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

What Is Form 502?

This is a legal form that was released by the Virginia Department of Taxation - a government authority operating within Virginia. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Form 502?
A: Form 502 is the Pass-Through Entity Return of Income and Return of Nonresident Withholding Tax for Virginia.

Q: Who needs to file Form 502?
A: Pass-through entities operating in Virginia, such as partnerships, S corporations, and limited liability companies (LLCs), must file Form 502.

Q: What is the purpose of Form 502?
A: Form 502 is used to report the income, deductions, and tax liability of pass-through entities operating in Virginia, as well as any nonresident withholding tax withheld on behalf of nonresident owners or beneficiaries.

Q: When is Form 502 due?
A: Form 502 is due on or before the 15th day of the fourth month following the close of the taxable year. For calendar year filers, the due date is April 15th.

Q: Are there any penalties for late filing of Form 502?
A: Yes, there are penalties for late filing and late payment of taxes. It is important to file and pay on time to avoid penalties and interest.