The Ultimate Guide to VA Passthru Forms Empower Your Team

The commissioner of the revenue's office assists the Virginia Department of Taxation in the annual processing of individual income tax returns for Virginia ... the Form 763 using Code 50 (Pass-Through Entity Income) on Lines 6b - 6d of the Schedule 763 ADJ. Other Frequently Used Virginia Forms. Virginia Schedule A. Form 502PTET will allow qualifying pass-through entities to pay Virginia tax at a rate of 5.75% on behalf of their owners at the pass-through entity level. ... Virginia pass-through entity tax. The election is available to ... Electing PTEs that previously filed a tax year 2021 Virginia Form ... During the 2022 Session, the Virginia General Assembly passed legislation that established a Pass-Through Entity Tax (PTET). The PTET return (Form 502PTET) must ... 5.75 percent * VA taxable pass-through entity taxable income. Form VA 502PTET Due Date. PTET returns (“Form 502PTET”) are due by the 15th day ... The Virginia General Assembly established a new elective PTE tax. This legislation allows qualifying PTEs to be taxed at the entity level on their income. Responsible Party / Corporations and Pass-Through Entities Only - Identify corporate, partnership or limited liability officers responsible for tax obligations. Submitting a paper Form 502V (Pass-Through Entity Tax Payment Voucher) with a check will not count as a valid PTET election. The FAQs add ... This form is for use by individual income tax filers only. Fiduciary, Pass-Through Entity and Unified Nonresident Taxpayers use Form 770-IP to make your ...