Virginia form 502 2025

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The document outlines the requirements for pass-through entities (PTEs) in Virginia regarding withholding tax payments for nonresident owners. It specifies that PTEs must electronically submit returns and payments, detailing the withholding rate of 5% on taxable income allocated to nonresident owners. The document provides instructions for electronic payment methods, filing deadlines, exemptions from withholding tax, and penalties for late payments or filings. Additionally, it includes guidance on how to complete the payment voucher Form 502W and the necessary documentation for claiming exemptions.

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Click ‘Get Form’ to open Virginia Form 502 in the editor.
Begin by entering the Pass-Through Entity's FEIN, entity type, and NAICS code. Ensure you select the correct entity type from the provided options.
Fill in the ending month and year for your payment. This is crucial for accurate record-keeping.
Calculate the withholding tax due by determining the taxable income of your PTE and applying a 5% rate on nonresident owners' shares. Adjust for any applicable tax credits.
Enter the total amount of payment in the designated field and ensure all information is accurate before proceeding.
Finally, sign and date the form, providing your phone number for any follow-up inquiries.

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What is form 502 for?

More In Forms and Instructions Publication 502 explains the itemized deduction for medical and dental expenses that you claim on Schedule A (Form 1040), including: What expenses, and whose expenses, you can and cannot include in figuring the deduction. How to treat reimbursements and how to figure the deduction.

Who is required to file a Virginia state tax return?

According to Virginia Instructions for Form 760, you must file a Virginia tax return IF: You are a resident, nonresident or part year resident of Virginia and you have to file a federal income tax return.

What is Virginia form 502?

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.

Where do I mail my Virginia form 502?

Address requests to the Tax Commissioner, Virginia Department of Taxation, P.O. Box 2475, Richmond, VA 23218-2475.

Do I need to file a Virginia tax return as a non-resident?

Nonresidents of Virginia with income at or above the filing threshold must file if any of their income is from Virginia sources.

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Who is subject to Virginia tax withholding?

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.

Who must file Virginia form 502?

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.

How do you know if you are not subject to Virginia withholding?

If the wages are not subject to federal withholding, they are not subject to Virginia withholding. Complete instructions for withholding Virginia income tax from wages, salaries, and other payments are contained in the Virginia Employer Withholding Instructions.

Virginia form 502 2025

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What is form 502 for?

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What is Virginia form 502?

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Who is subject to Virginia tax withholding?

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