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  • 2022 Virginia Form 502

Get 2022 Virginia Form 502

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9. 10. Net income tax or other tax used as a deduction in determining taxable income (see instructions). . . . . . . . . . . 10. .00 .00 11. Interest on municipal or state obligations other than from Virginia. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11. .00 12. Total additions from enclosed Schedule 502ADJ, Section A , Line 5 . . . . . . . . . . . .

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How to fill out the 2022 Virginia Form 502 online

Filling out the 2022 Virginia Form 502 online is a straightforward process that allows you to efficiently report your pass-through entity income and manage withholding tax. This guide will provide you with clear, step-by-step instructions to ensure you complete the form accurately.

Follow the steps to successfully complete your Form 502 online.

  1. Click ‘Get Form’ button to obtain the form and open it for completion.
  2. Fill out the fiscal or short year filer section, including the beginning and ending dates of the reporting period.
  3. Indicate if you have filed Schedules VK-1 by checking the corresponding box. If applicable, check any relevant return types such as initial or amended return.
  4. Provide the legal name, FEIN, date of formation, and entity type for your pass-through entity.
  5. Enter the entity's principal business activity and tax-related details, including total owners and the number of nonresident owners.
  6. Complete the income and deductions section by entering the total taxable income and deductions.
  7. Allocate and apportion income as necessary, and ensure all schedules referenced are properly completed.
  8. Review sections regarding withholding payment reconciliation, including total withholding tax due and any applicable penalties.
  9. Finalize the form by providing signatures where required, including that of the owner or authorized representative, and include their title and contact information.
  10. Once all information is complete, save your changes, download the form, and print it if needed, or share it as required.

Complete your Virginia Form 502 online today for a hassle-free filing experience.

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The 2023 Virginia General Assembly passed a law giving taxpayers with a tax liability a rebate of up to $200 for individual filers and up to $400 for joint filers. Eligible taxpayers must have filed their 2022 individual income tax return by November 1, 2023 to receive the rebate. What You Need to Know About the 2023 Tax Rebate - Virginia Tax virginia.gov https://.tax.virginia.gov › rebate virginia.gov https://.tax.virginia.gov › rebate

Increased standard deduction If you take the standard deduction, you'll benefit from an increase in the deduction amount this year. The new standard deduction is: $8,000 for single filers (up from $4,500), and. $16,000 for married couples filing jointly (up from $9,000). What's New for Filing Season | Virginia Tax virginia.gov https://.tax.virginia.gov › news › whats-new-filing-s... virginia.gov https://.tax.virginia.gov › news › whats-new-filing-s...

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. Pass-Through Entities - Virginia Tax virginia.gov https://.tax.virginia.gov › pass-through-entities virginia.gov https://.tax.virginia.gov › pass-through-entities

The Commonwealth of Virginia law imposes individual income tax filing requirements on virtually all Virginia residents, as well as on nonresidents who receive income from Virginia sources. The law requires that all employers withhold tax from the income of nonresident employees, if federal law requires the withholding.

The Form 502 should (1) report nonresident withholding only for income attributable to ineligible owners who are also nonresident owners subject to the withholding requirements (e.g., the nonresident corporate owners of the PTE) and (2) attach Schedules VK-1 to Form 502 only for such ineligible owners.

If you are a resident or nonresident alien required to file a federal income tax return, and you meet the definition of a Virginia resident, part-year resident, or nonresident and other filing requirements, you must file a Virginia return, unless exempted from the requirement by federal treaty.

In general, an employer who pays wages to one or more employees in Virginia is required to deduct and withhold state income tax from those wages. Since Virginia law substantially conforms to federal law, if federal law requires an employer to withhold tax from any payment, we also require Virginia withholding.

Under HB 30, for tax year 2022 the standard deduction increases from $4,500 to $8,000 for single filers and from $9,000 to $16,000 for married filers filing jointly if the annual revenue growth is at least 5% for the six-month period of July 2022 through December 2022. Virginia revised income tax withholding tables and formulas ... ey.com https://taxnews.ey.com › news › 2022-1509-virginia-revi... ey.com https://taxnews.ey.com › news › 2022-1509-virginia-revi...

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
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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
Privacy Notice
Legal Hub
Content Takedown Policy
Bug Bounty Program
About Us
Blog
Affiliates
Contact Us
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
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 WorkFlow
DocHub
Instapage
Social Media
Call us now toll free:
+1 833 426 79 33
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