This version of the form is not currently in use and is provided for reference only. Download this version of Form 502 Schedule VK-1 for the current year.
This is a legal form that was released by the Virginia Department of Taxation - a government authority operating within Virginia.The document is a supplement to Form 502, Pass-Through Entity Return of Income and Return of Nonresident Withholding Tax. As of today, no separate filing guidelines for the form are provided by the issuing department.
Q: What is Form 502 Schedule VK-1?
A: Form 502 Schedule VK-1 is used in Virginia to report a pass-through entity owner's share of income, modifications, and credits.
Q: Who needs to file Form 502 Schedule VK-1?
A: Pass-through entity owners in Virginia need to file Form 502 Schedule VK-1 to report their share of income, modifications, and credits.
Q: What is considered a pass-through entity in Virginia?
A: Pass-through entities in Virginia include partnerships, limited liability companies (LLCs), and S corporations.
Q: What information is reported on Form 502 Schedule VK-1?
A: Form 502 Schedule VK-1 reports a pass-through entity owner's share of income, modifications, and credits for Virginia state tax purposes.
Q: Are there any deadlines for filing Form 502 Schedule VK-1 in Virginia?
A: Yes, the deadline for filing Form 502 Schedule VK-1 in Virginia is the same as the pass-through entity's filing deadline, which is typically on or before March 15th.
Q: Are there any penalties for not filing Form 502 Schedule VK-1 in Virginia?
A: Yes, failure to file Form 502 Schedule VK-1 in Virginia may result in penalties and interest being assessed by the Virginia Department of Taxation.
Q: Can I amend Form 502 Schedule VK-1 in Virginia?
A: Yes, if you need to make changes or corrections to a previously filed Form 502 Schedule VK-1 in Virginia, you can file an amended return using Form 502X.
Form Details:
Download a fillable version of Form 502 Schedule VK-1 by clicking the link below or browse more documents and templates provided by the Virginia Department of Taxation.