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Form 502 Pass-Through Entity Return of Income and Return of Nonresident Withholding Tax

Form 502 Pass-Through Entity Return of Income and Return of Nonresident Withholding Tax

 

INSTRUCTIONS: VIRGINIA PASS-THROUGH ENTITY RETURN OF INCOME AND RETURN OF WITHHOLDING TAX (Form 502)

 

 

Businesses operating in Virginia on a pass-through basis file their income and withholding taxes due to the state with a form 502. This document can be obtained from the website of the Virginia Department of Taxation.

 

Virginia Pass-Through Entity Return Of Income And Return Of Withholding Tax 502 Step 1: At the top of the form, enter the beginning and ending dates of the year you are filing for. Below this, enter your tax identification number. If the document has been prepared by an authorized preparer who you wish to give the authority to discuss the return with the Department of Taxation, check the box on the right where indicated.

 

Virginia Pass-Through Entity Return Of Income And Return Of Withholding Tax 502 Step 2: Check the box next to the statement describing the type of return being filed.

 

Virginia Pass-Through Entity Return Of Income And Return Of Withholding Tax 502 Step 3: Enter your business federal employer identification number, name and address. Give the date and location of its formation, the date on which activities began in Virginia, the NAICS classification code, the entity type, and a description of its activities.

 

Virginia Pass-Through Entity Return Of Income And Return Of Withholding Tax 502 Step 4: Lines a through d below require you to detail the number of company owners, the amount withheld for nonresident owners, and to enter your exemption code if applicable.

 

Virginia Pass-Through Entity Return Of Income And Return Of Withholding Tax 502 Step 5: Lines 1 through 3 concern income and deductions.

 

Virginia Pass-Through Entity Return Of Income And Return Of Withholding Tax 502 Step 6: Lines 4 through 7 concern allocation and apportionment of income generated in Virginia.

 

Virginia Pass-Through Entity Return Of Income And Return Of Withholding Tax 502 Step 7: Lines 8 through 13 concern Virginia additions to income. Lines 14 through 18 concern Virginia subtractions to income. Lines 19 and 20 concern state tax credits.

 

Virginia Pass-Through Entity Return Of Income And Return Of Withholding Tax 502 Step 8: The second page contains five sections requiring you to detail payments withheld, overpayment, and instructions for calculating penalties and interest on late payments.

 

Virginia Pass-Through Entity Return Of Income And Return Of Withholding Tax 502 Step 9: Sign and date the form. Provide your title.

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