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 nonresidents. The document provides instructions for electronic payment methods, deadlines, exemptions, and penalties for late filing or payment. Additionally, it explains the process for claiming exemptions and the necessary documentation required from nonresident owners.

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Where do I mail form 502 in Virginia?

To submit Form 502, you can file electronically via the Virginia Department of Taxations e-file platform. Alternatively, you may send your completed form by fax to (804) 254-6111 or mail it to Department of Taxation, P.O. Box 1115, Richmond, Virginia 23218-1115.

What does it mean to be subject from withholding?

Most employees are subject to withholding taxes when they are hired and fill out a W-4 Form. The form estimates the amount of taxes that will be due. 7. The withholding tax is one of two types of payroll taxes. The other type is paid to the government by the employer and is based on an individual employees wages.

How do I know if I am subject to VA 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.

What is Virginia form 502?

The Virginia pass-through entity return of income is Form 502. Previously S corporations were required to file their Virginia income tax return on Form 500S.

What is not subject to withholding?

Taxable income not subject to withholding - Interest income, dividends, capital gains, self employment income, IRA (including certain Roth IRA) distributions. Adjustments to income - IRA deduction, student loan interest deduction, alimony expense.

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What is form 502?

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.

What does I certify that I am not subject to withholding mean?

When you file as exempt from withholding with your employer for federal income tax withholding, you dont make any federal income tax payments during the year. (A taxpayer is still subject to FICA tax.)

What does it mean to not be subject to Virginia withholding?

Wage and salary payments made to residents of these states are not subject to Virginia withholding if the. employees meet the following conditions: ► The employee maintains a legal domicile in another state and lives in Virginia for less than 183 days of. the taxable year (or does not live in Virginia at all)

Virginia form 502 2025

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