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Corporation Schedule of Federal Line Items - Virginia Tax

Corporation Schedule of Federal Line Items - Virginia Tax 2025

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The document is the 2020 Virginia Schedule 500FED, which outlines the requirements for corporations to report federal line items alongside their Virginia Corporation Income Tax Return (Form 500). It details various federal taxable income components, deductions, and credits that must be included in the tax return process.

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Click ‘Get Form’ to open the Corporation Schedule of Federal Line Items in the editor.
Begin by entering your business name as shown on your Virginia return and your Federal Employer Identification Number (FEIN) at the top of the form.
Proceed to Section 1, where you will input your Federal Taxable Income before any deductions. Ensure accuracy as this is crucial for calculating your tax obligations.
Continue filling out subsequent fields, including Net Operating Loss Deduction and Special Deductions, ensuring that each amount is entered correctly in its designated box.
For sections related to income types such as Subpart F Income or Gross-Up for Foreign Taxes, carefully review your federal Form 1120 to gather accurate figures.
Once all relevant fields are completed, review the entire form for accuracy before saving or exporting it directly from our platform.

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Versions	Form popularity	Fillable & printable
2023	4.7 Satisfied (21 Votes)
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2020	4.3 Satisfied (71 Votes)

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What is a Schedule 500ADJ in Virginia?

Schedule 500ADJ - Schedule of Adjustments. Used to report additions to or to claim subtractions from Federal Taxable Income and to claim withholding reported to a Corporation by a Pass-Through Entity on Virginia Schedule VK-1.

What is the schedule inc form?

Use Schedule C (Form 1040) to report income or loss from a business you operated or a profession you practiced as a sole proprietor. An activity qualifies as a business if: Your primary purpose for engaging in the activity is for income or profit.

What is Virginia Schedule Inc.?

VA Schedule INC is the Schedule of Withholding and Income. If your VA return contains Sch INC you will have to mail in your return because this form is not e-fileable. Schedule INC is now available. TurboTax will print this form along with your VA tax return for you to mail in.

At what age do you stop paying state taxes in Virginia?

Age 65 or over: Each filer who is age 65 or over by January 1 may claim an additional exemption. When a married couple uses the Spouse Tax Adjustment, each spouse must claim his or her own age exemption.

What four types of state taxes do we have in VA?

Be sure to contact your tax preparer for any questions you may have. Personal income tax. Virginias income tax rates are assessed over four tax brackets: Sales taxes. Virginias state sales and use tax rate is 4%. Personal and real property taxes. Here are Current Local Tax Rates. Inheritance and estate taxes.

Does Virginia accept federal extensions for corporations?

Virginia provides automatic tax extensions, meaning you will not need to file an application. Corporations receive an automatic six-month state extension. Some corporations will receive a deadline that is 30 days after a federal extension deadline if this date is later than the state deadline.

What corporations are exempt from Virginia income tax?

Religious, educational, benevolent and other corporations not organized or conducted for pecuniary profit which by reason of their purposes or activities are exempt from income tax under IRC 501(c) are exempt from the Virginia income tax to the same extent that they are exempt from federal income tax.

Corporation Schedule of Federal Line Items - Virginia Tax 2025

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