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  • Commonwealth Of Virginia Form 502 Witholding Refund

Get Commonwealth Of Virginia Form 502 Witholding Refund

D, VIRGINIA 6201028 Rev 10/08 WHAT S NEW 2008 Withholding Tax Requirement for Pass-Through Entities with Nonresident Owners. For taxable years beginning on or after January 1, 2008, every pass-through entity doing business in the Commonwealth that has taxable income derived from Virginia sources and that must allocate any portion of that income to a nonresident shareholder is required to pay withholding tax. The tax is equal to five percent of the nonresident owners shares of incom.

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“The amount of student loan debt that was forgiven will be left out of federal adjusted gross income, and, by extension, Virginia taxable income, without any further action by the General Assembly,” wrote Stephen Kindermann, a finance attorney in the Virginia Division of Legislative Services, in response to an inquiry ...

Starting with your tax year 2022 Virginia income tax return, you may be able to claim a refundable version of the Virginia Earned Income Tax Credit equal to 15% of your federal Earned Income Tax Credit. The Earned Income Tax Credit is for low- and moderate-income workers.

Overview. You may claim this credit if you had income that was taxed by California and another state. The credit will offset the taxes paid to the other state, so you are not paying taxes twice.

The 2022 Virginia General Assembly passed a law giving taxpayers with a liability a rebate of up to $250 for individual filers and up to $500 for joint filers.

S Corporations, Partnerships, and Limited Liability Companies. Every pass-through entity (PTE) that does business in Virginia or receives income from Virginia sources must file an annual Virginia income tax return on Form 502 or Form 502PTET.

It will come by direct deposit or check in the mail. People who got a state tax refund by direct deposit this year will likely get the rebate by direct deposit in the same bank account.

So we went straight to the Virginia Department of Taxation for more information. A spokesperson tells VERIFY, based on their interpretation of federal guidance, Virginia has issued 1099-G forms to taxpayers who itemize deductions last year, so any rebate money you may have gotten can be reported as income.

General refund processing times during filing season: Electronically filed returns: Within 2 weeks. Paper filed returns: Up to 8 weeks or longer. Returns sent by certified mail: Allow an additional 3 weeks.

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© Copyright 1997-2025
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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232