
Extracted from PDF file 2023-virginia-form-502.pdf, last modified August 2023Pass-Through Entity Return of Income
2023 Virginia Form 502 Virginia Department of Taxation P.O. Box 1500 Richmond, VA 23218-1500 Pass-Through Entity Return of Income and Return of Nonresident Withholding Tax *VA0PTE123888* Official Use Only FISCAL or SHORT Year Filer: Beginning Date ____________________ 2023; 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 Amended return: Enter Reason Code_________ Change in fiscal year Unified nonresident return filed Final return / Close this account Name change Address change Subject to Bank Franchise Tax 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 or Organized Description of Business Activity 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) . . . . . . . . . . . . . . . . . . . . . . . . . . . . a. b. The total number of nonresident owners. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. c. Total amount withheld for nonresident owners (total of Line e from all Schedules VK-1). . . . . . . . . . . . . . . . . . . c. d. If the entity is exempt from withholding, enter the exemption code. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . d. .00 1. Total taxable income amounts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1. 2. Total deductions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2. .00 3. Tax-exempt interest income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3. Allocation and Apportionment: Check if electing the manufacturer’s alternative method of apportionment .00 4. Income allocated to Virginia from Schedule 502A, Section C, Line 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4. 5. Income allocated outside of Virginia from Schedule 502A, Section C, Line 3(e) . . . . . . . . . . . . . . . . . . . . . . . . . 5. .00 6. Apportionable income from Schedule 502A, Section C, Line 4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6. 7. Virginia apportionment percentage from Schedule 502A, Section B, percent from Line 1 or Line 2(f) or 100% . . . 7. .00 8. Conformity – depreciation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8. 9. Conformity – other. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9. 10. Net income tax or other tax used as a deduction in determining taxable income (see instructions). . . . . . . . . . . 10. .00 .00 11. Interest on municipal or state obligations other than from Virginia. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11. .00 12. Total additions from enclosed Schedule 502ADJ, Section A , Line 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12. .00 13. Total additions. Add Lines 8 through 12.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13. .00 14. Conformity – depreciation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14. .00 15. Conformity – other. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15. .00 16. Income from obligations of the United States. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16. .00 17. Total subtractions from enclosed Schedule 502ADJ, Section B, Line 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17. .00 18. Total subtractions. Add Lines 14 through 17. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18. .00 19. Total nonrefundable credits from enclosed Schedule 502ADJ, Section C, Part II, Line 1. . . . . . . . . . . . . . . . . . . 19. .00 20. Total refundable credits from enclosed Schedule 502ADJ, Section C, Part IV, Line 1. . . . . . . . . . . . . . . . . . . . . 20. .00 Distributive or Pro Rata Income and Deductions (See instructions) .00 .00 % Virginia Additions – See Schedule 502ADJ for Other Additions .00 Virginia Subtractions – See Schedule 502ADJ for Other Subtractions Virginia Tax Credits Passed Through to Owners Va. Dept. of Taxation 2601015-W Rev. 08/23 2023 Virginia Form 502 Page 2 Name _____________________________________ FEIN __________________________ *VA0PTE223888* Section 1 – Withholding Payment Reconciliation 1. Total withholding tax due for nonresident owners. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1. .00 2. Total withholding tax paid (Entity’s own payments only – see instructions). . . . . . . . . . . . . . . . . . . . . . . . . . . . 2. .00 3. Overpayment. If Line 2 is greater than Line 1, subtract Line 1 from Line 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . 3. .00 4. Withholding tax due. If Line 2 is less than Line 1, subtract Line 2 from Line 1. . . . . . . . . . . . . . . . . . . . . . . . . 4. .00 5. .00 6. .00 7. Interest (may apply if there is a balance due on Line 4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7. .00 8. Penalty and interest charges due. Add Line 5 or Line 6 (whichever applies) to Line 7. . . . . . . . . . . . . . . . . . . 8. .00 9. .00 10. .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. . . . . . . . . . . . . . . . . . . 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 2024. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .00 11. 12. .00 13. .00 .00 14. 15. .00 16. .00 17. Motion Picture Production Tax Credit to be refunded directly to PTE (see instructions). . . . . . . . . . . . . . . . . . 17. .00 18. Research and Development Expenses Tax Credit to be refunded directly to PTE (see instructions). . . . . . . . 18. .00 19. Credit to be refunded directly to PTE. Add Line 17 and Line 18. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19. .00 20. .00 21. .00 16. Total payment due. Add Line 13, Line 14, and Line 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Section 6 – Amount Due or Refund 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. . . . . . . . . . . . . . . . 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 Printed Name of Owner or Authorized Representative Phone Individual or Firm, Signature of Preparer, Phone Number, and Address Printed Name of Individual or Firm Date Date 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.
2023 Form 502 - Pass-Through Entity Return of Income and Return of Nonresident Withholding Tax
More about the Virginia Form 502 Corporate Income Tax Tax Return TY 2023
We last updated the Pass-Through Entity Return of Income in January 2024, so this is the latest version of Form 502, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form 502 directly from TaxFormFinder. You can print other Virginia tax forms here.
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TaxFormFinder has an additional 135 Virginia income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the Virginia Form 502.
| Form Code | Form Name |
|---|---|
| Form 502 VK-1 | Owner's Share of Income and Virginia Modifications and Credits |
| Form 502V | 502V - Pass-Through Entity Tax Payment Voucher |
| Form 502W | Pass-Through Entity Withholding Tax Payment Voucher and Instructions |
| Form 502A | 502A - Multistate Pass-Through Entity |
| Form 502ADJ | 502ADJ - Pass-Through Entity Schedule of Adjustments |
View all 136 Virginia Income Tax Forms
Form Sources:
Virginia usually releases forms for the current tax year between January and April. We last updated Virginia Form 502 from the Department of Taxation in January 2024.
Form 502 is a Virginia Corporate Income Tax form. Like the Federal Form 1040, states each provide a core tax return form on which most high-level income and tax calculations are performed. While some taxpayers with simple returns can complete their entire tax return on this single form, in most cases various other additional schedules and forms must be completed, depending on the taxpayer's individual situation, to create a complete income tax return package.
About the Corporate Income Tax
The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.
Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).
Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.
Historical Past-Year Versions of Virginia Form 502
We have a total of thirteen past-year versions of Form 502 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2023 Form 502
2023 Form 502 - Pass-Through Entity Return of Income and Return of Nonresident Withholding Tax
2022 Form 502
2022 Form 502 - Pass-Through Entity Return of Income and Return of Nonresident Withholding Tax
2021 Form 502
2021 Form 502 - Pass-Through Entity Return of Income and Return of Nonresident Withholding Tax
2020 Form 502
2020 Form 502 - Pass-Through Entity Return of Income and Return of Nonresident Withholding Tax
2019 Form 502
2019 Form 502 - Pass-Through Entity Return of Income and Return of Nonresident Withholding Tax
2018 Form 502
2018 Form 502 - Pass-Through Entity Return of Income and Return of Nonresident Withholding Tax
2017 Form 502
2017 Form 502 - Pass-Through Entity Return of Income and Return of Nonresident Withholding Tax
2016 Form 502
2016 Form 502 - Pass-Through Entity Return of Nonresident Withholding Tax
2015 Form 502
502 15 ER Final 6 23 15.indd
2014 Form 502
502
2013 Form 502
502 13 Web Final 11 25 13.indd
2012 Form 502
502 12 web Final 01 04 13.indd
2011 Form 502
502 11 WEB 12 21 11.indd
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