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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.
Spouses electing qualified joint venture status are treated as sole proprietors for Federal tax purposes. Using the rules for sole proprietors, an EIN is not required for a sole proprietorship unless the sole proprietorship is required to file excise, employment, alcohol, tobacco, or firearms returns.
Tax filing for a qualified joint venture U.S. Individual Income Tax Return (Form 1040), with the designation that it is a joint return. Each spouse prepares a separate Profit or Loss From Business (Sole Proprietorship) (Form 1040, Schedule C), indicating the spouse's share of the profit.
A qualified joint venture is a federal tax status married couples may elect if they run a business together. To qualify, your business must meet these criteria: The only members are yourself and your spouse. You file a joint tax return. You both materially participate in the business.
The PTE is required to withhold 5% of the share of taxable income from Virginia sources that is allocable to each nonresident owner. The amount of withholding tax may be reduced by any tax credits that were earned by the PTE and allowable by the Code of Virginia that pass through to nonresident owners.
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.
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.
The fiduciary of a resident estate or trust must file a return if the estate or trust is required to file a federal fiduciary income tax return (Form 1041), or if it had any Virginia taxable income.