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Virginia Owner's Share of Income and Virginia Modifications and Credits
with TurboTaxExtracted from PDF file 2023-virginia-form-502-vk-1.pdf, last modified September 2023Owner's Share of Income and Virginia Modifications and Credits
2023 Form 502 Schedule VK-1 CHECK IF— Virginia Pass-Through Entity Owner’s Share of Income and Virginia Modifications and Credits *VA0VK1123888* Final/Close Account If SHORT Period Return: Beginning Date ___________________, 2023; Ending Date_________________ , 20_______ Amended Return: Enter Reason Code_________________ Owner is Participating in a Unified Nonresident Individual Income Tax Return Owner Information Name Pass-Through Entity (PTE) Information FEIN or SSN Name FEIN Address Address Taxable Year End Date Address Continued Address Continued City or Town, State, and ZIP Code City or Town, State, and ZIP Code Additional Owner Information (see instructions) a. Date owner acquired interest in the PTE (MM/DD/YYYY)...................................................................................... a. b. Owner’s entity type (Enter code)............................................................................................................................. b. / / c. Owner’s participation type (Enter code).................................................................................................................. c. d. Owner’s participation percentage (Example: 47.35%)............................................................................................ d. % e. Amount withheld by PTE for the owner................................................................................................................... e. .00 f. If owner or entity is exempt from withholding, enter an exemption code................................................................. Distributive or Pro Rata Income and Deductions (see instructions) f. 1. Total taxable income amounts................................................................................................................................. 1. .00 2. Total deductions...................................................................................................................................................... 2. .00 3. Tax-exempt interest income.................................................................................................................................... Allocation and Apportionment 3. .00 4. Income allocated to Virginia (owner’s share from PTE’s Schedule 502A, Section C, Line 2)................................. 4. .00 5. Income allocated outside of Virginia (owner’s share from PTE’s Schedule 502A, Section C, Line 3(e))................ 5. .00 6. Apportionable income (owner’s share from PTE’s Schedule 502A, Section C, Line 4).......................................... 6. .00 7. Virginia apportionment percentage (from PTE’s Schedule 502A, Section B – percent from Line 1 or Line 2(f), or 100%)..... Virginia Additions – Owner’s Share 7. % 8. Conformity – depreciation.......................................................................................................................................... 8. .00 9. Conformity – other..................................................................................................................................................... 9. .00 10. Net income tax or other tax used as a deduction in determining taxable income (see instructions)....................... 10. .00 11. Interest on municipal or state obligations other than from Virginia........................................................................... 11. .00 12. Other additions (see Form 502 instructions for addition codes.) Code Amount Code Amount 12a. .00 12b. .00 12c. .00 12d. .00 13. Total Additions (add Lines 8-11 and 12a-12d)........................................................................................................ 13. Virginia Subtractions – Owner’s Share .00 14. Conformity – depreciation.......................................................................................................................................... 14. .00 15. Conformity – other..................................................................................................................................................... 15. .00 16. Income from obligations of the United States........................................................................................................... 16. .00 17. Other subtractions (see Form 502 instructions for subtraction codes.) Certification Number (if applicable) Code Amount 17a. .00 17b. .00 17c. .00 17d. .00 18. Total Subtractions. (add Lines 14-16 and 17a-17d)............................................................................................... 18. Use Schedule SVK-1 if you are claiming more additions or subtractions than the Schedule VK-1 allows. Refer to the Form 502 Instructions for addition and subtraction codes. Check this box and enclose Schedule SVK-1. Va. Dept. of Taxation 2601024-W Rev. 09/23 .00 2023 Virginia Schedule VK-1 Page 2 *VA0VK1223888* Owner FEIN or SSN PTE FEIN Virginia Tax Credits • See the Schedule CR Instructions (individuals) or Schedule 500CR Instructions (corporations). • Individual owners with taxes paid to other states, see Schedule OSC Instructions. Part I – Nonrefundable Credits 1. State Income Tax Paid (see Form 502 Instructions)................... 2. Neighborhood Assistance Act Tax Credit...................................................... .00 22. Research and Development Expenses Tax Credit (Use this line if the taxpayer does not qualify for a refundable credit.)................................. .00 .00 .00 23. Education Improvement Scholarships Tax Credit.............................................. 3. Biodiesel and Green Diesel Fuels Tax Credit...................................................... .00 24. Major Research and Development Expenses Tax Credit.............................. .00 4. Recyclable Materials Processing Equipment Tax Credit............................. .00 25. Food Donation Tax Credit...................... .00 5. Vehicle Emissions Testing Equipment Tax Credit............................................... .00 26. Worker Training Tax Credit.................... .00 6. Major Business Facility Job Tax Credit... .00 27. Virginia Housing Opportunity Tax Credit.............................................. .00 7. Waste Motor Oil Burning Equipment Tax Credit............................................... .00 8. Riparian Forest Buffer Protection for Waterways Tax Credit............................. .00 9. Reserved for Future Use........................ 10. Reserved for Future Use........................ 11. Reserved for Future Use........................ Part II – Total Nonrefundable Credits 1. Total Nonrefundable Credits. Add Part I, Lines 1-8, and 12-27........... .00 Part III – Refundable Credits 1. Agricultural Best Management Practices Tax Credit............................... .00 2. 100% Coalfield Employment Enhancement Tax Credit from 2023 Form 306D, Part II, Section 1, Line 1.... .00 12. Historic Rehabilitation Tax Credit............ .00 13. Land Preservation Tax Credit................. .00 3. Full Credit: Enter amount from 2023 Form 306D, Part II, Section 2, Line 3.... .00 14. Qualified Equity and Subordinated Debt Investments Tax Credit.................. .00 4. 85% Credit: Enter amount from 2023 Form 306D, Part II, Section 3, Line 5.... .00 5. Total Coalfield Employment Enhancement Tax Credit allowable this year (Add Lines 3 and 4)................ .00 15. Communities of Opportunity Tax Credit.... .00 16. Green and Alternative Energy Job Creation Tax Credit................................. .00 17. Farm Wineries and Vineyards Tax Credit...................................................... .00 18. International Trade Facility Tax Credit...................................................... 7. Motion Picture Production Tax Credit............................................... .00 .00 19. Port Volume Increase Tax Credit............ 8. Research and Development Expenses Tax Credit.............................. .00 .00 20. Barge and Rail Usage Tax Credit........... .00 9. Conservation Tillage and Precision Agricultural Equipment Tax Credit......... .00 21. Livable Home Tax Credit........................ .00 10. Pass-Through Entity Elective Tax Payment Credit...................................... .00 6. Reserved for Future Use....................... Part IV – Total Refundable Credits 1. Total Refundable Credits. Add Part III, Lines 1, 5, and 7-10........... .00 NOTICE: You received this Schedule VK-1 because the above-named PTE earned income from Virginia sources and has passed through to you a portion of that Virginia source income based on your ownership of the PTE. A copy of this schedule has been filed with the Department. Everyone who receives Virginia source income is subject to taxation by Virginia regardless of state of residency or domicile. You may be required to file a Virginia tax return even though you may be a nonresident individual or a business domiciled outside of Virginia. To determine if you are required to file a Virginia income tax return, consult a tax professional. Information and forms may be obtained at www.tax.virginia.gov, or by calling the Department at (804) 367-8031 (individuals) or (804) 367‑8037 (businesses).
2023 Schedule VK-1 - Pass-Through Entity Owner's Share of Income and Virginia Modifications and Credits
More about the Virginia Form 502 VK-1 Corporate Income Tax TY 2023
We last updated the Owner's Share of Income and Virginia Modifications and Credits in January 2024, so this is the latest version of Form 502 VK-1, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form 502 VK-1 directly from TaxFormFinder. You can print other Virginia tax forms here.
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File Now with TurboTaxOther Virginia Corporate Income Tax Forms:
TaxFormFinder has an additional 135 Virginia income tax forms that you may need, plus all federal income tax forms.
| Form Code | Form Name |
|---|---|
| Form 500 | Corporate Income Tax Return |
| Form 770 | VA Fiduciary Income Tax Return |
| Form RR 6-2 | RR 6-2 (1601110) Class 6 - Schedule 2 - Machinery, Equipment and Apparatus, Etcetera |
| Form 770IP | Virginia Fiduciary and Unified Nonresident Automatic Extension Payment |
| Form 500 Schedule A | Multistate Corporation Allocation and Apportionment of Income |
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 VK-1 from the Department of Taxation in January 2024.
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 VK-1
We have a total of twelve past-year versions of Form 502 VK-1 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2023 Form 502 VK-1
2023 Schedule VK-1 - Pass-Through Entity Owner's Share of Income and Virginia Modifications and Credits
2022 Form 502 VK-1
2022 Schedule VK-1 - Pass-Through Entity Owner's Share of Income and Virginia Modifications and Credits
2021 Form 502 VK-1
2021 Schedule VK-1 - Pass-Through Entity Owner's Share of Income and Virginia Modifications and Credits
2020 Form 502 VK-1
2020 Schedule VK-1 - Pass-Through Entity Owner's Share of Income and Virginia Modifications and Credits
2019 Form 502 VK-1
2019 Schedule VK-1 - Pass-Through Entity Owner's Share of Income and Virginia Modifications and Credits
2018 Form 502 VK-1
2018 Schedule VK-1 - Pass-Through Entity Owner's Share of Income and Virginia Modifications and Credits
2017 Form 502 VK-1
2017 Schedule VK-1 - Owner's Share of Income and Virginia Modifications and Credits
2016 Form 502 VK-1
Schedule VK-1 - 2016 Owner's Share of Income and Virginia Modifications and Credits
2015 Form 502 VK-1
VK-1 15 ER Final 06 23 15.indd
2014 Form 502 VK-1
VK-1 14 Web Final 12 18 14.indd
2013 Form 502 VK-1
VK-1 13 Web Final 11 25 13.indd
2012 Form 502 VK-1
VK-1 12 Web 01 07 13 ER UA.indd
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